Hartford Multi-Asset Income Fund (ITTAX) N-CSR Certified annual shareholder report (management investment company)

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: 811-07589

THE HARTFORD MUTUAL FUNDS, INC.

(Exact name of registrant as specified in charter)

P. O. Box 2999, Hartford, Connecticut 06104-2999
(Address of Principal Executive Offices)

Edward P. Macdonald, Esquire
Life Law Unit
The Hartford Financial Services Group, Inc.
200 Hopmeadow Street
Simsbury, Connecticut 06089
(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (860) 843-9934

Date of fiscal year end: October 31^st

Date of reporting period: November 1, 2008 – October 31, 2009

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

             

The Hartford Advisers Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	5
Investment Valuation Hierarchy Level Summary at October 31, 2009	10
Statement of Assets and Liabilities at October 31, 2009	11
Statement of Operations for the Year Ended October 31, 2009	12
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	13
Notes to Financial Statements	14
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	28
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Federal Tax Information (Unaudited)	32
Expense Example (Unaudited)	33
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	34

The Hartford Advisers Fund inception 07/22/1996

(subadvised by Wellington Management Company, LLP) Investment objective — Seeks maximum long-term total return.

Performance Overview(1) 10/31/99 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital Government/Credit Bond Index is an unmanaged, market value-weighted index of all debt obligations of the U.S. Treasury and U.S. Government agencies (excluding mortgage-backed securities) and of all publicly issued fixed-rate, nonconvertible, investment grade domestic corporate debt.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			10
	Year			Year			Year
Advisers A#		20.47	%		1.67	%		1.02	%
Advisers A##		13.84	%		0.53	%		0.45	%
Advisers B#		19.31	%		0.83	%		NA	*
Advisers B##		14.31	%		0.50	%		NA	*
Advisers C#		19.35	%		0.94	%		0.33	%
Advisers C##		18.35	%		0.94	%		0.33	%
Advisers R3#		20.20	%		1.72	%		1.29	%
Advisers R4#		20.47	%		1.88	%		1.37	%
Advisers R5#		20.83	%		2.05	%		1.46	%
Advisers Y#		20.98	%		2.12	%		1.49	%
Barclays Capital Government/Credit		14.60	%		4.79	%		6.32	%
Bond Index
S&P 500 Index		9.78	%		0.33	%		-0.95	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	10 year returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Steven T. Irons, CFA	John C. Keogh	Peter I. Higgins, CFA	Christopher L. Gootkind, CFA
Senior Vice President, Partner	Senior Vice President, Partner	Senior Vice President	Vice President

How did the Fund perform?

The Class A shares of The Hartford Advisers Fund returned 20.47%, before sales charge, for the twelve-month period ended October 31, 2009, versus the returns of 9.78% for the S&P 500 Index, 14.60% for the Barclays Capital Government/Credit Bond Index and 16.15% for the average fund in the Lipper Mixed-Asset Target Allocation Growth Funds peer group, a group of funds that hold between 60%-80% in equity securities, with the remainder invested in bonds, cash, and cash equivalents.

Why did the Fund perform this way?

The twelve-month period ending October 31, 2009, was one of the most volatile in capital markets history. Following the collapse of Lehman Brothers, credit markets froze as investors fled to the safety of Treasuries, and liquidity in non-government fixed income markets evaporated. In

2

December, the Federal Reserve cut its target rate from 1.0% to a target range of 0.0% - 0.25%. In addition, numerous government stimulus and liquidity programs were introduced. Early in 2009, signs of market and global economic stabilization materialized as the impact of unprecedented government intervention began to filter through to markets and the broader economy. After peaking in the fourth quarter, credit risk premiums (i.e. difference between the risk associated with buying or holding a Treasury and holding a high yield bond) rapidly and materially compressed in 2009. This compression was largely due to the government programs which restored liquidity and confidence to markets. As the economic outlook improved and fears of a severe and prolonged recession diminished, investors re-allocated funds into riskier assets, largely favoring non-Treasury securities. The persistence of low cash rates provided additional momentum to this technical trend. For the twelve-month period, Treasury yields moved lower and the yield curve steepened (i.e. short and long term interest rates moving farther apart). All non-government sectors meaningfully outperformed Treasuries. The U.S. equity markets experienced two significantly different market environments during the period: from November through early March stocks fell sharply, reflecting deepening economic worries and concerns over the U.S. government’s increasing involvement in the economy, but beginning in early March stocks rallied through September as investors came to believe that a Depression-like scenario was less likely.

Equity markets, as measured by the S&P 500 Index, returned 9.8% during the period, as nine of ten sectors within the index rose. Information Technology (32%), Consumer Discretionary (21%), and Materials (16%) gained the most, while Financials (-8%) was the only sector to post negative returns. Utilities (+2%) and Industrials (+3%) also lagged. The bond market, as measured by the Barclays Capital Government/Credit Index, returned 14.6% during the period.

The Fund has three primary levers to generate investment performance: equity investments, fixed income investments, and asset allocation among stocks, bonds, and cash. During the period, both the equity and fixed income portions of the Fund outperformed their respective benchmarks. Asset Allocation detracted modestly from the Fund’s performance as the Fund’s overweight (i.e. the Fund’s sector position was greater than the benchmark position) to equities and underweight (i.e. the Fund’s sector position was less than the benchmark position) to fixed income hurt relative (i.e. performance of the Fund as measured against the benchmark) returns in a period when fixed income returns exceeded equity returns.

The equity portion of the Fund’s outperformance versus the benchmark was driven by security selection, which was strongest in Financials, Health Care, and Energy. Sector positioning, which is a result of bottom-up (i.e. stock by stock fundamental research) security selection, also contributed to benchmark-relative returns, largely due to the equity portion of the Fund’s overweights to Information Technology and Consumer Discretionary and underweight allocation to Health Care.

Top contributors to benchmark-relative performance in the equity portion of the Fund during the period included Goldman Sachs (Financials), Wyeth (Health Care), and Schering-Plough (Health Care). Shares of Goldman Sachs, a leading investment bank, benefited from the firm’s relatively healthy balance sheet and the company’s ability to pay back its government Troubled Asset Relief Program (TARP) loans sooner than had been expected. Surging underwriting activity also boosted its share price. Shares of U.S.-based pharmaceutical company Wyeth moved sharply higher after Pfizer agreed to purchase the company at a significant premium. The Fund’s holding in Schering-Plough helped performance on an absolute (i.e. total return) and relative basis, as the company’s share price jumped after receiving a takeover offer by Merck. Apple (Information Technology) also contributed to the Fund’s absolute performance.

Stocks that detracted the most from relative returns during the period were Delta Air Lines (Industrials), General Electric (Industrials), and Elan Corp (Health Care). Delta Airlines’ shares fell during the period on the back of soft revenue metrics and a general contraction in demand across the travel industry, which investors feared would overshadow the benefits of industry-wide capacity reductions. General Electric, a U.S. industrial conglomerate, saw its shares fall after the company cut its dividend and investors grew increasingly concerned about the company’s finance unit. Shares of Elan Corp declined on news that the European regulators began reviewing Tysabri, a drug used to treat multiple sclerosis, amid concerns over the drug’s potential side effects. Significant detractors from absolute returns also included Bank of America (Financials) and Merrill Lynch (Financials).

The primary drivers of outperformance in the fixed income sleeve of the Fund were the allocations to consumer asset-backed securities (ABS) and agency mortgage-backed securities (MBS), an overweight allocation to the credit sector, and security selection within the credit sector. Detracting from performance were the Fund’s allocations to commercial mortgage backed securities (CMBS) and non-agency MBS, both of which were eliminated during the time period.

As noted, contributing positively to relative results was the Fund’s overweight to the credit sector. The Fund was positioned with an overweight to corporate bonds, as we believed that the default levels implied by pricing were too high and that liquidity would improve as government programs took effect. Improvements in the economy and market liquidity conditions, better-than-expected corporate profitability, and surging demand for corporate bonds led to the outperformance of the sector. Within the sector, the Fund held an overweight to the debt of Financial issuers, in particular banks, insurance companies, and REITS. Positive earnings surprises and better-than-expected stress test results for the banks, the extension of TARP capital to insurance companies, and successful capital raises for financial institutions all led to the outperformance of Financial issuers in the latter half of the period. The Fund’s allocation to agency MBS pass-throughs was also additive as agency MBS benefitted from the initiation and expansion of the Federal Reserve’s $1.25 trillion purchase program. Lastly, the Fund’s ABS holdings backed by auto and credit card receivables contributed positively to performance as the introduction of the Term Asset-Backed Securities Loan Facility (TALF) increased demand for consumer ABS.

CMBS prices tumbled in the first half of the period as the weakening economic outlook for commercial real estate intensified. We exited the Fund’s CMBS holdings in the first quarter. In late 2008, a shift in focus for the Troubled Assets Relief Program away from the purchase of illiquid mortgage assets, combined with continued declines in the housing market, led to significant underperformance for the non-agency MBS sector. We sold the Fund’s non-agency MBS positions on improved liquidity in January.

3

What is the outlook?

We continue to believe that government actions will further reduce systemic risk and help to stabilize markets.

The equity portion of the Fund is managed with a large cap, core approach. We apply a bottom-up investment process in constructing a diversified portfolio. We look for companies that exhibit the following qualities: industry leadership, strong balance sheets, solid management, high return on equity, accelerating earnings, and/or attractive valuation with a catalyst. At the end of the period, our bottom-up investment approach resulted in overweight exposures in Industrials, Information Technology, and Energy, as we found a number of attractive investment opportunities in these sectors. The Fund’s largest underweights relative to the S&P 500 Index were in Telecommunication Services, Utilities, and Materials.

Signs of a recovery in the U.S. economy continue to materialize and U.S. economic indicators, in particular manufacturing data, are improving. Government intervention has reduced systemic risk and we believe that the risks of a severe and prolonged global recession are diminishing. However, a sluggish housing market and weak employment remain headwinds. We believe that the economic recovery will be muted and that the Federal Reserve (Fed) will keep the policy rate low for an extended period of time. As a result, we anticipate that interest rates will remain range-bound and are maintaining a neutral duration posture for the fixed income portion of the Fund relative to the benchmark. Should the economic news prove to be materially different form our expectations we will look to reposition the Fund’s interest rate sensitivity accordingly. We continue to have a constructive view on risk assets as fundamentals have improved and valuations remain attractive from a historic perspective. As a result, at the end of the period the Fund was positioned with an overweight to the corporate bond sector. Agency mortgages are liquid and the Fed continues to support the sector through its purchases. We therefore maintained a modest allocation to agency MBS. Lastly, we believe that consumer fundamentals are improving and that support for consumer ABS from TALF-related demand will persist. The Fund’s ABS exposure consisted primarily of senior classes of consumer ABS credit card deals at the end of the period.

The equity and fixed income managers will continue to work collaboratively to make decisions regarding portfolio weights in stocks, bonds, and cash. As of October 31, 2009, the Fund’s equity exposure was at 66.1% compared to 60% in its benchmark and at the upper end of the 50-70% range.

Diversification by Security Type
as of October 31, 2009

	Percentage of
Category	Net Assets
Asset & Commercial Mortgage Backed Securities		0.5	%
Common Stocks		66.1
Corporate Bonds: Investment Grade		13.2
Municipal Bonds		0.8
U.S. Government Agencies		0.7
U.S. Government Securities		15.4
Warrants		0.0
Short-Term Investments		3.3
Other Assets and Liabilities		—
Total		100.0	%

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Equity Securities
Automobiles & Components (Consumer Discretionary)		0.5	%
Banks (Financials)		2.5
Capital Goods (Industrials)		6.3
Diversified Financials (Financials)		6.6
Energy (Energy)		9.3
Food & Staples Retailing (Consumer Staples)		2.2
Food, Beverage & Tobacco (Consumer Staples)		4.3
Health Care Equipment & Services (Health Care)		2.6
Insurance (Financials)		1.3
Materials (Materials)		0.5
Media (Consumer Discretionary)		1.5
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		6.7
Retailing (Consumer Discretionary)		4.6
Semiconductors & Semiconductor Equipment (Information Technology)		1.7
Software & Services (Information Technology)		6.1
Technology Hardware & Equipment (Information Technology)		6.4
Transportation (Industrials)		2.4
Utilities (Utilities)		0.6
Fixed Income Securities
Air Transportation (Transportation)		0.4
Arts, Entertainment, and Recreation (Services)		0.0
Beverage and Tobacco Product Manufacturing (Consumer Staples)		0.1
Computer and Electronic Product Manufacturing (Technology)		0.1
Electrical Equipment, Appliance Manufacturing (Technology)		0.2
Finance and Insurance (Finance)		8.6
General Obligations (General Obligations)		0.4
Health Care and Social Assistance (Health Care)		0.6
Higher Education (Univ., Dorms, etc.) (Higher Education (Univ., Dorms, etc.))		0.1
Information (Technology)		1.0
Machinery Manufacturing (Capital Goods)		0.1
Motor Vehicle & Parts Manufacturing (Consumer Cyclical)		0.3
Petroleum and Coal Products Manufacturing (Energy)		0.3
Pipeline Transportation (Utilities)		0.2
Real Estate and Rental and Leasing (Finance)		0.3
Retail Trade (Consumer Cyclical)		0.1
Soap, Cleaning Compound and Toilet Manufacturing (Consumer Staples)		0.4
Tax Allocation (Tax Allocation)		0.1
Transportation (Transportation)		0.2
U.S. Government Agencies (U.S. Government Agencies)		0.7
U.S. Government Securities (U.S. Government Securities)		15.4
Utilities (Utilities)		1.0
Short-Term Investments		3.3
Other Assets and Liabilities		—
Total		100.0	%

4

The Hartford Advisers Fund

Schedule of Investments

October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 66.1%
		Automobiles & Components — 0.5%
	587	Ford Motor Co. •	$	4,112
		Banks — 2.5%
	116	PNC Financial Services Group, Inc.		5,659
	81	Standard Chartered plc		1,996
	823	Washington Mutual, Inc. Private Placement ⌂•†		106
	422	Wells Fargo & Co.		11,613
				19,374
		Capital Goods — 6.3%
	104	Boeing Co.		4,971
	62	Cummins, Inc.		2,682
	85	General Dynamics Corp.		5,311
	406	General Electric Co.		5,787
	117	Illinois Tool Works, Inc.		5,359
	173	Ingersoll-Rand plc		5,475
	51	Lockheed Martin Corp.		3,536
	63	Rockwell Collins, Inc.		3,189
	40	Siemens AG ADR		3,601
	106	Stanley Works		4,803
	188	Textron, Inc.		3,344
				48,058
		Diversified Financials — 6.6%
	170	Ameriprise Financial, Inc.		5,894
	803	Bank of America Corp.		11,710
	245	Discover Financial Services, Inc.		3,468
	29	Franklin Resources, Inc.		3,066
	45	Goldman Sachs Group, Inc.		7,658
	269	JP Morgan Chase & Co.		11,236
	420	UBS AG ADR		6,964
				49,996
		Energy — 9.3%
	71	Anadarko Petroleum Corp.		4,296
	44	BP plc ADR		2,514
	69	Cameco Corp.		1,872
	131	ConocoPhillips Holding Co.		6,579
	37	Devon Energy Corp.		2,381
	45	EOG Resources, Inc.		3,642
	310	Exxon Mobil Corp.		22,189
	87	Hess Corp.		4,762
	138	OAO Gazprom Class S ADR		3,330
	83	Occidental Petroleum Corp.		6,290
	107	Petroleo Brasileiro S.A. ADR		4,927
	68	Suncor Energy, Inc.		2,261
	266	Williams Cos., Inc.		5,014
				70,057
		Food & Staples Retailing — 2.2%
	176	Kroger Co.		4,078
	102	Sysco Corp.		2,698
	84	Walgreen Co.		3,166
	130	Wal-Mart Stores, Inc.		6,473
				16,415
		Food, Beverage & Tobacco — 4.3%
	126	Campbell Soup Co.		3,985
	126	General Mills, Inc.		8,306
	241	PepsiCo, Inc.		14,599
	186	Unilever N.V. NY Shares ADR		5,733
				32,623
		Health Care Equipment & Services — 2.6%
	76	Cardinal Health, Inc.		2,142
	38	CareFusion Corp. •		846
	13	Intuitive Surgical, Inc. •		3,252
	157	Medtronic, Inc.		5,619
	95	St. Jude Medical, Inc. •		3,251
	104	Varian Medical Systems, Inc. •		4,262
				19,372
		Insurance — 1.3%
	104	ACE Ltd.		5,329
	206	Marsh & McLennan Cos., Inc.		4,842
				10,171
		Materials — 0.5%
	116	Cliff’s Natural Resources, Inc.		4,108
		Media — 1.5%
	758	Comcast Corp. Class A		10,990
		Pharmaceuticals, Biotechnology & Life Sciences — 6.7%
	46	Amgen, Inc. •		2,482
	257	Daiichi Sankyo Co., Ltd.		5,027
	541	Elan Corp. plc ADR •		2,949
	84	Eli Lilly & Co.		2,840
	13	Forest Laboratories, Inc. •		346
	40	Johnson & Johnson		2,362
	320	Merck & Co., Inc.		9,894
	617	Pfizer, Inc.		10,513
	17	Roche Holding AG		2,646
	237	Shionogi & Co., Ltd.		5,119
	61	UCB S.A.		2,611
	97	Vertex Pharmaceuticals, Inc. •		3,252
				50,041
		Retailing — 4.6%
	24	Amazon.com, Inc. •		2,893
	91	Best Buy Co., Inc.		3,482
	2,225	Buck Holdings L.P. ⌂•†		2,787
	76	Kohl’s Corp. •		4,337
	424	Lowe’s Co., Inc.		8,292
	93	Nordstrom, Inc.		2,943
	232	Staples, Inc.		5,023
	97	Target Corp.		4,693
				34,450
		Semiconductors & Semiconductor Equipment — 1.7%
	93	Lam Research Corp. •		3,150
	314	Maxim Integrated Products, Inc.		5,238
	186	Texas Instruments, Inc.		4,361
				12,749
		Software & Services — 6.1%
	143	Accenture plc		5,306
	174	Automatic Data Processing, Inc.		6,917
	18	Google, Inc. •		9,704
	569	Microsoft Corp.		15,787
	306	Western Union Co.		5,566
	155	Yahoo!, Inc. •		2,458
				45,738
		Technology Hardware & Equipment — 6.4%
	62	Apple, Inc. •		11,706
	716	Cisco Systems, Inc. •		16,369
	254	Hewlett-Packard Co.		12,069
	198	Qualcomm, Inc.		8,216
				48,360

The accompanying notes are an integral part of these financial statements.

5

The Hartford Advisers Fund

Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 66.1% — (continued)
		Transportation — 2.4%
	858	Delta Air Lines, Inc. •	$	6,125
	73	FedEx Corp.		5,299
	130	United Parcel Service, Inc. Class B		6,968
				18,392
		Utilities — 0.6%
	94	Exelon Corp.		4,419
		Total common stocks (cost $478,132)	$	499,425
WARRANTS — 0.0%
		Banks — 0.0%
	103	Washington Mutual, Inc. Private Placement ⌂•†	$	—
		Total warrants (cost $—)	$	—
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES — 0.5%
		Finance and Insurance — 0.5%
		Citibank Credit Card Issuance Trust
$	2,985	5.65%, 09/20/2019	$	3,298
		Marriott Vacation Club Owner Trust
	191	5.36%, 10/20/2028 ■		176
				3,474
		Total asset & commercial mortgage backed securities (cost $3,159)	$	3,474
CORPORATE BONDS: INVESTMENT GRADE — 13.2%
		Air Transportation — 0.4%
		Continental Airlines, Inc.
$	755	5.98%, 04/19/2022	$	732
		Southwest Airlines Co.
	1,750	5.75%, 12/15/2016		1,734
	654	6.15%, 08/01/2022		654
				3,120
		Arts, Entertainment, and Recreation — 0.0%
		News America Holdings, Inc.
	220	5.65%, 08/15/2020 ■		228
		Beverage and Tobacco Product Manufacturing — 0.1%
		Anheuser-Busch InBev N.V.
	600	7.75%, 01/15/2019 ■		699
		Computer and Electronic Product Manufacturing — 0.1%
		Dell, Inc.
	520	5.88%, 06/15/2019		560
		Electrical Equipment, Appliance Manufacturing — 0.2%
		General Electric Co.
	1,225	5.00%, 02/01/2013		1,305
		Finance and Insurance — 8.1%
		Ace INA Holdings, Inc.
	125	5.88%, 06/15/2014		137
		American Express Centurion Bank
	1,200	6.00%, 09/13/2017		1,262
		AXA Financial, Inc.
	2,200	7.00%, 04/01/2028		2,144
		Bank of America Corp.
	3,000	5.42%, 03/15/2017		2,936
		Berkshire Hathaway Finance Corp.
	1,050	4.85%, 01/15/2015		1,138
		Brandywine Operating Partnership
	750	5.70%, 05/01/2017		676
	1,000	6.00%, 04/01/2016		923
		Capital One Bank
	750	6.50%, 06/13/2013 ‡		800
		Capital One Capital IV
	300	6.75%, 02/17/2037		241
		Citibank NA
	5,000	1.88%, 06/04/2012		5,050
		Citigroup, Inc.
	1,600	6.00%, 10/31/2033		1,394
	105	8.13%, 07/15/2039		122
		Discover Financial Services, Inc.
	1,245	6.45%, 06/12/2017		1,173
		Eaton Vance Corp.
	530	6.50%, 10/02/2017		562
		Everest Reinsurance Holdings, Inc.
	885	5.40%, 10/15/2014		876
		Goldman Sachs Group, Inc.
	1,000	5.30%, 02/14/2012		1,065
	1,200	5.63%, 01/15/2017		1,228
		Health Care Properties
	2,035	6.00%, 01/30/2017		1,966
		HSBC Finance Corp.
	2,000	5.50%, 01/19/2016		2,081
		International Lease Finance Corp.
	2,200	5.00%, 09/15/2012		1,778
	1,200	5.63%, 09/15/2010		1,136
		Jackson National Life Insurance Co.
	2,000	8.15%, 03/15/2027 ■		2,002
		John Deere Capital Corp.
	1,655	4.88%, 10/15/2010		1,717
		JP Morgan Chase & Co.
	675	3.70%, 01/20/2015		678
	1,795	5.13%, 09/15/2014		1,900
		Kimco Realty Corp.
	1,550	5.78%, 03/15/2016		1,529
		Liberty Mutual Group, Inc.
	2,335	5.75%, 03/15/2014 ■		2,211
		Liberty Property L.P.
	315	6.63%, 10/01/2017		309
		Merrill Lynch & Co., Inc.
	2,000	5.00%, 02/03/2014		2,034
		Morgan Stanley
	2,650	5.38%, 10/15/2015		2,749
		National City Corp.
	125	6.88%, 05/15/2019		135
		New England Mutual Life Insurance Co.
	1,100	7.88%, 02/15/2024 ■		1,214
		PNC Funding Corp.
	625	5.40%, 06/10/2014		677

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE — 13.2% — (continued)
		Finance and Insurance — 8.1% — (continued)
		Prologis Trust
$	1,500	5.63%, 11/15/2016	$	1,380
		Prudential Funding LLC
	2,000	6.75%, 09/15/2023 ■		1,993
		Realty Income Corp.
	965	6.75%, 08/15/2019		963
		Republic New York Capital I
	250	7.75%, 11/15/2006		239
		Santander Central Hispano Issuances Ltd.
	500	7.63%, 11/03/2009		500
		Simon Property Group L.P.
	3,100	6.10%, 05/01/2016		3,222
		Sovereign Bancorp, Inc.
	1,000	8.75%, 05/30/2018		1,146
		Sovereign Capital Trust IV
	1,500	7.91%, 06/13/2036		1,337
		Svenska Handelsbanken AB
	550	4.88%, 06/10/2014 ■		577
		UnitedHealth Group, Inc.
	500	5.50%, 11/15/2012		531
		WEA Finance LLC
	1,000	7.13%, 04/15/2018 ■		1,033
		Wells Fargo Bank NA
	2,500	6.45%, 02/01/2011		2,636
				61,400
		Health Care and Social Assistance — 0.6%
		CVS Corp.
	1,550	6.13%, 08/15/2016		1,698
		Express Scripts, Inc.
	195	6.25%, 06/15/2014		215
		Merck & Co., Inc.
	400	4.00%, 06/30/2015		419
		Schering-Plough Corp.
	2,000	5.55%, 12/01/2013		2,199
				4,531
		Information — 1.0%
		BellSouth Telecommunications
	250	7.00%, 12/01/2095		245
		Comcast Corp.
	1,600	5.90%, 03/15/2016		1,716
		Fiserv, Inc.
	1,250	6.13%, 11/20/2012		1,374
		France Telecom S.A.
	250	4.38%, 07/08/2014		264
		Intuit, Inc.
	1,500	5.40%, 03/15/2012		1,575
		Oracle Corp.
	550	6.13%, 07/08/2039		605
		Telecom Italia Capital
	565	7.00%, 06/04/2018		620
		Time Warner Cable, Inc.
	830	5.85%, 05/01/2017		872
		Verizon Global Funding Corp.
	250	7.25%, 12/01/2010		266
				7,537
		Machinery Manufacturing — 0.1%
		Xerox Corp.
	1,000	5.50%, 05/15/2012		1,054
		Motor Vehicle & Parts Manufacturing — 0.3%
		DaimlerChrysler NA Holdings Corp.
	1,975	6.50%, 11/15/2013		2,150
		Petroleum and Coal Products Manufacturing — 0.3%
		Atmos Energy Corp.
	1,160	6.35%, 06/15/2017		1,259
		Weatherford International Ltd.
	1,000	5.95%, 06/15/2012		1,075
				2,334
		Pipeline Transportation — 0.2%
		Kinder Morgan Energy Partners L.P.
	1,500	6.95%, 01/15/2038		1,607
		Real Estate and Rental and Leasing — 0.3%
		COX Communications, Inc.
	2,000	5.45%, 12/15/2014		2,147
		Retail Trade — 0.1%
		Staples, Inc.
	460	9.75%, 01/15/2014		557
		Soap, Cleaning Compound and Toilet Manufacturing — 0.4%
		Procter & Gamble Co.
	2,101	9.36%, 01/01/2021		2,670
		Utilities — 1.0%
		Consolidated Edison Co. of NY
	955	5.30%, 12/01/2016		1,001
		Enel Finance International
	805	6.80%, 09/15/2037 ■		912
		Indianapolis Power and Light
	1,500	6.60%, 06/01/2037 ■		1,592
		MidAmerican Energy Co.
	1,000	5.65%, 07/15/2012		1,087
		MidAmerican Energy Holdings Co.
	500	6.13%, 04/01/2036		534
		Southern California Edison Co.
	1,750	5.55%, 01/15/2037		1,829
		Taqa Abu Dhabi National Energy Co.
	695	5.88%, 10/27/2016 ■		696
				7,651
		Total corporate bonds: investment grade (cost $97,179)	$	99,550
MUNICIPAL BONDS — 0.8%
		General Obligations — 0.4%
		California State Taxable,
$	700	6.20%, 10/01/2019	$	702
		Chicago Metropolitan Water Reclamation Dist,
	130	5.72%, 12/01/2038		137
		Los Angeles USD,
	800	5.75%, 07/01/2034		775
		Oregon School Boards Association, Taxable Pension,
	2,000	4.76%, 06/30/2028		1,758
				3,372

The accompanying notes are an integral part of these financial statements.

7

The Hartford Advisers Fund

Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
MUNICIPAL BONDS — 0.8% — (continued)
		Higher Education (Univ., Dorms, etc.) — 0.1%
		Curators University, MO, Taxable System Facs Rev,
$	415	5.96%, 11/01/2039			$	443
		University of California,
	370	5.77%, 05/15/2043				387
						830
		Tax Allocation - 0.1%
		Dallas, TX, Area Rapid Transit Taxable Sales Tax Rev,
	425	6.00%, 12/01/2044				462
		Transportation — 0.2%
		Bay Area Toll Auth,
	575	6.26%, 04/01/2049 ☼				581
		Illinois State Toll Highway Auth, Taxable Rev,
	70	6.18%, 01/01/2034				75
		North Texas Tollway Auth Rev,
	630	6.72%, 01/01/2049				686
		PA New York and New Jersey, Taxable Rev,
	185	5.86%, 12/01/2024				201
	115	6.04%, 12/01/2029				120
						1,663
		Total municipal bonds (cost $6,433)			$	6,327
U.S. GOVERNMENT AGENCIES — 0.7%
		Government National Mortgage Association — 0.7%
$	1,217	6.00%, 11/20/2023 - 09/15/2034			$	1,307
	1,462	6.50%, 04/15/2026 - 02/15/2035				1,580
	1,557	7.00%, 11/15/2031 - 11/15/2033				1,709
	255	8.00%, 12/15/2029 - 02/15/2031				294
						4,890
		Total U.S. government agencies (cost $4,468)			$	4,890
U.S. GOVERNMENT SECURITIES — 15.4%
		Other Direct Federal Obligations — 2.6%
		Federal Financing Corporation — 2.3%
$	1,456	5.24%, 12/06/2013			$	1,290
	2,220	5.25%, 12/27/2013				1,962
	10,000	9.80%, 04/06/2018				13,941
						17,193
		Federal Home Loan Bank — 0.3%
	2,225	4.88%, 11/18/2011				2,398
						19,591
		U.S. Treasury Securities — 12.8%
		U.S. Treasury Bonds — 2.2%
	3,700	4.38%, 02/15/2038				3,787
	5,000	6.00%, 02/15/2026				6,116
	5,775	6.25%, 08/15/2023				7,162
						17,065
		U.S. Treasury Notes — 10.6%
	31,160	1.00%, 07/31/2011 - 09/30/2011				31,285
	6,000	1.38%, 05/15/2012				6,026
	6,500	1.88%, 02/28/2014				6,454
	9,500	2.38%, 08/31/2010				9,659
	7,000	3.88%, 02/15/2013 - 05/15/2018				7,455
	6,335	4.13%, 08/15/2010				6,523
	5,000	4.25%, 08/15/2013				5,449
	5,200	4.50%, 05/15/2017				5,697
	1,277	4.75%, 05/31/2012				1,393
						79,941
						97,006
		Total U.S. government securities (cost $111,387)			$	116,597
		Total long-term investments (cost $700,758)			$	730,263
SHORT-TERM INVESTMENTS — 3.3%
		Repurchase Agreements — 3.3%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1,022, collateralized by GNMA 5.00%, 2039, value of $1,042)
$	1,022	0.08%, 10/30/2009			$	1,022
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $5,987, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $6,107)
	5,987	0.08%, 10/30/2009				5,987
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $6,669, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $6,803)
	6,669	0.08%, 10/30/2009				6,669
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $68, collateralized by U.S. Treasury Note 2.75%, 2013, value of $68)
	68	0.05%, 10/30/2009				68
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $11,556, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $11,787)
	11,556	0.07%, 10/30/2009				11,556
						25,302
		Total short-term investments (cost $25,302)			$	25,302
		Total investments (cost $726,060)▲	100.0	%	$	755,565
		Other assets and liabilities	—	%		365
		Total net assets	100.0	%	$	755,930

The accompanying notes are an integral part of these financial statements.

8

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 7.3% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $748,091 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	69,596
Unrealized Depreciation		(62,122	)
Net Unrealized Appreciation	$	7,474

†	The aggregate value of securities valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Fund’s Board of Directors at October 31, 2009, was $2,893, which represents 0.38% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.
•	Currently non-income producing.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2009, was $13,333, which represents 1.76% of total net assets.
☼	The cost of securities purchased on a when-issued or delayed delivery basis at October 31, 2009 was $575.
⌂	The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period		Shares/
Acquired		Par		Security	Cost Basis
	06/2007		2,225	Buck Holdings L.P.	$	2,227
	04/2008		103	Washington Mutual, Inc. Private Placement Warrants		—
	04/2008		823	Washington Mutual, Inc. Private Placement		7,200

	The aggregate value of these securities at October 31, 2009 was $2,893 which represents 0.38% of total net assets.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

9

The Hartford Advisers Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009

(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	3,474	$	—	$	3,474	$	—
Common Stocks ‡		499,425		479,133		17,399		2,893
Corporate Bonds: Investment Grade		99,550		—		98,164		1,386
Municipal Bonds		6,327		—		6,327		—
U.S. Government Agencies		4,890		—		4,890		—
U.S. Government Securities		116,597		12,034		104,563		—
Warrants ‡		—		—		—		—
Short-Term Investments		25,302		—		25,302		—
Total	$	755,565	$	491,167	$	260,119	$	4,279

‡ The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of					Change in						Balance as of
	October 31,		Realized Gain			Unrealized						October 31,
	2008		(Loss)			Appreciation			Net Sales			2009
Assets:
Asset & Commercial Mortgage Backed Securities		1,244		(713	)		499	*		(1,030	)		—
Common Stock		2,168		—			725	†		—			2,893
Corporate Bonds		1,066		—			343	‡		(23	)		1,386
Total	$	4,478	$	(713	)	$	1,567		$	(1,053	)	$	4,279

*	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $—.
†	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $725.
‡	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $343.

The accompanying notes are an integral part of these financial statements.

10

The Hartford Advisers Fund

Statement of Assets and Liabilities

October 31, 2009

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $726,060)	$	755,565
Receivables:
Investment securities sold		31
Fund shares sold		205
Dividends and interest		2,945
Other assets		61
Total assets		758,807
Liabilities:
Bank overdraft — U.S. Dollars		17
Payables:
Investment securities purchased		575
Fund shares redeemed		1,865
Investment management fees		84
Distribution fees		53
Accrued expenses		283
Total liabilities		2,877
Net assets	$	755,930
Summary of Net Assets:
Capital stock and paid-in-capital		1,041,974
Accumulated undistributed net investment income		613
Accumulated net realized loss on investments and foreign currency transactions		(316,162	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		29,505
Net assets	$	755,930
Shares authorized		910,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	12.67/ $13.41
Shares outstanding		45,813
Net assets	$	580,354
Class B: Net asset value per share	$	12.54
Shares outstanding		5,882
Net assets	$	73,778
Class C: Net asset value per share	$	12.67
Shares outstanding		7,804
Net assets	$	98,891
Class R3: Net asset value per share	$	12.81
Shares outstanding		1
Net assets	$	13
Class R4: Net asset value per share	$	12.81
Shares outstanding		100
Net assets	$	1,275
Class R5: Net asset value per share	$	12.82
Shares outstanding		1
Net assets	$	9
Class Y: Net asset value per share	$	12.83
Shares outstanding		126
Net assets	$	1,610

The accompanying notes are an integral part of these financial statements.

11

The Hartford Advisers Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Dividends	$	10,767
Interest		11,662
Securities lending		143
Less: Foreign tax withheld		(174	)
Total investment income		22,398
Expenses:
Investment management fees		4,913
Administrative services fees		1
Transfer agent fees		2,448
Distribution fees
Class A		1,370
Class B		825
Class C		950
Class R3		—
Class R4		2
Custodian fees		13
Accounting services fees		132
Registration and filing fees		100
Board of Directors’ fees		22
Audit fees		25
Other expenses		238
Total expenses (before waivers and fees paid indirectly)		11,039
Expense waivers		(764	)
Transfer agent fee waivers		(327	)
Commission recapture		(63	)
Custodian fee offset		(5	)
Total waivers and fees paid indirectly		(1,159	)
Total expenses, net		9,880
Net Investment Income		12,518
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized loss on investments in securities		(208,421	)
Net realized loss on futures		(100	)
Net realized gain on forward foreign currency contracts		3,203
Net realized gain on other foreign currency transactions		25
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(205,293	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		324,516
Net unrealized depreciation of forward foreign currency contracts		(3,211	)
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(28	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		321,277
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		115,984
Net Increase in Net Assets Resulting from Operations	$	128,502

The accompanying notes are an integral part of these financial statements.

12

The Hartford Advisers Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	12,518		$	19,469
Net realized loss on investments, other financial instruments and foreign currency transactions		(205,293	)		(103,462	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		321,277			(369,100	)
Net Increase (Decrease) In Net Assets Resulting From Operations		128,502			(453,093	)
Distributions to Shareholders:
From net investment income
Class A		(14,365	)		(15,267	)
Class B		(1,546	)		(1,361	)
Class C		(1,715	)		(1,601	)
Class R3		—			—
Class R4		(11	)		(2	)
Class R5		—			—
Class Y		(287	)		(363	)
From net realized gain on investments
Class A		—			(116,370	)
Class B		—			(26,714	)
Class C		—			(22,170	)
Class R3		—			(1	)
Class R4		—			(6	)
Class R5		—			(1	)
Class Y		—			(2,134	)
Total distributions		(17,924	)		(185,990	)
Capital Share Transactions:
Class A		(98,612	)		(39,453	)
Class B		(40,568	)		(52,862	)
Class C		(22,080	)		(15,999	)
Class R3		2			4
Class R4		975			114
Class R5		—			1
Class Y		(10,108	)		(182	)
Net decrease from capital share transactions		(170,391	)		(108,377	)
Net Decrease In Net Assets		(59,813	)		(747,460	)
Net Assets:
Beginning of period		815,743			1,563,203
End of period	$	755,930		$	815,743
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	613		$	3,036

The accompanying notes are an integral part of these financial statements.

13

The Hartford Advisers Fund

Notes to Financial Statements

October 31, 2009

(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Advisers Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a) Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

b) Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are

14

significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Debt securities (other than short-term obligations) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Futures contracts are valued at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively. If a settlement price is not available, futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the mean of the closing bid and asked prices as of the Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

15

The Hartford Advisers Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.
	Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement

16

	are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
g)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding forward foreign currency contracts as of October 31, 2009.
h)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid quarterly. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
i)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at

17

The Hartford Advisers Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.

j) Securities Purchased on a When-Issued or Delayed-Delivery Basis — Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery securities as of October 31, 2009.

k) Credit Risk — Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a Fund which holds securities with higher credit risk may fluctuate more than with less aggressive bond funds.

l) Prepayment Risks — Certain debt securities allow for prepayment of principal without penalty. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. In addition, with respect to securities, rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. The potential for the value of a debt security to increase in response to interest rate declines is limited. For certain securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.

m)

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.

n)

Additional Derivative Instrument(s) Information

The volume of derivative activity was minimal during the year ended October 31, 2009.

18

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
								Forward
			Purchased					Currency
Risk Exposure Category	Written Options		Options		Futures			Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	(100	)	$	—	$	—	$	(100	)
Foreign exchange contracts		—		—		—			3,203		—		3,203
Total	$	—	$	—	$	(100	)	$	3,203	$	—	$	3,103

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts		—		—		—		(3,211	)		—	$	(3,211	)
Total	$	—	$	—	$	—	$	(3,211	)	$	—	$	(3,211	)

o) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Futures and Options:

Futures and Options Transactions — The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.

At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.

The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. As of October 31, 2009, there were no outstanding futures contracts.

An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.

The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or

19

The Hartford Advisers Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. As of October 31, 2009, there were no outstanding purchased or written option contracts.

4. Federal Income Taxes:

a) Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	17,924	$	120,978
Long-Term Capital Gains *		—		65,012

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

20

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	613
Accumulated Capital Losses *		(294,131	)
Unrealized Appreciation †		7,474
Total Accumulated Deficit	$	(286,044	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase accumulated undistributed net investment income by $2,983 and decrease accumulated net realized loss on investments by $2,983.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	92,120
2017		202,011
Total	$	294,131

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

5. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

21

The Hartford Advisers Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.6900	%
On next $500 million		0.6250	%
On next $4 billion		0.5750	%
On next $5 billion		0.5725	%
Over $10 billion		0.5700	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class R3			Class R4			Class R5			Class Y
1.18%	NA	NA		1.43	%		1.13	%		0.83	%	NA

d) Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.14	%		1.17	%		1.09	%		1.11	%		1.18	%
Class B Shares		2.03			2.00			1.90			1.90			1.96
Class C Shares		1.98			1.86			1.78			1.81			1.88
Class R3 Shares		1.32			1.43			1.40	*
Class R4 Shares		1.12			1.11			1.05	*
Class R5 Shares		0.82			0.79			0.80	*
Class Y Shares		0.76			0.70			0.63			0.65			0.73

* From December 22, 2006 (commencement of operations), through October 31, 2007.

22

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $421 and contingent deferred sales charges of $105 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $46. These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $2,135 for providing such services. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

23

The Hartford Advisers Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

g) Payments from Affiliate — The total return in the accompanying financial highlights includes payment from affiliates. Had the payment from affiliates been excluded, the total return for the periods listed below would have been as follows:

	Impact from			Total Return
	Payment from			Excluding
	Affiliate for SEC			Payment from
	Settlement for the			Affiliate for the
	Year Ended			Year Ended
	October 31, 2007			October 31, 2007
Class A		0.07	%		13.15	%
Class B		0.08			12.24
Class C		0.07			12.36
Class Y		0.07			13.65

6. Affiliate Holdings:

As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R3		1
Class R5		1

7. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	447,345
Sales Proceeds Excluding U.S. Government Obligations		681,616
Cost of Purchases for U.S. Government Obligations		82,188
Sales Proceeds for U.S. Government Obligations		39,383

24

8. Capital Share Transactions:

The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		4,259		1,313		(14,752	)		—		(9,180	)		4,723		8,149		(16,658	)		—		(3,786	)
Amount	$	46,222	$	13,936	$	(158,770	)	$	—	$	(98,612	)	$	68,922	$	128,191	$	(236,566	)	$	—	$	(39,453	)
Class B
Shares		220		145		(4,176	)		—		(3,811	)		360		1,720		(5,914	)		—		(3,834	)
Amount	$	2,323	$	1,493	$	(44,384	)	$	—	$	(40,568	)	$	5,188	$	26,933	$	(84,983	)	$	—	$	(52,862	)
Class C
Shares		453		151		(2,690	)		—		(2,086	)		520		1,393		(3,194	)		—		(1,281	)
Amount	$	4,836	$	1,574	$	(28,490	)	$	—	$	(22,080	)	$	7,233	$	22,009	$	(45,241	)	$	—	$	(15,999	)
Class R3
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	2	$	—	$	—		$	—	$	2		$	3	$	1	$	—		$	—	$	4
Class R4
Shares		101		1		(12	)		—		90			14		—		(7	)		—		7
Amount	$	1,103	$	11	$	(139	)	$	—	$	975		$	209	$	8	$	(103	)	$	—	$	114
Class R5
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	—	$	—	$	—		$	—	$	—		$	—	$	1	$	—		$	—	$	1
Class Y
Shares		71		27		(1,010	)		—		(912	)		120		157		(305	)		—		(28	)
Amount	$	786	$	287	$	(11,181	)	$	—	$	(10,108	)	$	1,836	$	2,498	$	(4,516	)	$	—	$	(182	)

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		1,452	$	15,686
For the Year Ended October 31, 2008		2,044	$	30,041

9. Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

11. Subsequent Events:

Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

25

The Hartford Advisers Fund

Financial Highlights

– Selected Per-Share Data – (a)

	Net Asset						Net Realized																	Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	10.80	$	0.21	$	—	$	1.94		$	2.15		$	(0.28	)	$	—		$	—	$	(0.28	)	$	1.87		$	12.67
B		10.69		0.12		—		1.92			2.04			(0.19	)		—			—		(0.19	)		1.85			12.54
C		10.80		0.12		—		1.94			2.06			(0.19	)		—			—		(0.19	)		1.87			12.67
R3		10.92		0.18		—		1.97			2.15			(0.26	)		—			—		(0.26	)		1.89			12.81
R4		10.92		0.17		—		2.01			2.18			(0.29	)		—			—		(0.29	)		1.89			12.81
R5		10.93		0.24		—		1.97			2.21			(0.32	)		—			—		(0.32	)		1.89			12.82
Y		10.93		0.28		—		1.95			2.23			(0.33	)		—			—		(0.33	)		1.90			12.83
For the Year Ended October 31, 2008
A		18.52		0.26		—		(5.74	)		(5.48	)		(0.25	)		(1.99	)		—		(2.24	)		(7.72	)		10.80
B		18.34		0.15		—		(5.70	)		(5.55	)		(0.11	)		(1.99	)		—		(2.10	)		(7.65	)		10.69
C		18.51		0.16		—		(5.73	)		(5.57	)		(0.15	)		(1.99	)		—		(2.14	)		(7.71	)		10.80
R3		18.70		0.21		—		(5.78	)		(5.57	)		(0.22	)		(1.99	)		—		(2.21	)		(7.78	)		10.92
R4		18.70		0.26		—		(5.78	)		(5.52	)		(0.27	)		(1.99	)		—		(2.26	)		(7.78	)		10.92
R5		18.71		0.31		—		(5.79	)		(5.48	)		(0.31	)		(1.99	)		—		(2.30	)		(7.78	)		10.93
Y		18.71		0.33		—		(5.80	)		(5.47	)		(0.32	)		(1.99	)		—		(2.31	)		(7.78	)		10.93
For the Year Ended October 31, 2007
A		16.74		0.30		0.01		1.87			2.18			(0.31	)		(0.09	)		—		(0.40	)		1.78			18.52
B		16.57		0.16		0.02		1.84			2.02			(0.16	)		(0.09	)		—		(0.25	)		1.77			18.34
C		16.73		0.18		0.01		1.87			2.06			(0.19	)		(0.09	)		—		(0.28	)		1.78			18.51
R3(g)		17.24		0.21		—		1.44			1.65			(0.19	)		—			—		(0.19	)		1.46			18.70
R4(g)		17.24		0.25		—		1.44			1.69			(0.23	)		—			—		(0.23	)		1.46			18.70
R5(g)		17.24		0.31		—		1.43			1.74			(0.27	)		—			—		(0.27	)		1.47			18.71
Y		16.91		0.38		0.01		1.89			2.28			(0.39	)		(0.09	)		—		(0.48	)		1.80			18.71
For the Year Ended October 31, 2006
A		15.34		0.31		—		1.38			1.69			(0.29	)		—			—		(0.29	)		1.40			16.74
B		15.19		0.18		—		1.37			1.55			(0.17	)		—			—		(0.17	)		1.38			16.57
C		15.34		0.19		—		1.38			1.57			(0.18	)		—			—		(0.18	)		1.39			16.73
Y		15.50		0.38		—		1.40			1.78			(0.37	)		—			—		(0.37	)		1.41			16.91
For the Year Ended October 31, 2005 (e)
A		14.57		0.26		—		0.80			1.06			(0.29	)		—			—		(0.29	)		0.77			15.34
B		14.43		0.14		—		0.79			0.93			(0.17	)		—			—		(0.17	)		0.76			15.19
C		14.56		0.16		—		0.80			0.96			(0.18	)		—			—		(0.18	)		0.78			15.34
Y		14.72		0.33		—		0.81			1.14			(0.36	)		—			—		(0.36	)		0.78			15.50

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(g)	Commenced operations on December 22, 2006.
(h)	Not annualized.
(i)	Annualized.

26

– Ratios and Supplemental Data –

					Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Net
					Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Investment Income
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			to Average Net			Portfolio
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Turnover Rate(d)
	20.47	%	$	580,354		1.32	%		1.15	%		1.15	%		1.90	%		73	%
	19.42			73,778		2.25			2.04			2.04			1.06			—
	19.46			98,891		1.98			1.98			1.98			1.08			—
	20.20			13		1.84			1.32			1.32			1.65			—
	20.47			1,275		1.13			1.13			1.13			1.61			—
	20.83			9		0.85			0.83			0.83			2.18			—
	20.98			1,610		0.76			0.76			0.76			2.49			—
	(33.24	)		593,816		1.18			1.18			1.18			1.75			79
	(33.80	)		103,632		2.03			2.00			2.00			0.93			—
	(33.68	)		106,819		1.87			1.87			1.87			1.06			—
	(33.39	)		9		1.57			1.43			1.43			1.49			—
	(33.16	)		113		1.11			1.11			1.11			1.80			—
	(32.96	)		7		0.79			0.79			0.79			2.13			—
	(32.91	)		11,347		0.70			0.70			0.70			2.22			—
	13.23	(f)		1,088,361		1.15			1.10			1.10			1.67			84
	12.32	(f)		248,020		1.96			1.91			1.91			0.85			—
	12.44	(f)		206,799		1.83			1.78			1.78			0.98			—
	9.62	(h)		11		1.45	(i)		1.40	(i)		1.40	(i)		1.38	(i)		—
	9.88	(h)		53		1.11	(i)		1.06	(i)		1.06	(i)		1.68	(i)		—
	10.17	(h)		11		0.85	(i)		0.80	(i)		0.80	(i)		1.98	(i)		—
	13.73	(f)		19,948		0.69			0.64			0.64			2.13			—
	11.16			1,110,324		1.17			1.12			1.12			1.86			99
	10.25			341,772		1.96			1.91			1.91			1.07			—
	10.32			219,580		1.87			1.82			1.82			1.16			—
	11.63			17,710		0.71			0.66			0.66			2.32			—
	7.30			1,222,944		1.21			1.19			1.19			1.73			66
	6.48			437,462		1.99			1.98			1.98			0.95			—
	6.63			253,605		1.91			1.89			1.89			1.06			—
	7.78			15,342		0.75			0.74			0.74			2.13			—

27

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Advisers Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Advisers Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

28

The Hartford Advisers Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

29

The Hartford Advisers Fund

Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

*      Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

30

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992—2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

31

The Hartford Advisers Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	9.00	%
Other Direct Federal Obligations*	5.00	%
Other Securities	86.00	%
Total	100.00	%
DRD†	55.00	%
QDI‡	65.00	%
QII§	40.00	%

*	The income received from federal obligations.
†	Income distributions, taxable as dividend income which qualify for deduction by corporations.
‡	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.
§	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.284		N/A		N/A		0.284
Class B		0.185		N/A		N/A		0.185
Class C		0.190		N/A		N/A		0.190
Class R3		0.264		N/A		N/A		0.264
Class R4		0.288		N/A		N/A		0.288
Class R5		0.323		N/A		N/A		0.323
Class Y		0.328		N/A		N/A		0.328

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

32

The Hartford Advisers Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30,		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		2009 through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,184.30	$	6.44	$	1,000.00	$	1,019.31	$	5.96		1 .17	%		184		365
Class B	$	1,000.00	$	1,178.90	$	11.04	$	1,000.00	$	1,015.07	$	10.21		2 .01			184		365
Class C	$	1,000.00	$	1,179.50	$	10.66	$	1,000.00	$	1,015.43	$	9.86		1 .94			184		365
Class R3	$	1,000.00	$	1,183.50	$	6.88	$	1,000.00	$	1,018.90	$	6.36		1 .25			184		365
Class R4	$	1,000.00	$	1,185.30	$	6.17	$	1,000.00	$	1,019.56	$	5.70		1 .12			184		365
Class R5	$	1,000.00	$	1,185.90	$	4.57	$	1,000.00	$	1,021.02	$	4.23		0 .83			184		365
Class Y	$	1,000.00	$	1,187.10	$	4.13	$	1,000.00	$	1,021.42	$	3.82		0 .75			184		365

33

The Hartford Advisers Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Advisers Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

34

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record. The Board noted HIFSCO’s initiatives over the course of the year to address performance issues.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and

35

The Hartford Advisers Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

36

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

37

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-1 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06115

             

The Hartford Balanced Allocation Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	24

The Hartford Balanced Allocation Fund inception 05/28/2004
(subadvised by Hartford Investment Management Company) Investment objective – Seeks long-term capital appreciation and income.

Performance Overview(1) 5/28/04 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
Balanced Allocation A#		18.01	%		2.89	%		3.25	%
Balanced Allocation A##		11.52	%		1.74	%		2.18	%
Balanced Allocation B#		17.15	%		2.11	%		2.47	%
Balanced Allocation B##		12.15	%		1.76	%		2.30	%
Balanced Allocation C#		17.07	%		2.12	%		2.47	%
Balanced Allocation C##		16.07	%		2.12	%		2.47	%
Balanced Allocation I#		18.39	%		3.09	%		3.43	%
Balanced Allocation R3#		17.52	%		2.63	%		3.01	%
Balanced Allocation R4#		18.04	%		2.87	%		3.23	%
Balanced Allocation R5#		18.37	%		3.04	%		3.39	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		5.05	%		5.52	%
S&P 500 Index		9.78	%		0.33	%		0.59	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4 and R5 shares will vary from results seen above due to differences in the expenses charged to these classes.
(2)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class A performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Hugh Whelan, CFA	Edward C. Caputo, CFA
Managing Director	Vice President

How did the Fund perform?

The Class A shares of The Hartford Balanced Allocation Fund returned 18.01%, before sales charges, for the twelve-month period ended October 31, 2009. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 9.78% and 13.79%, respectively, while the average return for the Lipper Mixed-Asset Target Allocation Moderate category, a group of funds with investment strategies similar to those of the Fund, was 16.01%.

Why did the Fund perform this way?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market — high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. After a difficult first half of the year, investor risk aversion fell significantly and the year ending October 31, 2009 finished strong.

2

During the period, the S&P 500 rose 9.8%. Across the different market capitalizations, mid-cap and large-cap stocks outperformed small-cap stocks. Within U.S. equities, the growth investment style outperformed value. In contrast to last year, international stocks outperformed U.S. stocks. Specifically, Emerging Markets stock, measured by the MSCI Emerging Markets Stock Index, posted the strongest results, up 64.6%. In March, investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter of 2009, with the S&P 500 rising 55% since the risk rally began in March. Within equities, investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and Russell Mid-Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 stocks outperformed their higher quality peers.

Within fixed income, yields decreased during the year, with the ten-year Treasury note yield falling 57 basis points to 3.38% and the five-year Treasury note yield falling 52 basis points to 2.31%. Within the major sectors of the Barclays Capital U.S. Aggregate Index, Credit was the top performer, while Agency securities were the worst. High Yield asset classes such as U.S. high yield bonds, floating rate notes, and Emerging Market Debt significantly outperformed the Barclays Capital U.S. Aggregate Index. The Barclays Capital High Yield index posted strong results, up 48.1% over the period.

Generally, the Fund’s target asset allocation is set at approximately 60% equities and 40% fixed-income. The Fund’s strategic asset allocation decisions within equities contributed to the fund’s performance. Specifically, favorable allocations within the international markets into emerging markets, international small-cap, and international real estate investment trusts (REITs) helped to offset an underweight (i.e. the Fund’s sector position was less than the benchmark position) to small and mid-cap stocks. The Fund’s strategic asset allocation decisions within fixed income detracted from performance. Although the Fund benefited from exposures to high yield asset classes, diversification within these high yield asset classes detracted from results. The Fund’s duration (i.e. sensitivity to changes in interest rates) was targeted to be less than the Barclays Capital U.S. Aggregate Index, a decision based on the risk preferences of the Fund. For the year, duration positioning detracted from performance.

Beyond the asset allocation decision, we also add value by selecting the underlying mutual funds that will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s objectives and stated benchmark to see what it actually holds for securities and how it has behaved historically. Finally a proprietary optimization is run to determine which underlying funds the Fund should invest in. During the year, our underlying fund selection enhanced relative performance (i.e. performance of the Fund as measured against the benchmark). A hard rebalance (i.e. a fund rebalancing to move the underlying fund investments to their target allocation percentages) was required in March 09 to restore the Fund allocations back to their targets.

During the period, the Fund has continued to utilize exchange traded funds (ETFs) to obtain asset class exposures unavailable through The Hartford fund family. Specifically, the fund has set target allocations to ETFs that provide U.S. real estate, international real estate, and emerging market debt exposure.

What is the Outlook?

While the risk rally that began in early March has pushed equities and other high risk asset classes higher around the world, we believe that the appreciation of equities and higher risk fixed income asset classes will be more muted following their dramatic recovery in the 2nd and 3rd quarters. We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

Our view of the yield curve is consistent with low growth and low inflation and we expect yields to remain in their current ranges across the curve (10 year range of 3.2%-3.8%). In addition, we believe downward pressure on inflation has abated. However, slack in the economy means there are no near-term upward pressures on inflation. Longer maturities will likely remain in range despite continued concerns with supply pressures, inflation, dollar policy, and weak growth. We think the shape of the short end (3 months–3 years) of the curve already implies the imminent removal of accommodative monetary policy and despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

We have positioned the Fund with an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to international equities, both large and small cap, while reducing our high yield and floating rate note exposure to a more neutral weight as they are approaching fair value on the back of improved fundamentals. In addition, we have reversed the underweight in inflation protected securities.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
Powershares Emerging Markets Sovereign Debt Portfolio ETF		0.1	%
SPDR DJ Wilshire International Real Estate ETF		0.7
SPDR DJ Wilshire REIT ETF		1.0
State Street Bank Money Market Fund		0.0
The Hartford Capital Appreciation Fund, Class Y		14.8
The Hartford Capital Appreciation II Fund, Class Y		5.1
The Hartford Disciplined Equity Fund, Class Y		1.7
The Hartford Dividend and Growth Fund, Class Y		1.8
The Hartford Equity Income Fund, Class Y		2.4
The Hartford Floating Rate Fund, Class Y		3.8
The Hartford Fundamental Growth Fund, Class Y		0.1
The Hartford Global Growth Fund, Class Y		4.8
The Hartford Growth Fund, Class Y		1.5
The Hartford Growth Opportunities Fund, Class Y		2.0
The Hartford High Yield Fund, Class Y		0.4
The Hartford Income Fund, Class Y		9.3
The Hartford Inflation Plus Fund, Class Y		8.4
The Hartford International Opportunities Fund, Class Y		4.5
The Hartford International Small Company Fund, Class Y		2.8
The Hartford MidCap Fund, Class Y		1.5
The Hartford Select MidCap Value Fund, Class Y		1.1
The Hartford Select SmallCap Value Fund, Class Y		1.8
The Hartford Short Duration Fund, Class Y		6.9
The Hartford Small Company Fund, Class Y		1.7
The Hartford Strategic Income Fund, Class Y		1.0
The Hartford Total Return Bond Fund, Class Y		10.0
The Hartford Value Fund, Class Y		10.7
Other Assets and Liabilities		0.1
Total		100.0	%

3

The Hartford Balanced Allocation Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES — 98.1%
EQUITY FUNDS — 58.3%
	3,812	The Hartford Capital Appreciation Fund, Class Y			$	115,263
	3,645	The Hartford Capital Appreciation II Fund, Class Y•				39,948
	1,211	The Hartford Disciplined Equity Fund, Class Y				13,029
	843	The Hartford Dividend and Growth Fund, Class Y				13,701
	1,739	The Hartford Equity Income Fund, Class Y				18,800
	100	The Hartford Fundamental Growth Fund, Class Y•				938
	2,808	The Hartford Global Growth Fund, Class Y•				37,403
	822	The Hartford Growth Fund, Class Y•				11,630
	704	The Hartford Growth Opportunities Fund, Class Y•				15,204
	2,651	The Hartford International Opportunities Fund, Class Y				34,652
	2,015	The Hartford International Small Company Fund, Class Y				21,945
	654	The Hartford MidCap Fund, Class Y•				11,535
	1,068	The Hartford Select MidCap Value Fund, Class Y				8,215
	1,752	The Hartford Select SmallCap Value Fund, Class Y				13,945
	862	The Hartford Small Company Fund, Class Y•				12,961
	8,759	The Hartford Value Fund, Class Y				83,645
		Total equity funds (cost $512,802)			$	452,814
FIXED INCOME FUNDS — 39.8%
	3,606	The Hartford Floating Rate Fund, Class Y			$	29,892
	502	The Hartford High Yield Fund, Class Y				3,379
	7,571	The Hartford Income Fund, Class Y				72,080
	5,716	The Hartford Inflation Plus Fund, Class Y				65,339
	5,589	The Hartford Short Duration Fund, Class Y				53,652
	862	The Hartford Strategic Income Fund, Class Y				7,493
	7,548	The Hartford Total Return Bond Fund, Class Y				78,050
		Total fixed income funds (cost $313,764)			$	309,885
		Total investments in affiliated investment companies (cost $826,566)			$	762,699
EXCHANGE TRADED FUNDS — 1.8%
	22	Powershares Emerging Markets Sovereign Debt Portfolio ETF			$	575
	172	SPDR DJ Wilshire International Real Estate ETF				5,932
	178	SPDR DJ Wilshire REIT ETF				7,734
		Total exchange traded funds (cost $13,357)			$	14,241
		Total long-term investments (cost $839,923)			$	776,940
SHORT-TERM INVESTMENTS — 0.0%
		Investment Pools and Funds — 0.0%
	3	State Street Bank Money Market Fund			$	3
		Total short-term investments (cost $3)			$	3
		Total investments (cost $839,926)▲	99.9	%	$	776,943
		Other assets and liabilities	0.1	%		886
		Total net assets	100.0	%	$	777,829

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $842,561 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	25,532
Unrealized Depreciation		(91,150	)
Net Unrealized Depreciation	$	(65,618	)

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Balanced Allocation Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	762,699	$	762,699	$	—	$	—
Exchange Traded Funds		14,241		14,241		—		—
Short-Term Investments		3		3		—		—
Total	$	776,943	$	776,943	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Balanced Allocation Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $13,360)	$	14,244
Investments in underlying affiliated funds, at market value (cost $826,566)		762,699
Receivables:
Fund shares sold		1,303
Dividends and interest		1,084
Other assets		51
Total assets		779,381
Liabilities:
Payables:
Investment securities purchased		75
Fund shares redeemed		1,253
Investment management fees		17
Distribution fees		65
Accrued expenses		142
Total liabilities		1,552
Net assets	$	777,829
Summary of Net Assets:
Capital stock and paid-in-capital		912,619
Accumulated undistributed net investment income		1,556
Accumulated net realized loss on investments		(73,363	)
Unrealized depreciation of investments		(62,983	)
Net assets	$	777,829
Shares authorized		400,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	9.79/$10.36
Shares outstanding		49,387
Net assets	$	483,316
Class B: Net asset value per share	$	9.76
Shares outstanding		9,749
Net assets	$	95,125
Class C: Net asset value per share	$	9.75
Shares outstanding		17,359
Net assets	$	169,306
Class I: Net asset value per share	$	9.78
Shares outstanding		213
Net assets	$	2,079
Class R3: Net asset value per share	$	9.74
Shares outstanding		142
Net assets	$	1,381
Class R4: Net asset value per share	$	9.78
Shares outstanding		1,382
Net assets	$	13,518
Class R5: Net asset value per share	$	9.79
Shares outstanding		1,339
Net assets	$	13,104

The accompanying notes are an integral part of these financial statements.

6

The Hartford Balanced Allocation Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	507
Dividends from underlying affiliated funds		18,938
Interest		1
Total investment income		19,446
Expenses:
Investment management fees		948
Administrative services fees		27
Transfer agent fees		1,011
Distribution fees
Class A		1,089
Class B		878
Class C		1,522
Class R3		3
Class R4		29
Custodian fees		1
Accounting services fees		84
Registration and filing fees		121
Board of Directors’ fees		19
Audit fees		27
Other expenses		166
Total expenses (before waivers)		5,925
Expense waivers		(36	)
Total waivers		(36	)
Total expenses, net		5,889
Net Investment Income		13,557
Net Realized Loss on Investments:
Net realized loss on investments in underlying affiliated funds		(58,281	)
Net Realized Loss on Investments		(58,281	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		159,504
Net Changes in Unrealized Appreciation of Investments		159,504
Net Gain on Investments		101,223
Net Increase in Net Assets Resulting from Operations	$	114,780

The accompanying notes are an integral part of these financial statements.

7

The Hartford Balanced Allocation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	13,557		$	18,094
Net realized gain (loss) on investments		(58,281	)		3,302
Net unrealized appreciation (depreciation) of investments		159,504			(325,274	)
Net Increase (Decrease) In Net Assets Resulting From Operations		114,780			(303,878	)
Distributions to Shareholders:
From net investment income
Class A		(9,311	)		(24,256	)
Class B		(1,200	)		(4,239	)
Class C		(2,130	)		(7,330	)
Class I		(39	)		(81	)
Class R3		(7	)		(12	)
Class R4		(228	)		(198	)
Class R5		(199	)		(87	)
From net realized gain on investments
Class A		—			(26,813	)
Class B		—			(5,971	)
Class C		—			(9,928	)
Class I		—			(40	)
Class R3		—			(5	)
Class R4		—			(145	)
Class R5		—			(32	)
Total distributions		(13,114	)		(79,137	)
Capital Share Transactions:
Class A		(20,268	)		70,044
Class B		(10,182	)		8,431
Class C		(12,291	)		22,711
Class I		(322	)		2,197
Class R3		922			511
Class R4		3,145			8,935
Class R5		6,942			4,818
Net increase (decrease) from capital share transactions		(32,054	)		117,647
Net Increase (Decrease) In Net Assets		69,612			(265,368	)
Net Assets:
Beginning of period		708,217			973,585
End of period	$	777,829		$	708,217
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	1,556		$	1,113

The accompanying notes are an integral part of these financial statements.

8

The Hartford Balanced Allocation Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Balanced Allocation Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange-traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a) Security Transactions and Investment Income – Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.

9

The Hartford Balanced Allocation Fund

Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

	Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.
b)	Security Valuation – Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.
	The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.
	Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.
	Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 – Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

10

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Indexed Securities – The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.
d)	Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid quarterly. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
e)	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
f)	Indemnifications – Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

11

The Hartford Balanced Allocation Fund

Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

3. Federal Income Taxes:

a)	Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	13,114	$	38,476
Long-Term Capital Gains *		—		40,661

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,556
Accumulated Capital Losses *		(70,728	)
Unrealized Depreciation †		(65,618	)
Total Accumulated Deficit	$	(134,790	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund had no reclassifications.

12

e) Capital Loss Carryforward – At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	14,074
2017		56,654
Total	$	70,728

e) Accounting for Uncertainty in Income Taxes – Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a)

Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5
1.40%	2.15%	2.15%	1.15%	1.78%	1.48%	1.18%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.

13

The Hartford Balanced Allocation Fund

Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

d)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $2,374 and contingent deferred sales charges of $327 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $74. These commissions are in turn paid to sales representatives of the broker/dealers.
e)	Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $1,012 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	117,973
Sales Proceeds Excluding U.S. Government Obligations		149,098

14

6.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		12,768		1,095		(16,382	)		—		(2,519	)		14,186		4,158		(12,888	)		—		5,456
Amount	$	108,578	$	8,990	$	(137,836	)	$	—	$	(20,268	)	$	158,195	$	49,061	$	(137,212	)	$	—	$	70,044
Class B
Shares		1,310		143		(2,687	)		—		(1,234	)		2,209		811		(2,413	)		—		607
Amount	$	10,936	$	1,142	$	(22,260	)	$	—	$	(10,182	)	$	24,579	$	9,630	$	(25,778	)	$	—	$	8,431
Class C
Shares		3,706		232		(5,539	)		—		(1,601	)		5,758		1,236		(5,278	)		—		1,716
Amount	$	31,608	$	1,861	$	(45,760	)	$	—	$	(12,291	)	$	64,145	$	14,655	$	(56,089	)	$	—	$	22,711
Class I
Shares		142		5		(198	)		—		(51	)		259		8		(74	)		—		193
Amount	$	1,292	$	37	$	(1,651	)	$	—	$	(322	)	$	2,909	$	96	$	(808	)	$	—	$	2,197
Class R3
Shares		133		1		(34	)		—		100			160		1		(128	)		—		33
Amount	$	1,217	$	6	$	(301	)	$	—	$	922		$	1,774	$	12	$	(1,275	)	$	—	$	511
Class R4
Shares		873		28		(526	)		—		375			1,084		30		(312	)		—		802
Amount	$	7,318	$	228	$	(4,401	)	$	—	$	3,145		$	11,920	$	343	$	(3,328	)	$	—	$	8,935
Class R5
Shares		1,104		24		(277	)		—		851			552		11		(130	)		—		433
Amount	$	8,971	$	199	$	(2,228	)	$	—	$	6,942		$	6,087	$	119	$	(1,388	)	$	—	$	4,818

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		175	$	1,493
For the Year Ended October 31, 2008		182	$	2,060

7.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
8.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

15

The Hartford Balanced Allocation Fund

Financial Highlights

– Selected Per-Share Data (a) –

	Net Asset						Net Realized																	Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	8.48	$	0.19	$	—	$	1.30		$	1.49		$	(0.18	)	$	—		$	—	$	(0.18	)	$	1.31		$	9.79
B		8.45		0.12		—		1.30			1.42			(0.11	)		—			—		(0.11	)		1.31			9.76
C		8.45		0.12		—		1.30			1.42			(0.12	)		—			—		(0.12	)		1.30			9.75
I		8.47		0.24		—		1.28			1.52			(0.21	)		—			—		(0.21	)		1.31			9.78
R3		8.44		0.15		—		1.30			1.45			(0.15	)		—			—		(0.15	)		1.30			9.74
R4		8.47		0.19		—		1.30			1.49			(0.18	)		—			—		(0.18	)		1.31			9.78
R5		8.48		0.21		—		1.31			1.52			(0.21	)		—			—		(0.21	)		1.31			9.79
For the Year Ended October 31, 2008
A		13.10		0.26		—		(3.83	)		(3.57	)		(0.47	)		(0 .58	)		—		(1.05	)		(4.62	)		8.48
B		13.06		0.16		—		(3.81	)		(3.65	)		(0.38	)		(0 .58	)		—		(0.96	)		(4.61	)		8.45
C		13.06		0.17		—		(3.81	)		(3.64	)		(0.39	)		(0 .58	)		—		(0.97	)		(4.61	)		8.45
I		13.09		0.33		—		(3.86	)		(3.53	)		(0.51	)		(0 .58	)		—		(1.09	)		(4.62	)		8.47
R3		13.08		0.26		—		(3.88	)		(3.62	)		(0.44	)		(0 .58	)		—		(1.02	)		(4.64	)		8.44
R4		13.10		0.38		—		(3.96	)		(3.58	)		(0.47	)		(0 .58	)		—		(1.05	)		(4.63	)		8.47
R5		13.10		0.41		—		(3.95	)		(3.54	)		(0.50	)		(0 .58	)		—		(1.08	)		(4.62	)		8.48
For the Year Ended October 31, 2007
A		12.01		0.27		—		1.45			1.72			(0.36	)		(0 .27	)		—		(0.63	)		1.09			13.10
B		11.98		0.18		—		1.44			1.62			(0.27	)		(0 .27	)		—		(0.54	)		1.08			13.06
C		11.98		0.18		—		1.44			1.62			(0.27	)		(0 .27	)		—		(0.54	)		1.08			13.06
I		12.00		0.26		—		1.50			1.76			(0.40	)		(0 .27	)		—		(0.67	)		1.09			13.09
R3(e)		11.89		0.08		—		1.25			1.33			(0.14	)		—			—		(0.14	)		1.19			13.08
R4(e)		11.89		0.14		—		1.23			1.37			(0.16	)		—			—		(0.16	)		1.21			13.10
R5(e)		11.89		0.14		—		1.25			1.39			(0.18	)		—			—		(0.18	)		1.21			13.10
For the Year Ended October 31, 2006
A		10.95		0.18		—		1.12			1.30			(0.22	)		(0 .02	)		—		(0.24	)		1.06			12.01
B		10.92		0.10		—		1.11			1.21			(0.13	)		(0 .02	)		—		(0.15	)		1.06			11.98
C		10.92		0.11		—		1.11			1.22			(0.14	)		(0 .02	)		—		(0.16	)		1.06			11.98
I(h)		11.66		0.05		—		0.34			0.39			(0.05	)		—			—		(0.05	)		0.34			12.00
For the Year Ended October 31, 2005
A		10.30		0.13		—		0.64			0.77			(0.12	)		—			—		(0.12	)		0.65			10.95
B		10.28		0.06		—		0.62			0.68			(0.04	)		—			—		(0.04	)		0.64			10.92
C		10.28		0.06		—		0.62			0.68			(0.04	)		—			—		(0.04	)		0.64			10.92

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Commenced operations on December 22, 2006.
(f)	Not annualized.
(g)	Annualized.
(h)	Commenced operations on August 31, 2006.

16

– Ratios and Supplemental Data –

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	18.01	%	$	483,316		0.58	%		0.58	%		0.58	%		2.20	%		17	%
	17.15			95,125		1.42			1.38			1.38			1.41			–
	17.07			169,306		1.34			1.34			1.34			1.46			–
	18.39			2,079		0.28			0.28			0.28			3.01			–
	17.52			1,381		0.96			0.96			0.96			1.47			–
	18.04			13,518		0.59			0.59			0.59			2.08			–
	18.37			13,104		0.29			0.29			0.29			2.22			–
	(29.35	)		439,955		0.53			0.53			0.53			2.23			18
	(29.95	)		92,829		1.35			1.35			1.35			1.47			–
	(29.91	)		160,167		1.29			1.29			1.29			1.49			–
	(29.15	)		2,238		0.22			0.22			0.22			1.59			–
	(29.74	)		358		0.92			0.92			0.92			0.86			–
	(29.44	)		8,535		0.59			0.59			0.59			1.54			–
	(29.16	)		4,135		0.29			0.29			0.29			1.54			–
	14.95			608,443		0.54			0.54			0.54			2.09			34
	14.03			135,541		1.36			1.33			1.33			1.34			–
	14.07			225,155		1.29			1.29			1.29			1.35			–
	15.35			927		0.22			0.22			0.22			1.88			–
	11.29	(f)		115		0.93	(g)		0.93	(g)		0.93	(g)		0.94	(g)		–
	11.61	(f)		2,679		0.66	(g)		0.66	(g)		0.66	(g)		1.23	(g)		–
	11.79	(f)		725		0.36	(g)		0.36	(g)		0.36	(g)		1.54	(g)		–
	11.98			453,492		0.62			0.62			0.62			1.52			15
	11.22			109,117		1.44			1.36			1.36			0.82			–
	11.24			171,073		1.38			1.36			1.36			0.78			–
	3.35	(f)		353		0.39	(g)		0.39	(g)		0.39	(g)		1.47	(g)		–
	7.47			262,878		0.66			0.60			0.60			1.26			2
	6.66			72,619		1.47			1.31			1.31			0.55			–
	6.66			103,248		1.41			1.31			1.31			0.56			–

17

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Balanced Allocation Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Balanced Allocation Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Balanced Allocation Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services
(1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

The Hartford Balanced Allocation Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

20

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from
1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling
888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Balanced Allocation Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	5.00	%
Other Direct Federal Obligations*	1.00	%
Other Securities	94.00	%
Total	100.00	%
DRD†	55.00	%
QDI‡	60.00	%
QII§	65.00	%

*	The income received from federal obligations.
†	Income distributions, taxable as dividend income which qualify for deduction by corporations.
‡	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.
§	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.181		N/A		N/A		0.181
Class B		0.114		N/A		N/A		0.114
Class C		0.117		N/A		N/A		0.117
Class I		0.207		N/A		N/A		0.207
Class R3		0.149		N/A		N/A		0.149
Class R4		0.182		N/A		N/A		0.182
Class R5		0.207		N/A		N/A		0.207

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Balanced Allocation Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,176.90	$	3.07	$	1,000.00	$	1,022.38	$	2.85		0.56	%		184		365
Class B	$	1,000.00	$	1,171.60	$	7.55	$	1,000.00	$	1,018.25	$	7.02		1.38			184		365
Class C	$	1,000.00	$	1,172.10	$	7.17	$	1,000.00	$	1,018.60	$	6.67		1.31			184		365
Class I	$	1,000.00	$	1,178.80	$	1.48	$	1,000.00	$	1,023.84	$	1.38		0.27			184		365
Class R3	$	1,000.00	$	1,173.80	$	5.21	$	1,000.00	$	1,020.42	$	4.84		0.95			184		365
Class R4	$	1,000.00	$	1,177.00	$	3.18	$	1,000.00	$	1,022.28	$	2.96		0.58			184		365
Class R5	$	1,000.00	$	1,178.50	$	1.54	$	1,000.00	$	1,023.79	$	1.43		0.28			184		365

23

The Hartford Balanced Allocation Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Balanced Allocation Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund

24

Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In

25

The Hartford Balanced Allocation Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-2 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06115

The Hartford Balanced Income Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	5
Investment Valuation Hierarchy Level Summary at October 31, 2009	17
Statement of Assets and Liabilities at October 31, 2009	18
Statement of Operations for the Year Ended October 31, 2009	19
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	20
Notes to Financial Statements	21
Financial Highlights	32
Report of Independent Registered Public Accounting Firm	34
Directors and Officers (Unaudited)	35
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	37
Quarterly Portfolio Holdings Information (Unaudited)	37
Federal Tax Information (Unaudited)	38
Expense Example (Unaudited)	39
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	40

The Hartford Balanced Income Fund inception 07/31/2006

(subadvised by Wellington Management Company, LLP) Investment objective — Seeks to provide current income with
growth of capital as a secondary objective.

Performance Overview(1) 7/31/06 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital Corporate Index is an unmanaged index and is the Corporate component of the U.S. Credit Index within the Barclays Capital U.S. Aggregate Bond Index.

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4) (as of 10/31/09)

	1			Since
	Year			Inception
Balanced Income A#		20.29	%		2.16	%
Balanced Income A##		13.67	%		0.40	%
Balanced Income B#		19.37	%		1.40	%
Balanced Income B##		14.37	%		0.55	%
Balanced Income C#		19.44	%		1.40	%
Balanced Income C##		18.44	%		1.40	%
Balanced Income Y#		20.67	%		2.52	%
Barclays Capital Corporate Index		31.07	%		6.41	%
Russell 1000 Value Index		4.78	%		-7.13	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 09/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Lucius T. Hill, III	Scott I. St. John, CFA	Ian R. Link, CFA
Senior Vice President	Vice President	Vice President
W. Michael Reckmeyer, III, CFA	Karen H. Grimes, CFA
Senior Vice President	Senior Vice President

How did the Fund perform?

The Class A shares of The Hartford Balanced Income Fund returned 20.29%, before sales charge, for the twelve-month period ended October 31, 2009, versus the returns of 4.78% for the Russell 1000 Value Index, 31.07% for the Barclays Capital Corporate Index and 16.01% for the average fund in the Lipper Mixed-Asset Target Allocation Moderate Funds peer group, a group of funds that hold between 40-60% in equity securities and the remainder in bonds, cash and cash equivalents.

Why did the Fund perform this way?

Investors were forced to navigate widely varied markets during the period. Stocks fell sharply from the beginning of November through early

2

March, reflecting deepening economic worries and concerns over the U.S. government’s increasing involvement in the economy. From early March through the end of October stocks rallied and credit spreads tightened (i.e. short and long term interest rates moving closer together) as investors came to believe that a Depression-like scenario was less likely. The Russell 1000 Value Index rose [+5%] during the period. Sector returns within the Russell 1000 Value Index diverged widely, with Information Technology (+33%), Consumer Discretionary (+23%), and Materials (+18%) performing best, while the relatively weaker Financials (-8%), Industrials (-5%), and Utilities (+2%) sectors lagged.

Within the fixed income markets corporate bonds, emerging markets debt, and high yield bonds all performed well over the period, with all three components of the Fund’s fixed income benchmark rising materially. High-yield securities, as measured by the Barclays Capital High Yield (2% issuer cap) Index, gained 49%, while emerging markets bonds, as measured by the JP Morgan EMBI+ Emerging Markets Bond Index, rose 37%. Investment grade corporate securities, as measured by the Barclays Capital Corporate Index, were up 31% during the period.

The Fund’s equity component outperformed its benchmark due to strong stock selection. Stock selection was particularly strong within the Industrials, Energy, and Utilities sectors. This more than offset weak stock selection in Materials, Consumer Discretionary, and Financials. Allocation among sectors, which is driven by bottom-up (i.e. stock by stock fundamental research) fundamental research, detracted from benchmark-relative returns primarily due to an underweight (i.e. the Fund’s sector position was less than the benchmark position) to Financials during the better part of the period when Financials rallied.

Among the top contributors to benchmark-relative returns in the equity sleeve were Citigroup (Financials), FPL Group (Utilities), and Toronto-Dominion Bank (Financials). We did not own the shares of Citigroup during the period, which benefited relative results as its share price fell during the period and the company is a significant benchmark holding. Despite a recent lowering of guidance, shares of Florida-based electricity provider FPL Group gained over the period on strong quarterly results. Shares of Toronto-Dominion Bank, a Canada-based bank with significant U.S. operations, rose as the company reported better-than-expected quarterly earnings. Top absolute (i.e. total return) contributors for the period included global pharmaceutical company Merck and worldwide banking and financial services organization HSBC Holdings.

PNC Financial (Financials), JPMorgan Chase (Financials), and Wells Fargo (Financials), detracted most from benchmark-relative and absolute returns in the equity sleeve. Shares of financial services firm PNC Financial fell on concerns regarding the value of assets held at acquired National City. JPMorgan Chase saw its shares pressured by fears that the company’s exposures to consumer and large corporate credit would lead to an earnings shortfall and greater balance sheet uncertainty. Wells Fargo shares fell sharply as investors became concerned about the potential negative impact of the Wachovia acquisition to the company’s balance sheet and the possibility that Wells Fargo may have to cut its dividend. During the period all three companies were forced to announce dividend cuts, making them unsuitable holdings given the Fund’s focus on income-generating stocks. We eliminated our holdings in all three companies during the period.

The Fund’s fixed income sleeve modestly outperformed its benchmark for the period. The Fund’s overweight (i.e. the Fund’s sector position was greater than the benchmark position) to emerging markets debt and high yield bonds contributed positively to relative results. Security selection within the emerging markets debt allocation was also additive in particular, the Fund’s overweight exposure to the U.S. dollar denominated sovereign debt of Pakistan. Security selection within the investment grade corporate bond allocation detracted from relative results, specifically the Fund’s exposure within the Banking sector.

Asset allocation between equities and fixed-income contributed positively to relative returns. The Fund benefited from a slight underweight in equities in the first half of the period and a slight overweight in the second half of the period.

What is the outlook?

The equity market’s sharp rally off its March lows has narrowed or eliminated many previously-attractive disparities between market price and our assessment of fair value in equity securities. The strength of the rally suggests that investors are pricing in not just the removal of the worst-case scenario, but a robust economic recovery. While recent economic releases point to an improvement from the dire outlook of early 2009, the U.S. economy is by no means out of the woods. Consumer and corporate debt levels remain high, unemployment persists near 10%, and the government’s unprecedented monetary and fiscal stimulus has raised the specter of inflation down the road.

In the equity portion of the Fund we continue to focus on building an equity portfolio in which growth and the dividend yield are better than the market and valuations are lower than the market. Based on bottom-up stock decisions, we ended the period most overweight the Consumer Staples, Industrials, and Health Care sectors; our largest underweights were in Financials, Energy, and Telecommunication Services.

The government policies aimed at supporting the liquidity and smooth functioning of the fixed-income credit markets have been successful in resuscitating the sector. We remain constructive on our outlook for the corporate bond market and find credit risk premiums (i.e. difference between the risk associated with buying or holding a Treasury and holding a high yield bond) to be generous relative to past economic contractions. Although we do not expect excess returns for the remainder of the year and 2010 to be as strong as performance was in the first ten months of 2009, we do believe that credit spreads will tighten (i.e. short and long term interest rates moving closer together) further. From a sector standpoint, we continue to favor financial issuers including the large, money-center banks, insurance companies and REITS, all of which are attractively valued. Within Industrials, we held an overweight to communications issuers at the end of the period, favoring their healthy cash flow prospects, and an underweight to defensive non-cyclical issuers.

In the high-yield sector, valuations remain attractive. Though it is likely that high yield bonds will experience an elevated level of defaults over the next year, we believe the market’s yield is more than enough to achieve an attractive total return. Similarly, despite the recent rally in credit spreads, we continue to maintain a constructive stance on emerging markets debt. Emerging market economies have performed particularly well this year. From a valuation standpoint, we believe that there is still room for spreads to tighten further given the strong technical backdrop and improving fundamentals across many developing economies.

3

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Equity Securities
Banks (Financials)		4.6	%
Capital Goods (Industrials)		5.4
Commercial & Professional Services (Industrials)		1.2
Consumer Durables & Apparel (Consumer Discretionary)		0.8
Consumer Services (Consumer Discretionary)		1.1
Diversified Financials (Financials)		0.0
Energy (Energy)		6.4
Food & Staples Retailing (Consumer Staples)		0.5
Food, Beverage & Tobacco (Consumer Staples)		3.4
Household & Personal Products (Consumer Staples)		1.2
Insurance (Financials)		2.0
Materials (Materials)		1.8
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		5.7
Retailing (Consumer Discretionary)		2.3
Semiconductors & Semiconductor Equipment (Information Technology)		2.3
Software & Services (Information Technology)		0.0
Telecommunication Services (Services)		1.3
Utilities (Utilities)		2.7
Fixed Income Securities
Accommodation and Food Services (Services)		0.1
Administrative Waste Management and Remediation (Services)		0.0
Agriculture, Forestry, Fishing and Hunting (Consumer Staples)		0.1
Air Transportation (Transportation)		0.3
Arts, Entertainment and Recreation (Services)		0.3
Arts, Entertainment, and Recreation (Services)		1.8
Beverage and Tobacco Product Manufacturing (Consumer Staples)		1.5
Chemical Manufacturing (Basic Materials)		0.7
Computer and Electronic Product Manufacturing (Technology)		0.3
Construction (Consumer Cyclical)		0.0
Educational Services (Services)		0.0
Fabricated Metal Product Manufacturing (Basic Materials)		0.3
Finance and Insurance (Finance)		20.6
Food Manufacturing (Consumer Staples)		0.5
Foreign Governments (Foreign Governments)		4.3
General Obligations (General Obligations)		0.2
Health Care and Social Assistance (Health Care)		2.0
Information (Technology)		5.7
Machinery Manufacturing (Capital Goods)		0.2
Mining (Basic Materials)		0.6
Miscellaneous Manufacturing (Capital Goods)		0.5
Motor Vehicle & Parts Manufacturing (Consumer Cyclical)		0.5
Paper Manufacturing (Basic Materials)		0.3
Petroleum and Coal Products Manufacturing (Energy)		3.6
Pipeline Transportation (Utilities)		1.5
Plastics and Rubber Products Manufacturing (Basic Materials)		0.1
Primary Metal Manufacturing (Basic Materials)		0.3
Printing and Related Support Activities (Services)		0.1
Professional, Scientific and Technical Services (Services)		0.9
Public Facilities (Public Facilities)		0.1
Real Estate and Rental and Leasing (Finance)		0.5
Retail Trade (Consumer Cyclical)		0.8
Soap, Cleaning Compound, and Toilet Manufacturing (Consumer Staples)		0.0
Transportation (Transportation)		0.3
Transportation Equipment Manufacturing (Transportation)		0.0
Utilities (Utilities)		3.3
Water Transportation (Transportation)		0.1
Wholesale Trade (Consumer Cyclical)		0.3
Short-Term Investments		3.8
Other Assets and Liabilities		0.8
Total		100.0	%

Diversification by Security Type
as of October 31, 2009

	Percentage of
Category	Net Assets
Asset & Commercial Mortgage Backed Securities		0.8	%
Common Stocks		42.6
Corporate Bonds: Investment Grade		44.6
Corporate Bonds: Non-Investment Grade		6.7
Municipal Bonds		0.6
Preferred Stocks		0.1
Short-Term Investments		3.8
Other Assets and Liabilities		0.8
Total		100.0	%

4

The Hartford Balanced Income Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 42.6%
		Banks - 4.5%
	13	Bank of Nova Scotia	$	531
	68	HSBC Holding plc		747
	9	M&T Bank Corp.		534
	22	Standard Chartered plc		549
	14	Toronto-Dominion Bank ADR		801
				3,162
		Capital Goods - 5.4%
	10	3M Co.		699
	8	Caterpillar, Inc.		430
	9	Eaton Corp.		520
	12	Emerson Electric Co.		442
	38	General Electric Co.		536
	11	Illinois Tool Works, Inc.		482
	2	Schneider Electric S.A.		160
	10	Stanley Works		434
				3,703
		Commercial & Professional Services - 1.2%
	12	Republic Services, Inc.		316
	17	Waste Management, Inc.		499
				815
		Consumer Durables & Apparel - 0.8%
	19	Mattel, Inc.		352
	3	V.F. Corp.		241
				593
		Consumer Services - 1.1%
	13	McDonald’s Corp.		744
		Energy - 6.4%
	22	BP plc ADR		1,217
	19	Chevron Corp.		1,462
	14	ConocoPhillips Holding Co.		718
	12	Marathon Oil Corp.		374
	13	Total S.A. ADR		757
				4,528
		Food & Staples Retailing - 0.5%
	13	Sysco Corp.		354
		Food, Beverage & Tobacco - 3.4%
	26	Altria Group, Inc.		474
	9	H.J. Heinz Co.		342
	12	Kraft Foods, Inc.		341
	3	Lorillard, Inc.		233
	3	PepsiCo, Inc.		194
	12	Philip Morris International, Inc.		559
	9	Unilever N.V. NY Shares ADR		263
				2,406
		Household & Personal Products - 1.2%
	14	Kimberly-Clark Corp.		881
		Insurance - 2.0%
	6	Aflac, Inc.		228
	8	Allstate Corp.		240
	7	Chubb Corp.		315
	27	Marsh & McLennan Cos., Inc.		636
				1,419
		Materials - 1.8%
	18	E.I. DuPont de Nemours & Co.		560
	11	Packaging Corp. of America		197
	8	PPG Industries, Inc.		474
				1,231
		Pharmaceuticals, Biotechnology & Life Sciences - 5.7%
	6	Eli Lilly & Co.		207
	7	GlaxoSmithKline plc ADR		272
	17	Johnson & Johnson		998
	43	Merck & Co., Inc.		1,330
	69	Pfizer, Inc.		1,175
				3,982
		Retailing - 2.3%
	18	Genuine Parts Co.		623
	40	Home Depot, Inc.		999
				1,622
		Semiconductors & Semiconductor Equipment - 2.3%
	17	Analog Devices, Inc.		438
	29	Intel Corp.		550
	36	Maxim Integrated Products, Inc.		604
				1,592
		Software & Services - 0.0%
	—	Unisys Corp. •		3
		Telecommunication Services - 1.3%
	25	AT&T, Inc.		651
	10	Verizon Communications, Inc.		293
				944
		Utilities - 2.7%
	10	American Electric Power Co., Inc.		296
	22	Companhia Energetica de Minas Gerais ADR		349
	20	Dominion Resources, Inc.		668
	4	Edison International		124
	4	Exelon Corp.		169
	6	FPL Group, Inc.		310
				1,916
		Total common stocks (cost $28,305)	$	29,895
PREFERRED STOCKS - 0.1%
		Banks - 0.1%
	—	Wells Fargo & Co.۞	$	54
		Diversified Financials - 0.0%
	1	AMG Capital Trust I۞		25
		Total preferred stocks (cost $76)	$	79
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.8%
		Finance and Insurance - 0.8%
		Banc of America Commercial Mortgage, Inc.
$	85	5.45%, 01/15/2049	$	79
		Commercial Mortgage Pass-Through Certificates
	100	5.96%, 06/10/2046Δ		99
		Long Beach Automotive Receivables Trust
	100	5.03%, 01/15/2014		100

The accompanying notes are an integral part of these financial statements.

5

The Hartford Balanced Income Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.8% - (continued)
		Finance and Insurance - 0.8% - (continued)
		Merrill Lynch Mortgage Trust
$	100	5.05%, 07/12/2038	$	98
	100	5.79%, 05/12/2039 Δ		102
		Morgan Stanley Capital I
	100	5.23%, 09/15/2042		100
				578
		Total asset & commercial mortgage backed securities (cost $580)	$	578
CORPORATE BONDS: INVESTMENT GRADE - 44.6%
		Accommodation and Food Services - 0.0%
		Wyndham Worldwide Corp.
$	10	6.00%, 12/01/2016	$	9
		Agriculture, Forestry, Fishing and Hunting - 0.1%
		Weyerhaeuser Co.
	85	7.38%, 10/01/2019 - 03/15/2032		86
				86
		Air Transportation - 0.2%
		American Airlines, Inc.
	24	3.86%, 07/09/2010		24
		Continental Airlines, Inc.
	20	5.98%, 04/19/2022		19
	40	6.90%, 04/19/2022		35
		Southwest Airlines Co.
	56	6.15%, 08/01/2022		56
				134
		Arts, Entertainment and Recreation - 0.2%
		News America Holdings, Inc.
	100	8.88%, 04/26/2023		118
		Arts, Entertainment, and Recreation - 1.5%
		AT&T Broadband Corp.
	120	8.38%, 03/15/2013		139
		CBS Corp.
	105	8.20%, 05/15/2014		117
	25	8.88%, 05/15/2019		28
		DirecTV Holdings LLC
	125	4.75%, 10/01/2014 ■		128
		News America, Inc.
	146	6.40%, 12/15/2035		146
		Thomson Reuters Corp.
	175	4.70%, 10/15/2019		176
		Time Warner Entertainment Co., L.P.
	30	8.38%, 03/15/2023		35
		Viacom, Inc.
	50	4.25%, 09/15/2015		50
	170	4.38%, 09/15/2014		175
	40	6.13%, 10/05/2017		43
	45	6.25%, 04/30/2016		49
				1,086
		Beverage and Tobacco Product Manufacturing - 1.5%
		Altria Group, Inc.
	150	9.25%, 08/06/2019		182
	105	9.70%, 11/10/2018		129
	35	10.20%, 02/06/2039		47
		Anheuser-Busch InBev N.V.
	100	5.38%, 11/15/2014 - 01/15/2020 ■		104
	70	7.20%, 01/15/2014 ■		79
	75	7.75%, 01/15/2019 ■		87
		BAT International Finance plc
	20	8.13%, 11/15/2013 ■		23
	35	9.50%, 11/15/2018 ■		45
		Cia Brasileira de Bebidas
	50	8.75%, 09/15/2013		58
		Dr. Pepper Snapple Group
	75	6.82%, 05/01/2018		86
		PepsiAmericas, Inc.
	35	4.88%, 01/15/2015		38
		Philip Morris International, Inc.
	55	6.38%, 05/16/2038		62
		Reynolds American, Inc.
	100	7.75%, 06/01/2018		108
				1,048
		Chemical Manufacturing - 0.6%
		Cytec Industries, Inc.
	50	6.00%, 10/01/2015		52
		Dow Chemical Co.
	95	5.90%, 02/15/2015		98
		Methanex Corp.
	20	8.75%, 08/15/2012		21
		Potash Corp. of Saskatchewan, Inc.
	75	4.88%, 03/30/2020		75
	30	5.25%, 05/15/2014		33
		Yara International ASA
	110	5.25%, 12/15/2014 ■		114
				393
		Computer and Electronic Product Manufacturing - 0.2%
		Corning, Inc.
	15	6.63%, 05/15/2019		17
		Siemens Finance
	100	6.13%, 08/17/2026 ■		109
				126
		Construction - 0.0%
		Owens Corning, Inc.
	15	9.00%, 06/15/2019		16
		Fabricated Metal Product Manufacturing - 0.2%
		Commercial Metals Co.
	70	6.50%, 07/15/2017		71
		Fortune Brands, Inc.
	70	6.38%, 06/15/2014		75
				146
		Finance and Insurance - 19.3%
		Ace Capital Trust II
	90	9.70%, 04/01/2030		100
		Ace INA Holdings, Inc.
	15	5.60%, 05/15/2015		16
	20	5.90%, 06/15/2019		22
		Allied World Assurance
	50	7.50%, 08/01/2016		52
		Allstate Corp.
	35	6.20%, 05/16/2014		39

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE - - 44.6% - (continued)
		Finance and Insurance - 19.3% - (continued)
		American Express Centurion Bank
$	300	6.00%, 09/13/2017	$	315
		American Express Co.
	100	8.13%, 05/20/2019		120
		American Express Credit Corp.
	50	5.13%, 08/25/2014		53
		Ameriprise Financial, Inc.
	2	5.35%, 11/15/2010		2
	20	5.65%, 11/15/2015		21
		Avalonbay Communities, Inc.
	45	5.70%, 03/15/2017		46
		BAC Capital Trust XI
	105	6.63%, 05/23/2036		90
		BAE Systems Holdings, Inc.
	40	4.95%, 06/01/2014 ■		41
	25	6.38%, 06/01/2019 ■		27
		Bank of America Corp.
	50	4.90%, 05/01/2013		52
	200	5.42%, 03/15/2017		196
	255	5.65%, 05/01/2018		258
	40	5.75%, 12/01/2017		41
	115	6.00%, 09/01/2017		117
	50	7.25%, 10/15/2025		53
		Banque Cent De Tunisie
	10	7.38%, 04/25/2012		11
		Barclays Bank plc
	35	5.20%, 07/10/2014		37
	215	6.05%, 12/04/2017 ■		219
		Bear Stearns & Co., Inc.
	90	5.35%, 02/01/2012		96
	125	6.95%, 08/10/2012		140
	120	7.25%, 02/01/2018		137
		Brandywine Operating Partnership
	15	5.70%, 05/01/2017		13
	21	5.75%, 04/01/2012		21
	50	7.50%, 05/15/2015		50
		Capital One Bank
	250	8.80%, 07/15/2019		296
		Citigroup, Inc.
	275	5.50%, 08/27/2012 - 02/15/2017		280
	85	6.00%, 10/31/2033		74
	255	6.13%, 11/21/2017 - 08/25/2036		234
	175	6.88%, 03/05/2038		182
	80	8.30%, 12/21/2057 Δ		74
	100	8.50%, 05/22/2019		117
		Countrywide Financial Corp.
	40	5.80%, 06/07/2012		43
		Credit Suisse First Boston USA, Inc.
	35	6.13%, 11/15/2011		38
		Credit Suisse New York
	100	5.00%, 05/15/2013		107
	465	6.00%, 02/15/2018		490
		Development Bank of Kazakhstan
	35	7.38%, 11/12/2013		36
		Discover Financial Services, Inc.
	10	6.45%, 06/12/2017		9
		Eaton Vance Corp.
	65	6.50%, 10/02/2017		69
		Equity One, Inc.
	65	6.00%, 09/15/2017		58
		Everest Reinsurance Holdings, Inc.
	70	5.40%, 10/15/2014		69
	50	6.60%, 05/15/2037 Δ		36
	20	8.75%, 03/15/2010		20
		Farmers Exchange Capital
	100	7.05%, 07/15/2028 ■		86
		Federal Realty Investment Trust
	55	5.95%, 08/15/2014		55
		General Electric Capital Corp.
	50	4.80%, 05/01/2013		53
	75	5.40%, 09/20/2013		80
	225	5.63%, 05/01/2018		232
	195	5.88%, 01/14/2038		186
	30	6.00%, 06/15/2012		33
	90	6.15%, 08/07/2037		88
	205	6.75%, 03/15/2032		215
		Goldman Sachs Group, Inc.
	140	5.45%, 11/01/2012		151
	75	5.95%, 01/15/2027		73
	180	6.25%, 09/01/2017		193
	100	6.35%, 02/15/2034		95
	220	6.45%, 05/01/2036		223
	30	6.60%, 01/15/2012		33
	205	7.50%, 02/15/2019		240
		Guardian Life Insurance Co.
	50	7.38%, 09/30/2039 ■		51
		Health Care Properties
	20	5.65%, 12/15/2013		20
	80	6.00%, 01/30/2017		77
		HSBC Finance Corp.
	100	6.38%, 10/15/2011		107
	95	6.75%, 05/15/2011		101
		HSBC Holdings plc
	250	6.80%, 06/01/2038		287
		Iberdrola Finance Ireland
	95	5.00%, 09/11/2019 ■		96
		International Lease Finance Corp.
	100	5.63%, 09/15/2010		95
		JP Morgan Chase & Co.
	50	4.65%, 06/01/2014		53
	165	5.13%, 09/15/2014		175
	170	5.38%, 10/01/2012		186
	20	5.88%, 03/15/2035		18
	175	6.30%, 04/23/2019		192
		JP Morgan Chase XVII
	50	5.85%, 08/01/2035		44
		Keycorp
	25	6.50%, 05/14/2013		26
		Kimco Realty Corp.
	20	5.58%, 11/23/2015		20
	50	5.70%, 05/01/2017		48
	30	5.78%, 03/15/2016		30
		Lazard Group
	80	6.85%, 06/15/2017		81
		Liberty Mutual Group, Inc.
	60	5.75%, 03/15/2014 ■		57
	80	7.50%, 08/15/2036 ■		70
		Liberty Property L.P.
	50	5.50%, 12/15/2016		46
	50	8.50%, 08/01/2010		52

The accompanying notes are an integral part of these financial statements.

7

The Hartford Balanced Income Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount ╬				Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE - - 44.6% - (continued)
		Finance and Insurance - 19.3% - (continued)
		Lincoln National Corp.
$	80	5.65%, 08/27/2012		$	83
	35	6.15%, 04/07/2036			32
		Massachusetts Mutual Life Insurance Co.
	125	8.88%, 06/01/2039 ■			152
		Merrill Lynch & Co., Inc.
	50	5.45%, 02/05/2013			52
	210	6.05%, 08/15/2012 - 05/16/2016			218
	100	6.22%, 09/15/2026			96
	20	6.40%, 08/28/2017			21
		Metlife, Inc.
	25	6.13%, 12/01/2011			27
	40	6.75%, 06/01/2016			45
		Mizuho Financial Group, Inc.
	100	5.79%, 04/15/2014 ■			106
		Morgan Stanley
	90	4.75%, 04/01/2014			90
	300	5.45%, 01/09/2017			302
	225	5.63%, 09/23/2019			226
	200	6.00%, 04/28/2015			214
		National City Corp.
	40	4.90%, 01/15/2015			41
		Nationwide Mutual Insurance Co.
	75	9.38%, 08/15/2039 ■			78
		NB Capital Trust IV	��
	30	8.25%, 04/15/2027			29
		Pacific Life Insurance Co.
	100	9.25%, 06/15/2039 ■			111
		PNC Funding Corp.
	60	5.50%, 09/28/2012			64
	85	6.70%, 06/10/2019			95
		Pricoa Global Funding I
	100	5.45%, 06/11/2014 ■			105
		Principal Financial Group, Inc.
	65	7.88%, 05/15/2014			73
	40	8.88%, 05/15/2019			46
		Prologis
	75	7.38%, 10/30/2019			75
		Prudential Financial, Inc.
	50	4.75%, 09/17/2015			50
	70	6.10%, 06/15/2017			72
	15	6.20%, 01/15/2015			16
		Realty Income Corp.
	85	6.75%, 08/15/2019			85
		Reinsurance Group of America, Inc.
	60	5.63%, 03/15/2017			59
		Royal Bank of Scotland plc
	100	4.88%, 08/25/2014 ■			102
		Schwab Capital Trust I
	35	7.50%, 11/15/2037 Δ			32
		Simon Property Group L.P.
	45	5.38%, 06/01/2011			47
	80	5.63%, 08/15/2014			84
	80	6.75%, 05/15/2014			86
		SLM Corp.
	50	5.00%, 04/15/2015			39
	30	5.05%, 11/14/2014			24
		State Street Capital Trust IV
	100	1.30%, 06/15/2037 Δ			67
		State Street Corp.
	25	7.65%, 06/15/2010			26
		Symetra Financial Corp.
	10	6.13%, 04/01/2016 ■			9
		Textron, Inc.
	25	5.40%, 04/28/2013			25
		Trustreet Properties, Inc.
	80	7.50%, 04/01/2015			85
		UFJ Finance Aruba AEC
	100	6.75%, 07/15/2013			111
		United Dominion Realty Trust, Inc.
	55	6.05%, 06/01/2013			56
		UnitedHealth Group, Inc.
	100	5.50%, 11/15/2012			106
	50	5.80%, 03/15/2036			47
		Unitrin, Inc.
	100	4.88%, 11/01/2010			99
		Unum Group
	60	7.13%, 09/30/2016			62
		Ventas Realty L.P.
	10	6.50%, 06/01/2016			10
		W.R. Berkley Corp.
	90	5.13%, 09/30/2010			91
		Wachovia Bank NA
	275	6.60%, 01/15/2038			300
		Wachovia Corp.
	55	4.88%, 02/15/2014			56
	100	5.50%, 05/01/2013			107
	120	5.63%, 10/15/2016			123
	105	5.75%, 02/01/2018			110
		WEA Finance LLC
	100	7.13%, 04/15/2018 ■			103
		Wellpoint, Inc.
	50	6.00%, 02/15/2014			54
	60	7.00%, 02/15/2019			68
		Wells Fargo & Co.
	50	4.38%, 01/31/2013			52
	50	5.63%, 12/11/2017			52
		WR Berkley Corp.
	25	5.88%, 02/15/2013			25
					13,506
		Food Manufacturing - 0.5%
		Cargill, Inc.
	95	5.60%, 09/15/2012 ■			102
		Kraft Foods, Inc.
	100	6.50%, 08/11/2017			108
	130	6.75%, 02/19/2014			145
					355
		Foreign Governments - 2.5%
		Brazil (Republic of)
	155	6.00%, 08/15/2010 - 01/17/2017 җ			139
	40	7.13%, 01/20/2037			46
	135	7.88%, 03/07/2015			157
	65	8.88%, 10/14/2019 - 04/15/2024			84
BRL	50	10.00%, 01/01/2012			28
	40	10.50%, 07/14/2014			51
	20	11.00%, 08/17/2040			27

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE - - 44.6% - (continued)
		Foreign Governments - 2.5% - (continued)
		Colombia (Republic of)
$	95	8.13%, 05/21/2024	$	113
	65	11.75%, 02/25/2020		94
		El Salvador (Republic of)
	25	7.75%, 01/24/2023 §		26
		Hungary (Republic of)
HUF	1,800	6.00%, 11/24/2023		9
		Mexican Bonos De Desarrollo
MXP	355	7.25%, 12/15/2016		26
		Peru (Republic of)
	10	7.13%, 03/30/2019		11
	10	8.38%, 05/03/2016		12
	30	8.75%, 11/21/2033		39
	5	9.88%, 02/06/2015		6
		Russian Federation Government
	414	7.50%, 03/31/2030 §		460
	15	12.75%, 06/24/2028 §		26
		South Africa (Republic of)
	35	6.50%, 06/02/2014		38
	20	7.38%, 04/25/2012		22
		United Mexican States
	122	5.63%, 01/15/2017		127
	100	5.88%, 02/17/2014		107
	56	6.05%, 01/11/2040		56
	10	6.63%, 03/03/2015		11
MXP	175	7.75%, 12/14/2017		13
MXP	175	8.00%, 12/19/2013		13
ITL	5,000	11.00%, 05/08/2017		5
	25	11.38%, 09/15/2016		34
				1,780
		Health Care and Social Assistance - 1.7%
		Amerisource Bergen Corp.
	25	5.63%, 09/15/2012		27
	101	5.88%, 09/15/2015		109
		Amgen, Inc.
	20	5.70%, 02/01/2019		22
	25	6.40%, 02/01/2039		28
		AstraZeneca plc
	45	6.45%, 09/15/2037		52
		CVS Caremark Corp.
	150	6.25%, 06/01/2027		155
	50	6.60%, 03/15/2019		56
	39	6.94%, 01/10/2030		40
		CVS Lease Pass-Through Trust
	19	6.04%, 12/10/2028		18
		Express Scripts, Inc.
	100	6.25%, 06/15/2014		110
		Glaxosmithkline Capital, Inc.
	50	5.65%, 05/15/2018		55
		Laboratory Corp.
	20	5.63%, 12/15/2015		21
		Medco Health Solutions, Inc.
	75	7.13%, 03/15/2018		85
		Pfizer, Inc.
	105	6.20%, 03/15/2019		120
	50	7.20%, 03/15/2039		63
		Quest Diagnostics, Inc.
	115	6.95%, 07/01/2037		131
		Roche Holdings, Inc.
	75	6.00%, 03/01/2019 ■		84
				1,176
		Information - 4.9%
		AT&T, Inc.
	30	5.10%, 09/15/2014		32
	90	6.15%, 09/15/2034		91
	350	6.30%, 01/15/2038		365
	110	6.50%, 09/01/2037		117
		BellSouth Corp.
	30	5.20%, 09/15/2014		32
		British Telecommunications plc
	35	9.12%, 12/15/2010 Δ		38
	60	9.50%, 12/15/2030 Δ		75
		Cingular Wireless Services, Inc.
	120	8.75%, 03/01/2031		158
		Comcast Cable Communications, Inc.
	20	6.75%, 01/30/2011		21
		Comcast Corp.
	100	5.70%, 05/15/2018		105
	50	6.40%, 05/15/2038		51
	80	6.45%, 03/15/2037		82
	110	7.05%, 03/15/2033		119
		Deutsche Telekom International Finance B.V.
	125	4.88%, 07/08/2014		132
	120	8.75%, 06/15/2030		155
		Qwest Corp.
	25	7.63%, 06/15/2015		25
		Rogers Communications, Inc.
	100	6.80%, 08/15/2018		113
		Telecom Italia Capital
	10	5.25%, 10/01/2015		10
	180	6.20%, 07/18/2011		192
	175	7.72%, 06/04/2038		203
		Telefonica Europe B.V.
	65	8.25%, 09/15/2030		83
		Time Warner Cable, Inc.
	120	5.40%, 07/02/2012		128
	85	6.55%, 05/01/2037		88
	25	6.75%, 06/15/2039		27
	50	7.30%, 07/01/2038		56
	50	8.25%, 04/01/2019		60
		Verizon Communications, Inc.
	70	6.40%, 02/15/2038		75
	30	8.75%, 11/01/2018		37
		Verizon Global Funding Corp.
	25	6.88%, 06/15/2012		28
	310	7.75%, 12/01/2030		371
		Verizon Wireless
	50	5.55%, 02/01/2014 ■		55
	225	8.50%, 11/15/2018 ■		280
		Vodafone Group plc
	15	6.15%, 02/27/2037		16
				3,420
		Machinery Manufacturing - 0.2%
		Xerox Corp.
	100	5.50%, 05/15/2012		105
	60	6.40%, 03/15/2016		64
				169

The accompanying notes are an integral part of these financial statements.

9

The Hartford Balanced Income Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE - - 44.6% - (continued)
		Mining - 0.5%
		Falconbridge Ltd.
$	75	6.00%, 10/15/2015	$	75
		Inco Ltd.
	30	7.20%, 09/15/2032		31
	45	7.75%, 05/15/2012		49
		Rio Tinto Finance USA Ltd.
	150	5.88%, 07/15/2013		162
	55	9.00%, 05/01/2019		69
				386
		Miscellaneous Manufacturing - 0.5%
		Goodrich Corp.
	35	6.29%, 07/01/2016		38
		Hutchison Whampoa International Ltd.
	100	5.75%, 09/11/2019 ■		101
		L-3 Communications Corp.
	50	5.20%, 10/15/2019 ■		50
		Textron, Inc.
	100	6.20%, 03/15/2015		102
		Tyco International Group S.A.
	25	6.75%, 02/15/2011		27
				318
		Motor Vehicle & Parts Manufacturing - 0.3%
		DaimlerChrysler NA Holdings Corp.
	70	6.50%, 11/15/2013		76
	100	8.50%, 01/18/2031		122
				198
		Paper Manufacturing - 0.2%
		Bemis Co., Inc.
	25	5.65%, 08/01/2014		27
		International Paper Co.
	50	9.38%, 05/15/2019		61
		Temple-Inland, Inc.
	40	6.63%, 01/15/2016		40
				128
		Petroleum and Coal Products Manufacturing - 3.2%
		AGL Capital Corp.
	35	6.38%, 07/15/2016		38
		Amerada Hess Corp.
	45	7.88%, 10/01/2029		53
		Anadarko Petroleum Corp.
	70	5.75%, 06/15/2014		75
		Atmos Energy Corp.
	40	6.35%, 06/15/2017		43
		Canadian Natural Resources Ltd.
	30	5.70%, 05/15/2017		32
		Devon Financing Corp.
	75	7.88%, 09/30/2031		93
		Ecopetrol S.A.
	10	7.63%, 07/23/2019		11
		EnCana Corp.
	40	6.50%, 05/15/2019		45
		Gaz Capital S.A.
	70	8.63%, 04/28/2034 §		77
		Hess Corp.
	85	7.00%, 02/15/2014		96
		Kazmunaigaz Finance Sub B.V.
	100	11.75%, 01/23/2015 §		119
		Nexen, Inc.
	155	6.20%, 07/30/2019		162
		Panhandle Eastern Pipeline
	75	6.20%, 11/01/2017		79
		Petrobras International Finance Co.
	25	6.88%, 01/20/2040		25
	100	7.88%, 03/15/2019		113
		Petroleos Mexicanos
	10	4.88%, 03/15/2015 ■		10
		Petronas Capital Ltd.
	15	5.25%, 08/12/2019 ■		15
		Sempra Energy
	25	6.50%, 06/01/2016		27
	70	8.90%, 11/15/2013		83
		Talisman Energy, Inc.
	15	7.75%, 06/01/2019		18
		Transocean, Inc.
	110	6.00%, 03/15/2018		119
		TXU Electric Delivery Co.
	200	6.38%, 05/01/2012		217
		Weatherford International Ltd.
	175	6.00%, 03/15/2018		179
		Williams Companies, Inc.
	45	8.75%, 03/15/2032		52
		Williams Cos., Inc.
	150	8.13%, 03/15/2012		163
		XTO Energy, Inc.
	80	5.50%, 06/15/2018		84
	150	5.75%, 12/15/2013		163
	25	6.75%, 08/01/2037		28
	45	7.50%, 04/15/2012		50
				2,269
		Pipeline Transportation - 1.4%
		DCP Midstream LLC
	100	6.75%, 09/15/2037 ■		94
		El Paso Natural Gas Co.
	70	5.95%, 04/15/2017		72
		Enterprise Products Operating L.P.
	30	5.25%, 01/31/2020		30
	90	5.65%, 04/01/2013		96
		Enterprise Products Operations LLC
	100	6.50%, 01/31/2019		111
		Kinder Morgan Energy Partners L.P.
	90	6.95%, 01/15/2038		96
	50	7.30%, 08/15/2033		54
	100	9.00%, 02/01/2019		122
		NGPL Pipeco LLC
	130	6.51%, 12/15/2012 ■		142
		Plains All American Pipeline L.P.
	125	5.75%, 01/15/2020		129
		TransCanada Pipelines Ltd.
	45	7.63%, 01/15/2039		57
				1,003
		Primary Metal Manufacturing - 0.3%
		Alcan, Inc.
	50	6.13%, 12/15/2033		51
		ArcelorMittal
	100	6.13%, 06/01/2018		99
	25	9.85%, 06/01/2019		29
				179

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE - - 44.6% - (continued)
		Professional, Scientific and Technical Services - 0.6%
		Electronic Data Systems Corp.
$	40	7.45%, 10/15/2029	$	49
		Time Warner, Inc.
	50	5.50%, 11/15/2011		53
	85	6.75%, 04/15/2011		91
	210	7.63%, 04/15/2031		235
				428
		Real Estate and Rental and Leasing - 0.5%
		COX Communications, Inc.
	70	6.45%, 12/01/2036 ■		70
	90	7.13%, 10/01/2012		101
		Duke Realty L.P.
	40	7.38%, 02/15/2015		42
		ERAC USA Finance Co.
	125	7.00%, 10/15/2037 ■		121
		Regency Centers L.P.
	30	5.25%, 08/01/2015		29
	15	5.88%, 06/15/2017		14
		Westfield Group ADR
	10	5.40%, 10/01/2012 ■		10
				387
		Retail Trade - 0.4%
		Energy Transfer Partners
	125	6.63%, 10/15/2036		131
	130	8.50%, 04/15/2014		151
				282
		Utilities - 2.9%
		Carolina Power & Light Co.
	15	5.30%, 01/15/2019		16
		CenterPoint Energy Houston Electric LLC
	35	7.00%, 03/01/2014		40
		CenterPoint Energy Resources Corp.
	25	7.75%, 02/15/2011		27
		CenterPoint Energy, Inc.
	30	6.50%, 05/01/2018		30
		Commonwealth Edison Co.
	100	5.80%, 03/15/2018		108
		Dominion Resources, Inc.
	35	5.20%, 08/15/2019		36
	181	6.25%, 06/30/2012		198
		EDP Finance B.V.
	100	6.00%, 02/02/2018 ■		108
		Enel Finance International S.A.
	100	3.88%, 10/07/2014 ■		101
	125	5.13%, 10/07/2019 ■		127
		Entergy Texas, Inc.
	50	7.13%, 02/01/2019		56
		Exelon Generation Co. LLC
	20	5.20%, 10/01/2019		20
		FPL Group Capital, Inc.
	50	6.00%, 03/01/2019		55
		ITC Midwest LLC
	40	6.15%, 01/31/2038 ■		41
		Kansas City Power & Light Co.
	50	7.15%, 04/01/2019		59
		MidAmerican Energy Holdings Co.
	85	5.00%, 02/15/2014		90
	100	5.75%, 04/01/2018		107
		Nevada Power Co.
	100	6.50%, 08/01/2018		110
		NiSource Finance Corp.
	10	5.25%, 09/15/2017		10
	140	6.40%, 03/15/2018		144
		Peco Energy Co.
	20	5.70%, 03/15/2037		21
		Progress Energy, Inc.
	140	6.85%, 04/15/2012		152
		Sierra Pacific Power Co.
	100	6.00%, 05/15/2016		107
		Taqa Abu Dhabi National
	100	6.50%, 10/27/2036 ■		98
		Union Electric Co.
	45	6.40%, 06/15/2017		49
	80	6.70%, 02/01/2019		90
				2,000
		Wholesale Trade - 0.2%
		Avnet, Inc.
	50	6.63%, 09/15/2016		53
		SABMiller plc
	80	6.20%, 07/01/2011 ■		85
				138
		Total corporate bonds: investment grade (cost $29,559)	$	31,284
CORPORATE BONDS: NON-INVESTMENT GRADE - 6.7%
		Accommodation and Food Services - 0.1%
		Harrah’s Operating Co., Inc.
$	15	11.25%, 06/01/2017 ■	$	15
		MGM Mirage, Inc.
	20	11.13%, 11/15/2017 ■		22
				37
		Administrative Waste Management and Remediation - 0.0%
		West Corp.
	25	9.50%, 10/15/2014		25
		Air Transportation - 0.1%
		Continental Airlines, Inc.
	21	9.80%, 04/01/2021		17
		Delta Air Lines
	25	7.92%, 11/18/2010		25
				42
		Arts, Entertainment and Recreation - 0.1%
		First Data Corp.
	41	10.55%, 09/24/2015		37
		Marquee Holdings, Inc.
	20	9.51%, 08/15/2014		16
				53
		Arts, Entertainment, and Recreation - 0.3%
		AMC Entertainment, Inc.
	35	8.00%, 03/01/2014		34
		Bonten Media Acquisition
	16	9.00%, 06/01/2015 ■		6
		First Data Corp.
	25	9.88%, 09/24/2015		23
		Liberty Media Corp.
	40	8.50%, 07/15/2029		36
		Peninsula Gaming LLC
	10	8.38%, 08/15/2015 ■		10
	5	10.75%, 08/15/2017 ■		5

The accompanying notes are an integral part of these financial statements.

11

The Hartford Balanced Income Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS: NON-INVESTMENT GRADE - 6.7% - (continued)
		Arts, Entertainment, and Recreation - 0.3% - (continued)
		River Rock Entertainment
$	10	9.75%, 11/01/2011	$	9
		Seneca Gaming Corp.
	50	7.25%, 05/01/2012		48
		Sinclair Broadcast Group, Inc.
	6	4.88%, 07/15/2018۞		6
		Sinclair Television Group
	15	9.25%, 11/01/2017 ■		15
		Virgin River Casino Corp.
	10	9.00%, 01/15/2012		2
		Yonkers Racing Corp.
	15	11.38%, 07/15/2016 ■		16
				210
		Chemical Manufacturing - 0.1%
		Ashland, Inc.
	15	9.13%, 06/01/2017 ■		16
		Hexion Specialty Chemicals
	25	9.75%, 11/15/2014		21
		Koppers Holdings, Inc.
	30	10.92%, 11/15/2014		30
		Momentive Performance
	25	9.75%, 12/01/2014		21
		Terra Capital, Inc.
	5	7.75%, 11/01/2019 ■		5
				93
		Computer and Electronic Product Manufacturing - 0.1%
		Freescale Semiconductor, Inc.
	35	9.13%, 12/15/2014		26
		Hologic, Inc.
	25	2.00%, 12/15/2037۞		20
		Jabil Circuit, Inc.
	20	8.25%, 03/15/2018		22
		Maxtor Corp.
	10	2.38%, 08/15/2012۞		10
		Seagate Technology International
	15	10.00%, 05/01/2014 ■		17
				95
		Construction - 0.0%
		K. Hovnanian Enterprises
	20	10.63%, 10/15/2016 ■		20
		Educational Services - 0.0%
		Education Management LLC
	1	10.25%, 06/01/2016		1
		Fabricated Metal Product Manufacturing - 0.1%
		Blount, Inc.
	35	8.88%, 08/01/2012		36
		BWAY Corp.
	20	10.00%, 04/15/2014 ■		21
		Hawk Corp.
	15	8.75%, 11/01/2014		15
				72
		Finance and Insurance - 0.5%
		Arch Western Finance LLC
	15	6.75%, 07/01/2013		15
		BAC Capital Trust XIV
	20	5.63%, 03/15/2012 ♠Δ		14
		CIT Group Funding Co. of Canada
	15	4.65%, 07/01/2010		14
		CIT Group, Inc.
	105	5.65%, 02/13/2017		70
	25	5.85%, 09/15/2016		16
		CPM Holdings, Inc.
	30	10.63%, 09/01/2014 ■		31
		Dollar Financial Corp.
	20	2.88%, 06/30/2027۞		16
		Ford Motor Credit Co.
	45	7.00%, 10/01/2013		43
		General Motors Acceptance Corp.
	40	8.00%, 11/01/2031		34
		GMAC LLC
	30	6.00%, 12/15/2011		28
	15	6.00%, 12/15/2011 ■		14
		HBOS plc
	50	6.00%, 11/01/2033 ■		35
		Host Marriott L.P.
	30	6.75%, 06/01/2016		29
				359
		Food Manufacturing - 0.0%
		Land O’Lakes Capital Trust
	15	7.45%, 03/15/2028 ■		13
		Foreign Governments - 1.8%
		Argentina (Republic of)
EUR	55	2.26%, 12/31/2038		24
EUR	12	7.82%, 12/31/2033		11
	94	8.28%, 12/31/2033		66
		Colombia (Republic of)
COP	35,000	9.85%, 06/28/2027		20
COP	86,000	12.00%, 10/22/2015		52
		Costa Rica (Republic of)
	5	10.00%, 08/01/2020 §		6
		Indonesia (Republic of)
	45	6.75%, 03/10/2014 ■		48
	50	6.75%, 03/10/2014 §		53
	50	7.25%, 04/20/2015 §		53
		Islamic Republic of Pakistan
	100	7.88%, 03/31/2036 §		78
		Panama (Republic of)
	40	7.25%, 03/15/2015		44
		Philippines (Republic of)
	30	9.38%, 01/18/2017		37
	30	9.88%, 01/15/2019		39
		Turkey (Republic of)
	70	6.88%, 03/17/2036		71
	105	7.25%, 03/15/2015		117
	70	9.50%, 01/15/2014		84
TRY	6	10.00%, 02/15/2012 җ		5
	50	11.00%, 01/14/2013		61
TRY	58	12.00%, 08/14/2013 җ		49
		Ukraine Government
EUR	50	4.95%, 10/13/2015 §		51
		Uruguay (Republic of)
UYU	526	5.00%, 09/14/2018 җ		26
	10	6.88%, 09/28/2025		10

The accompanying notes are an integral part of these financial statements.

12

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS: NON-INVESTMENT GRADE - 6.7% - (continued)
		Foreign Governments - 1.8% - (continued)
		Venezuela (Republic of)
$	85	6.00%, 12/09/2020 §	$	49
	35	7.00%, 03/31/2038 §		19
	110	7.65%, 04/21/2025		67
	75	9.00%, 05/07/2023 §		53
	35	9.25%, 05/07/2028 §		25
	30	9.38%, 01/13/2034		22
	20	13.63%, 08/15/2018		19
				1,259
		Health Care and Social Assistance - 0.3%
		Amylin Pharmaceuticals, Inc.
	15	3.00%, 06/15/2014۞		12
		Biomet, Inc.
	15	10.00%, 10/15/2017		16
	10	10.38%, 10/15/2017		11
		Cubist Pharmaceuticals, Inc.
	10	2.25%, 06/15/2013۞		9
		Elan Financial plc
	10	4.44%, 11/15/2011 Δ		9
		HCA, Inc.
	10	6.50%, 02/15/2016		9
	83	9.63%, 11/15/2016		88
		Inverness Medical Innovation, Inc.
	20	9.00%, 05/15/2016		20
		Rite Aid Corp.
	15	9.75%, 06/12/2016		16
	25	10.38%, 07/15/2016		25
		Tenet Healthcare Corp.
	15	9.00%, 05/01/2015 ■		16
				231
		Information - 0.8%
		Charter Communications Holdings II LLC
	40	10.25%, 09/15/2010 - 10/01/2013		48
		Charter Communications Operating LLC
	15	10.00%, 04/30/2012 ■Y		15
	35	12.88%, 09/15/2014 ■Y		39
		Cricket Communications, Inc.
	30	10.00%, 07/15/2015		30
		CSC Holdings, Inc.
	70	7.63%, 07/15/2018		72
		Deluxe Corp.
	35	7.38%, 06/01/2015		34
		Frontier Communications Corp.
	25	8.13%, 10/01/2018		25
	10	8.25%, 05/01/2014		10
		GCI, Inc.
	25	7.25%, 02/15/2014		24
		Intelsat Bermuda Ltd.
	15	11.25%, 06/15/2016		16
		Intelsat Intermediate Holdings Ltd.
	15	0.00%, 02/01/2015		15
		Intelsat Jackson Holdings Ltd.
	10	8.50%, 11/01/2019 ■		10
	55	9.50%, 06/15/2016		58
		Mediacom Broadband LLC
	45	8.50%, 10/15/2015		46
		MetroPCS Wireless, Inc.
	30	9.25%, 11/01/2014		30
		Sprint Capital Corp.
	10	6.90%, 05/01/2019		9
		Sprint Nextel Corp.
	42	6.00%, 12/01/2016		36
		Terremark Worldwide, Inc.
	20	12.00%, 06/15/2017 ■		22
				539
		Machinery Manufacturing - 0.0%
		Actuant Corp.
	10	6.88%, 06/15/2017		9
		Case New Holland, Inc.
	15	7.13%, 03/01/2014		15
				24
		Mining - 0.1%
		Arch Coal, Inc.
	5	8.75%, 08/01/2016 ■		5
		Teck Cominco Ltd.
	20	6.13%, 10/01/2035		17
		Teck Resources Ltd.
	10	10.75%, 05/15/2019		12
				34
		Miscellaneous Manufacturing - 0.0%
		ACCO Brands Corp.
	15	7.63%, 08/15/2015		14
		Motor Vehicle & Parts Manufacturing - 0.2%
		Accuride Corp.
	20	0.00%, 02/01/2015 W		15
		ArvinMeritor, Inc.
	25	8.13%, 09/15/2015		22
		ESCO Corp.
	30	8.63%, 12/15/2013 ■		30
		Ford Motor Co.
	45	7.45%, 07/16/2031		37
		Navistar International Corp.
	9	3.00%, 10/15/2014۞		8
	10	8.25%, 11/01/2021		10
		Tenneco, Inc.
	10	8.63%, 11/15/2014		9
		TRW Automotive, Inc.
	20	7.00%, 03/15/2014 ■		18
				149
		Paper Manufacturing - 0.1%
		Cascades, Inc.
	15	7.25%, 02/15/2013		15
		Neenah Paper, Inc.
	25	7.38%, 11/15/2014		21
				36
		Petroleum and Coal Products Manufacturing - 0.4%
		Basic Energy Services, Inc.
	10	11.63%, 08/01/2014 ■		10
		Berry Petroleum Co.
	15	10.25%, 06/01/2014		16
		Chesapeake Energy Corp.
	20	6.50%, 08/15/2017		19
		Encore Acquisition Co.
	15	6.00%, 07/15/2015		14
	15	9.50%, 05/01/2016		16

The accompanying notes are an integral part of these financial statements.

13

The Hartford Balanced Income Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS: NON-INVESTMENT GRADE - 6.7% - (continued)
		Petroleum and Coal Products Manufacturing - 0.4% - (continued)
		Headwaters, Inc.
$	50	11.38%, 11/01/2014 ■	$	50
		Newfield Exploration Co.
	25	7.13%, 05/15/2018		25
		Petrohawk Energy Corp.
	30	9.13%, 07/15/2013		31
		Petroleos de Venezuela S.A.
	25	5.38%, 04/12/2027		12
		Petroleum Development Corp.
	20	12.00%, 02/15/2018		20
		Pioneer Natural Resources Co.
	25	5.88%, 07/15/2016		23
		Sandridge Energy, Inc.
	25	8.00%, 06/01/2018 ■		25
		Southwestern Energy Co.
	10	7.50%, 02/01/2018		10
				271
		Pipeline Transportation - 0.1%
		Dynegy Holdings, Inc.
	15	8.38%, 05/01/2016		14
		El Paso Corp.
	15	12.00%, 12/12/2013		17
		Kinder Morgan Finance Co.
	25	5.70%, 01/05/2016		24
				55
		Plastics and Rubber Products Manufacturing - 0.1%
		Plastipak Holdings, Inc.
	10	10.63%, 08/15/2019 ■		11
		Rock Tenn Co.
	15	9.25%, 03/15/2016		16
		Solo Cup Co.
	15	10.50%, 11/01/2013 ■		16
				43
		Primary Metal Manufacturing - 0.0%
		Tube City IMS Corp.
	25	9.75%, 02/01/2015		23
		Printing and Related Support Activities - 0.1%
		Harland Clarke Holdings
	20	9.50%, 05/15/2015		19
		Quebecor Media, Inc.
	65	7.75%, 03/15/2016		64
				83
		Professional, Scientific and Technical Services - 0.3%
		Anixter International, Inc.
	25	10.00%, 03/15/2014		27
		Lamar Media Corp.
	35	6.63%, 08/15/2015		33
		Sensata Technologies
	25	8.00%, 05/01/2014		24
		Stream Global Services, Inc.
	25	11.25%, 10/01/2014 ■		25
		SunGard Data Systems, Inc.
	40	10.25%, 08/15/2015		41
		Unisys Corp.
	22	12.75%, 10/15/2014 ■		24
	16	14.25%, 09/15/2015 ■		17
				191
		Real Estate and Rental and Leasing - 0.0%
		PHH Corp.
	8	4.00%, 09/01/2014۞■		7
		United Rentals North America, Inc.
	20	10.88%, 06/15/2016 ■		22
				29
		Retail Trade - 0.4%
		ACCO Brands Corp.
	5	10.63%, 03/15/2015 ■		5
		Affinia Group, Inc.
	30	10.75%, 08/15/2016 ■		33
		Catalina Marketing Corp.
	20	10.50%, 10/01/2015 ■		20
		Dollar General Corp.
	20	11.88%, 07/15/2017		23
		Federated Retail Holdings, Inc.
	25	5.90%, 12/01/2016		23
		Freedom Group, Inc.
	5	10.25%, 08/01/2015 ■		5
		Group 1 Automotive, Inc.
	20	2.25%, 06/15/2036۞ Δ		15
	20	8.25%, 08/15/2013		20
		HSN, Inc.
	30	11.25%, 08/01/2016		33
		Pantry, Inc.
	20	3.00%, 11/15/2012۞		17
		Sonic Automotive
	8	5.00%, 10/01/2029۞		8
		United Components, Inc.
	90	9.38%, 06/15/2013		85
				287
		Soap, Cleaning Compound, and Toilet Manufacturing - 0.0%
		Sally Holdings LLC
	20	10.50%, 11/15/2016		21
		Transportation Equipment Manufacturing - 0.0%
		American Rail Car Industries, Inc.
	15	7.50%, 03/01/2014		14
		Utilities - 0.4%
		Calpine Corp.
	40	7.25%, 10/15/2017 ■		38
		Edison Mission Energy
	15	7.20%, 05/15/2019		12
	15	7.50%, 06/15/2013		14
		Energy Future Holdings Corp.
	55	10.88%, 11/01/2017		38
		Ipalco Enterprises, Inc.
	30	7.25%, 04/01/2016 ■		30
		National Power Corp.
	55	9.63%, 05/15/2028		68

The accompanying notes are an integral part of these financial statements.

14

Shares or Principal Amount ╬					Market Value ╪
CORPORATE BONDS: NON-INVESTMENT GRADE - 6.7% - (continued)
		Utilities - 0.4% - (continued)
		NRG Energy, Inc.
$	40	7.38%, 01/15/2017			$	39
		Sierra Pacific Resources
	5	6.75%, 08/15/2017				5
		TXU Corp.
	30	5.55%, 11/15/2014				22
						266
		Water Transportation - 0.1%
		Navios Maritime Holdings
	40	8.88%, 11/01/2017 ■				40
	20	9.50%, 12/15/2014				20
		Royal Caribbean Cruises Ltd.
	10	11.88%, 07/15/2015				11
						71
		Wholesale Trade - 0.1%
		Alliance One International, Inc.
	15	10.00%, 07/15/2016 ■				15
		Associated Materials LLC
	5	9.88%, 11/15/2016 ■				5
		Building Materials Holdings Corp.
	25	7.75%, 08/01/2014				25
						45
		Total corporate bonds: non-investment grade (cost $4,404)			$	4,705
MUNICIPAL BONDS - 0.6%
		General Obligations - 0.2%
		California State GO, Taxable,
$	125	7.55%, 04/01/2039			$	130
		Public Facilities - 0.1%
		California Public Works Board, Board Lease Rev,
	50	8.36%, 10/01/2034				50
		Transportation - 0.3%
		New Jersey State Turnpike Auth, Taxable,
	50	7.41%, 01/01/2040				60
		North Texas Tollway Auth Rev,
	130	6.72%, 01/01/2049				141
						201
		Total municipal bonds (cost $359)			$	381
		Total long-term investments (cost $63,283)			$	66,922
SHORT-TERM INVESTMENTS - 3.8%
		Repurchase Agreements - 3.8%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $107, collateralized by GNMA 5.00%, 2039, value of $110)
$	107	0.08%, 10/30/2009			$	107
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $629, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $642)
	629	0.08%, 10/30/2009				629
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $701, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $715)
	701	0.08%, 10/30/2009				701
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $7, collateralized by U.S. Treasury Note 2.75%, 2013, value of $7)
	7	0.05%, 10/30/2009				7
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1,215, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $1,239)
	1,215	0.07%, 10/30/2009				1,215
						2,659
		Total short-term investments (cost $2,659)			$	2,659
		Total investments (cost $65,942) ▲	99.2	%	$	69,581
		Other assets and liabilities	0.8	%		540
		Total net assets	100.0	%	$	70,121

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 19.6% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $66,539 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	5,269
Unrealized Depreciation		(2,227	)
Net Unrealized Appreciation	$	3,042

•	Currently non-income producing.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2009.

The accompanying notes are an integral part of these financial statements.

15

The Hartford Balanced Income Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2009, was $4,658, which represents 6.65% of total net assets.
§	Securities contain some restrictions as to public resale. These securities comply with Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933, and are determined to be liquid. At October 31, 2009, the market value of these securities amounted to $1,095 or 1.56% of total net assets.
♠	Perpetual maturity security. Maturity date shown is the first call date.
۞	Convertible security.
җ	Inflation-indexed bonds are securities in which the principal amount is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.
W	Debt security in default due to bankruptcy.
Y	The company is in bankruptcy. The investment held by the fund is current with respect to interest payments.
╬	All principal amounts are in U.S. dollars unless otherwise indicated.
BRL	— Brazilian Real
COP	— Colombian Peso
EUR	— EURO
HUF	— Hungarian Forint
ITL	— Italian Lira
MXP	— Mexican Peso
TRY	— New Turkish Lira
UYU	— Uruguayan Peso
GO	— General Obligations

Forward Foreign Currency Contracts Outstanding at October 31, 2009

							Unrealized
	Market		Contract		Delivery		Appreciation/
Description	Value ╪		Amount		Date		(Depreciation)
Brazilian Real (Buy)	$	41	$	40		12/16/09	$	1
Brazilian Real (Buy)		2		2		12/16/09		—
Brazilian Real (Sell)		70		67		12/16/09		(3	)
British Pound (Buy)		46		46		11/03/09		—
Chinese Renminbi (Buy)		12		12		02/22/10		—
Chinese Renminbi (Sell)		12		12		02/22/10		—
Chinese Renminbi (Buy)		69		69		09/28/10		—
Colombian Peso (Buy)		2		2		11/25/09		—
Colombian Peso (Sell)		73		76		11/25/09		3
Euro (Buy)		6		6		11/03/09		—
Euro (Sell)		91		90		12/16/09		(1	)
Euro (Sell)		6		6		12/16/09		—
Ghana Cedi (Buy)		6		6		01/25/10		—
Israeli New Shekel (Buy)		31		31		12/16/09		—
Israeli New Shekel (Buy)		4		4		12/16/09		—
Mexican New Peso (Buy)		5		5		12/16/09		—
Mexican New Peso (Buy)		4		4		12/16/09		—
Mexican New Peso (Sell)		26		25		12/16/09		(1	)
Polish Zloty (Buy)		16		16		12/16/09		—
Turkish New Lira (Sell)		50		50		12/16/09		—
Turkish New Lira (Sell)		3		3		12/16/09		—
Ukranian Hryvnia (Buy)		12		12		07/22/10		—
Ukranian Hryvnia (Sell)		5		5		07/22/10		—
Ukranian Hryvnia (Sell)		7		7		07/22/10		—
							$	(1	)

Futures Contracts Outstanding at October 31, 2009

					Unrealized
	Number of			Expiration	Appreciation/
Description	Contracts*		Position	Month	(Depreciation)
10 Year U.S. Treasury Note		14	Short	Dec 2009	$	(4	)

*	The number of contracts does not omit 000’s. Cash of $25 was pledged as initial margin deposit for open futures contracts at October 31, 2009.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

16

The Hartford Balanced Income Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	578	$	—	$	578	$	—
Common Stocks ‡		29,895		28,439		1,456		—
Corporate Bonds: Investment Grade		31,284		—		31,122		162
Corporate Bonds: Non-Investment Grade		4,705		—		4,663		42
Municipal Bonds		381		—		381		—
Preferred Stocks ‡		79		54		25		—
Short-Term Investments		2,659		—		2,659		—
Total	$	69,581	$	28,493	$	40,884	$	204
Other Financial Instruments *	$	4	$	—	$	4	$	—
Liabilities:
Other Financial Instruments *	$	9	$	4	$	5	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of					Change in						Transfers In			Balance as of
	October 31,		Realized Gain			Unrealized						and/or Out of			October 31,
	2008		(Loss)			Appreciation			Net Sales			Level 3			2009
Assets:
Corporate Bonds		224		(67	)		108	*		(56	)		(5	)		204
Total	$	224	$	(67	)	$	108		$	(56	)	$	(5	)	$	204

* Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $49.

The accompanying notes are an integral part of these financial statements.

17

The Hartford Balanced Income Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $65,942)	$	69,581
Cash		75	*
Foreign currency on deposit with custodian (cost $–)		—
Unrealized appreciation on forward foreign currency contracts		4
Receivables:
Investment securities sold		513
Fund shares sold		1,003
Dividends and interest		638
Other assets		41
Total assets		71,855
Liabilities:
Unrealized depreciation on forward foreign currency contracts		5
Payables:
Investment securities purchased		1,611
Fund shares redeemed		64
Investment management fees		8
Distribution fees		4
Variation margin		12
Accrued expenses		22
Other liabilities		8
Total liabilities		1,734
Net assets	$	70,121
Summary of Net Assets:
Capital stock and paid-in-capital		75,296
Accumulated undistributed net investment income		217
Accumulated net realized loss on investments and foreign currency transactions		(9,026	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		3,634
Net assets	$	70,121
Shares authorized		800,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	9.44/$9.99
Shares outstanding		6,347
Net assets	$	59,923
Class B: Net asset value per share	$	9.40
Shares outstanding		391
Net assets	$	3,681
Class C: Net asset value per share	$	9.40
Shares outstanding		682
Net assets	$	6,409
Class Y: Net asset value per share	$	9.46
Shares outstanding		11
Net assets	$	108

*	Cash of $25 was designated to cover open futures contracts.
The accompanying notes are an integral part of these financial statements.

18

The Hartford Balanced Income Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	939
Interest		1,829
Less: Foreign tax withheld		(17	)
Total investment income		2,751
Expenses:
Investment management fees		347
Transfer agent fees		78
Distribution fees
Class A		101
Class B		26
Class C		47
Custodian fees		18
Accounting services fees		9
Registration and filing fees		40
Board of Directors’ fees		3
Audit fees		6
Other expenses		19
Total expenses (before waivers and fees paid indirectly)		694
Expense waivers		(69	)
Transfer agent fee waivers		(1	)
Commission recapture		(2	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(72	)
Total expenses, net		622
Net Investment Income		2,129
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized loss on investments in securities		(6,521	)
Net realized gain on futures		70
Net realized gain on forward foreign currency contracts		80
Net realized loss on other foreign currency transactions		(100	)
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(6,471	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments:
Net unrealized appreciation of investments		13,998
Net unrealized depreciation of futures		(7	)
Net unrealized depreciation of forward foreign currency contracts		(92	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments		13,899
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		7,428
Net Increase in Net Assets Resulting from Operations	$	9,557

The accompanying notes are an integral part of these financial statements.

19

The Hartford Balanced Income Fund

Statement of Changes in Net Assets
(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	2,129		$	2,057
Net realized loss on investments, other financial instruments and foreign currency transactions		(6,471	)		(2,526	)
Net unrealized appreciation (depreciation) of investments and other financial instruments		13,899			(11,847	)
Net Increase (Decrease) In Net Assets Resulting From Operations		9,557			(12,316	)
Distributions to Shareholders:
From net investment income
Class A		(1,814	)		(1,785	)
Class B		(103	)		(79	)
Class C		(181	)		(159	)
Class Y		(5	)		(5	)
From net realized gain on investments
Class A		—			(167	)
Class B		—			(9	)
Class C		—			(18	)
Class Y		—			(1	)
Total distributions		(2,103	)		(2,223	)
Capital Share Transactions:
Class A		17,136			8,506
Class B		1,260			359
Class C		1,680			1,103
Class Y		5			5
Net increase from capital share transactions		20,081			9,973
Net Increase (Decrease) In Net Assets		27,535			(4,566	)
Net Assets:
Beginning of period		42,586			47,152
End of period	$	70,121		$	42,586
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	217		$	212

The accompanying notes are an integral part of these financial statements.

20

The Hartford Balanced Income Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Balanced Income Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income – Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation – The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market

21

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Debt securities (other than short-term obligations) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Options contracts on securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at their last reported sale price at the Valuation Time on the Primary Market on which the instrument is primarily traded. If the instrument did not trade on the Primary Market, it may be valued at the most recent sale price at the Valuation Time on another exchange or market where it did trade. If it is not possible to determine the last reported sale price on the Primary Market or another exchange or market at the Valuation Time, the value of the security shall be taken to be the most recent mean between bid and asked prices on such exchange or market at the Valuation Time. Absent both bid and asked prices on such exchange, the bid price may be used.

Futures contracts are valued at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively. If a settlement price is not available, futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the mean of the closing bid and asked prices as of the Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

22

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 – Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.
	Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.
c)	Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account – Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.

23

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

e)	Repurchase Agreements – A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Forward Foreign Currency Contracts – The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
g)	Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid quarterly. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
h)	Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.

24

i)	Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of October 31, 2009, the Fund had no outstanding when-issued or delayed delivery securities.
j)	Credit Risk – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a Fund which holds securities with higher credit risk may fluctuate more than with less aggressive bond funds.
k)	Prepayment Risks – Certain debt securities allow for prepayment of principal without penalty. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. In addition, with respect to securities, rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. The potential for the value of a debt security to increase in response to interest rate declines is limited. For certain securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.
l)	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
m)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives		Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location		Statement of Assets and Liabilities Location
Interest rate contracts			Summary of Net Assets - Unrealized depreciation	$	4
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	4	Unrealized depreciation on forward foreign currency contracts		5

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

25

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	70	$	—	$	—	$	70
Foreign exchange contracts		—		—		—		80		—		80
Total	$	—	$	—	$	70	$	80	$	—	$	150

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
								Forward
			Purchased					Currency
Risk Exposure Category	Written Options		Options		Futures			Contracts			Swaps		Total
Interest rate contracts		—		—		(7	)		—			—	$	(7	)
Foreign exchange contracts		—		—		—			(92	)		—		(92	)
Total	$	—	$	—	$	(7	)	$	(92	)	$	—	$	(99	)

n) Indemnifications – Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Futures and Options:

Futures and Options Transactions – The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.

At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.

The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of October 31, 2009.

An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.

26

The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. As of October 31, 2009, there were no outstanding purchased or written option contracts.

4. Federal Income Taxes:

a)	Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	2,103	$	2,204
Long-Term Capital Gains *		—		19

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	216
Accumulated Capital Losses *		(8,434	)
Unrealized Appreciation †		3,043
Total Accumulated Deficit	$	(5,175	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

27

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

d)

Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated undistributed net investment income by $21 and increase accumulated net realized gain on investments by $21.

e)

Capital Loss Carryforward – At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	2,352
2017		6,082
Total	$	8,434

f) Accounting for Uncertainty in Income Taxes – Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

5. Expenses:

a)

Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		0.7250	%
On next $250 million		0.7000	%
On next $500 million		0.6750	%
On next $4 billion		0.6500	%
On next $5 billion		0.6475	%
Over $10 billion		0.6450	%

Effective October 1, 2009, HIFSCO has voluntarily agreed to waive management fees of 0.50% of average daily net assets until October 31, 2010.

28

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class Y
1.25%		2.00	%		2.00	%		0.90	%

Effective October 1, 2009, HIFSCO has agreed to revise the voluntary limit on total operating expenses for the Fund, exclusive of taxes, interest, brokerage commissions, certain distribution expenses and extraordinary expenses. The voluntary limit on expenses is scheduled to end on October 31, 2010. The new expense limitation is as follows:

Class A	Class B			Class C			Class Y
0.75%		1.50	%		1.50	%		0.40	%

d)

Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006
Class A Shares		1.19	%		1.25	%		1.19	%		1.25	%*
Class B Shares		1.89			2.00			2.00			2.00	*
Class C Shares		1.94			2.00			2.00			2.00	*
Class Y Shares		0.85			0.90			0.90			0.90	*

* From July 31, 2006 (commencement of operations), through October 31, 2006.

e)

Distribution and Service Plan for Class A, B and C Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $628 and contingent deferred sales charges of $11 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B and C shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares

29

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

	of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the Distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $4. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $74 for providing such services. These fees are accrued daily and paid monthly.

6.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class Y		11

7.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	48,174
Sales Proceeds Excluding U.S. Government Obligations		29,418

30

8.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009											For the Year Ended October 31, 2008
			Shares					Shares						Shares					Shares
			Issued for					Issued		Net Increase				Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		4,095		212		(2,403	)		—		1,904		1,538		193		(964	)		—		767
Amount	$	35,136	$	1,774	$	(19,774	)	$	—	$	17,136	$	15,554	$	1,923	$	(8,971	)	$	—	$	8,506
Class B
Shares		264		11		(121	)		—		154		111		8		(90	)		—		29
Amount	$	2,154	$	97	$	(991	)	$	—	$	1,260	$	1,118	$	83	$	(842	)	$	—	$	359
Class C
Shares		331		20		(158	)		—		193		233		15		(147	)		—		101
Amount	$	2,810	$	165	$	(1,295	)	$	—	$	1,680	$	2,396	$	151	$	(1,444	)	$	—	$	1,103
Class Y
Shares		—		—		—			—		—		—		1		—			—		1
Amount	$	—	$	5	$	—		$	—	$	5	$	—	$	5	$	—		$	—	$	5

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		6	$	53
For the Year Ended October 31, 2008		3	$	33

9.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
10.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.
11.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

31

The Hartford Balanced Income Fund

Financial Highlights

- Selected Per-Share Date (a) -

	Net Asset						Net Realized																	Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	8.22	$	0.38	$	—	$	1.23		$	1.61		$	(0.39	)	$	—		$	—	$	(0.39	)	$	1.22		$	9.44
B		8.20		0.31		—		1.23			1.54			(0.34	)		—			—		(0.34	)		1.20			9.40
C		8.19		0.31		—		1.23			1.54			(0.33	)		—			—		(0.33	)		1.21			9.40
Y		8.24		0.42		—		1.22			1.64			(0.42	)		—			—		(0.42	)		1.22			9.46
For the Year Ended October 31, 2008
A		11.02		0.40		—		(2.75	)		(2.35	)		(0.41	)		(0.04	)		—		(0.45	)		(2.80	)		8.22
B		10.98		0.33		—		(2.74	)		(2.41	)		(0.33	)		(0.04	)		—		(0.37	)		(2.78	)		8.20
C		10.97		0.33		—		(2.74	)		(2.41	)		(0.33	)		(0.04	)		—		(0.37	)		(2.78	)		8.19
Y		11.03		0.44		—		(2.75	)		(2.31	)		(0.44	)		(0.04	)		—		(0.48	)		(2.79	)		8.24
For the Year Ended October 31, 2007
A		10.42		0.34		—		0.59			0.93			(0.33	)		—			—		(0.33	)		0.60			11.02
B		10.41		0.26		—		0.59			0.85			(0.28	)		—			—		(0.28	)		0.57			10.98
C		10.41		0.26		—		0.58			0.84			(0.28	)		—			—		(0.28	)		0.56			10.97
Y		10.42		0.41		—		0.56			0.97			(0.36	)		—			—		(0.36	)		0.61			11.03
From (commencement of operations) July 31, 2006, through October 31, 2006
A(f)		10.00		0.09		—		0.39			0.48			(0.06	)		—			—		(0.06	)		0.42			10.42
B(f)		10.00		0.07		—		0.38			0.45			(0.04	)		—			—		(0.04	)		0.41			10.41
C(f)		10.00		0.06		—		0.40			0.46			(0.05	)		—			—		(0.05	)		0.41			10.41
Y(f)		10.00		0.10		—		0.38			0.48			(0.06	)		—			—		(0.06	)		0.42			10.42

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Commenced operations on July 31, 2006.
(g)	Not annualized.
(h)	Annualized.

32

- Ratios and Supplemental Data -

			Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
			Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net
	Net Assets at End		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio Turnover
Total Return(b)	of Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Rate(d)
20.29%	$	59,923		1.32	%		1.19	%		1.19	%		4.56	%		63	%
19.37		3,681		2.26			1.90			1.90			3.80			—
19.44		6,409		2.10			1.94			1.94			3.81			—
20.67		108		0.94			0.85			0.85			4.96			—
(22.01)		36,544		1.25			1.25			1.25			4.10			44
(22.53)		1,945		2.14			2.00			2.00			3.35			—
(22.55)		4,007		2.04			2.00			2.00			3.34			—
(21.67)		90		0.91			0.90			0.90			4.43			—
9.07		40,501		1.33			1.19			1.19			3.57			27
8.22		2,280		2.21			2.00			2.00			2.76			—
8.17		4,256		2.14			2.00			2.00			2.76			—
9.43		115		1.04			0.90			0.90			3.86			—
4.78 (g)		11,513		1.58	(h)		1.26	(h)		1.26	(h)		3.48	(h)		8
4.54 (g)		304		2.34	(h)		2.00	(h)		2 .00	(h)		2.73	(h)		—
4.56 (g)		400		2.39	(h)		2.00	(h)		2.00	(h)		2.67	(h)		—
4.83 (g)		105		1.31	(h)		0.90	(h)		0.90	(h)		3.86	(h)		—

33

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Balanced Income Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Balanced Income Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

34

The Hartford Balanced Income Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

35

The Hartford Balanced Income Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

36

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

37

The Hartford Balanced Income Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	40.00	%
QDI†	50.00	%
QII‡	60.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.
‡	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.388		N/A		N/A		0.388
Class B		0.338		N/A		N/A		0.338
Class C		0.332		N/A		N/A		0.332
Class Y		0.419		N/A		N/A		0.419

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

38

The Hartford Balanced Income Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,207.80	$	6.40	$	1,000.00	$	1,019.41	$	5.85		1.15	%		184		365
Class B	$	1,000.00	$	1,202.00	$	10.38	$	1,000.00	$	1,015.78	$	9.50		1.87			184		365
Class C	$	1,000.00	$	1,203.20	$	10.55	$	1,000.00	$	1,015.63	$	9.65		1.90			184		365
Class Y	$	1,000.00	$	1,210.70	$	4.51	$	1,000.00	$	1,021.12	$	4.13		0.81			184		365

39

AThe Hartford Balanced Income Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Balanced Income Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

40

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the

41

The Hartford Balanced Income Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

42

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

43

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-3 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06115

The Hartford Capital Appreciation Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	5
Investment Valuation Hierarchy Level Summary at October 31, 2009	8
Statement of Assets and Liabilities at October 31, 2009	9
Statement of Operations for the Year Ended October 31, 2009	10
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	11
Notes to Financial Statements	12
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Federal Tax Information (Unaudited)	28
Expense Example (Unaudited)	29
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	30

The Hartford Capital Appreciation Fund inception 07/22/1996

(subadvised by Wellington Management Company, LLP)

Performance Overview(1) 10/31/99 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge Investment objective — Seeks growth of capital.

Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			10
	Year			Year			Year
Capital Appreciation A#		21.45	%		3.81	%		6.08	%
Capital Appreciation A##		14.77	%		2.64	%		5.48	%
Capital Appreciation B#		20.50	%		2.98	%		NA	*
Capital Appreciation B##		15.50	%		2.67	%		NA	*
Capital Appreciation C#		20.60	%		3.07	%		5.36	%
Capital Appreciation C##		19.60	%		3.07	%		5.36	%
Capital Appreciation I#		21.89	%		4.02	%		6.19	%
Capital Appreciation R3#		21.13	%		3.82	%		6.37	%
Capital Appreciation R4#		21.58	%		4.03	%		6.48	%
Capital Appreciation R5#		21.94	%		4.20	%		6.56	%
Capital Appreciation Y#		22.06	%		4.27	%		6.60	%
Russell 3000 Index		10.83	%		0.71	%		-0.14	%
S&P 500 Index		9.78	%		0.33	%		-0.95	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	10 year returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Saul J. Pannell, CFA	Frank D. Catrickes, CFA, CMT
Senior Vice President, Partner	Senior Vice President, Partner

How did the Fund perform?

The Class A shares of The Hartford Capital Appreciation Fund returned 21.45%, before sales charge, for the twelve-month period ended October 31, 2009, outperforming its benchmark, the Russell 3000 Index, which returned 10.83% for the same period. The Fund also outperformed the 14.23% return of the average fund in the Lipper Multi-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Broad U.S. equity markets rose during the period, but this result masks two significantly different market environments. From the beginning of November through early March stocks fell sharply, reflecting deepening economic worries and concerns over the U.S. government’s increasing involvement in the economy. From early March through the middle of October stocks rebounded strongly as investors came to believe that a Depression-like scenario was less likely. Sector returns within the Russell 3000 Index diverged widely in this environment, with strong returns in Information Technology (+31%), Consumer Discretionary (+25%), and Materials (+21%) overpowering the lagging Financials (-7%), Utilities (+3%), and Industrials (+4%) sectors.

2

The Fund outperformed its benchmark due to strong stock selection. Fund results exceeded those of the benchmark in seven of ten economic sectors, with the largest outperformance in Financials, Energy, and Health Care. Selection was weaker in the Industrials, Telecommunications Services, and Utilities sectors. Allocation among sectors, a result of the bottom-up (i.e. stock by stock fundamental research) stock selection process, detracted from relative (i.e. performance of the Fund as measured against the benchmark) performance, largely due to overweight (i.e. the Fund’s sector position was greater than the benchmark position) positions in the lagging Health Care and Financials sectors and an underweight (i.e. the Fund’s sector position was less than the benchmark position) in the Energy sector. The Fund’s modest cash position detracted slightly from relative performance as equity markets rose during the period.

The largest contributors to relative and absolute (i.e. total return) returns were Ford Motor (Consumer Discretionary), Schering-Plough (Health Care), and Goldman Sachs (Financials). Shares in auto manufacturer Ford rose as the company was better able to weather an exceedingly difficult environment for new car sales than its U.S. competitors, in part because the company had embarked upon a major restructuring effort prior to the economic downturn. Schering-Plough, a global health care company, saw its shares rise on news of a definitive merger agreement with Merck. Shares of investment bank and bank holding company Goldman Sachs moved higher as investors were attracted to the firm’s relatively clean balance sheet, and improved competitive positioning within the investment banking industry. Investors were also pleased by the company’s repayment of Troubled Asset Relief Program (TARP) funds.

ACE (Financials), Bank of America (Financials), and General Electric (Industrials) detracted most from relative returns. ACE, a global property and casualty insurance company, saw its shares trade lower on concerns about corporate bonds held in its investment portfolio. Shares of Bank of America fell during the first half of the period on concerns over weakness in its consumer-oriented loan portfolio and fears that it may have overpaid for Merrill Lynch. Shares of conglomerate GE fell as the company cut its dividend and lost its AAA credit rating, and so investors grew increasingly concerned about its finance segment. Other large absolute detractors included global financial services firm Citigroup.

What is the outlook?

It is increasingly clear that the U.S. is emerging from a deep recession. The rate of increase in unemployment has slowed, industrial production leading indicators are pointing to an expansion, and the housing market has shown some signs of stabilization. The government continues to reshape the financial playing field through stimulus packages, massive loans to impaired private sector companies, and other programs, all taken with an eye towards thawing credit markets and placing a floor on housing price declines and a ceiling on housing inventory. These moves will continue to help mitigate some of the current negative economic pressures, and while the outlook remains uncertain, the equity market’s improved performance since March lows shows investors are anticipating a recovery.

In this environment we continue to focus our efforts on stock-by-stock fundamental research. These bottom-up investment decisions have led to increases in exposure to Health Care, Consumer Discretionary, and Materials, all overweight positions versus the benchmark as of October 31, 2009. At the end of the period the Fund was most overweight to the Health Care, Materials, and Consumer Discretionary sectors and most underweight Consumer Staples, Industrials, and Utilities. The Fund’s largest absolute sector weights were in the Health Care, Information Technology, and Financials sectors.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Equity Securities
Automobiles & Components (Consumer Discretionary)		3.2	%
Banks (Financials)		4.0
Capital Goods (Industrials)		5.1
Consumer Durables & Apparel (Consumer Discretionary)		1.6
Consumer Services (Consumer Discretionary)		0.6
Diversified Financials (Financials)		6.0
Energy (Energy)		9.6
Food & Staples Retailing (Consumer Staples)		0.9
Food, Beverage & Tobacco (Consumer Staples)		1.5
Health Care Equipment & Services (Health Care)		7.7
Insurance (Financials)		4.8
Materials (Materials)		8.1
Media (Consumer Discretionary)		1.9
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		14.2
Real Estate (Financials)		0.9
Retailing (Consumer Discretionary)		6.7
Semiconductors & Semiconductor Equipment (Information Technology)		1.8
Software & Services (Information Technology)		6.8
Technology Hardware & Equipment (Information Technology)		9.9
Telecommunication Services (Services)		1.3
Transportation (Industrials)		1.2
Fixed Income Securities
Finance and Insurance (Finance)		0.2
Short-Term Investments		3.4
Other Assets and Liabilities		(1.4	)
Total		100.0	%

3

Diversification by Country
as of October 31, 2009

	Percentage of
Country	Net Assets
Austria		0.7	%
Brazil		2.1
Canada		4.5
China		0.7
Germany		1.1
Hong Kong		1.4
India		0.3
Israel		1.8
Japan		1.1
Netherlands		0.9
Russia		0.9
Singapore		0.9
South Africa		1.4
Sweden		0.4
Switzerland		4.7
Taiwan		2.3
Turkey		0.5
United Kingdom		2.3
United States		70.0
Short-Term Investments		3.4
Other Assets and Liabilities		(1.4	)
Total		100.0	%

4

The Hartford Capital Appreciation Fund

Schedule of Investments

October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.8%
		Automobiles & Components - 3.2%
	79,377	Ford Motor Co. •	$	555,640
		Banks - 4.0%
	9,457	Banco Santander Brasil S.A.		112,154
	6,409	Standard Chartered plc		157,230
	21,654	Turkiye Garanti Bankasi A.S.		78,637
	12,533	Wells Fargo & Co.		344,917
				692,938
		Capital Goods - 5.1%
	1,486	Fluor Corp.		66,013
	25,139	General Electric Co.		358,481
	6,321	Raytheon Co.		286,211
	2,083	Siemens AG		188,273
				898,978
		Consumer Durables & Apparel - 1.6%
	10,000	Newell Rubbermaid, Inc.		145,100
	170	NVR, Inc. •		112,569
	2,159	Pulte Homes, Inc.		19,454
				277,123
		Consumer Services - 0.6%
	3,525	Educomp Solutions Ltd.		59,353
	30,000	Shangri-La Asia Ltd.		57,704
				117,057
		Diversified Financials - 6.0%
	1,000	American Capital Ltd.		2,680
	776	Ameriprise Financial, Inc.		26,896
	14,000	Bank of America Corp.		204,120
	7,959	Excel Medical Fund L.P. ⌂•†Ћ		7,811
	3,613	GAM Holding Ltd.		44,075
	3,619	Goldman Sachs Group, Inc.		615,871
	3,613	Julius Baer Group Ltd.		136,000
				1,037,453
		Energy - 9.6%
	4,709	Baker Hughes, Inc.		198,120
	4,487	Cameco Corp.		122,091
	2,634	Dresser-Rand Group, Inc. •		77,614
	4,044	Exxon Mobil Corp.		289,826
	7,587	Halliburton Co.		221,605
	3,121	National Oilwell Varco, Inc. •		127,922
	6,250	OAO Gazprom Class S ADR		150,938
	3,000	OMV AG		123,627
	2,855	Petroleo Brasileiro S.A. ADR		131,939
	5,887	Suncor Energy, Inc.		194,385
	1,000	XTO Energy, Inc.		41,560
				1,679,627
		Food & Staples Retailing - 0.9%
	85,047	Olam International Ltd.		163,256
		Food, Beverage & Tobacco - 1.5%
	5,599	Kirin Brewery Co., Ltd.		91,386
	2,623	Nestle S.A.		121,986
	1,547	Unilever N.V. CVA		47,657
				261,029
		Health Care Equipment & Services - 7.7%
	34,944	Boston Scientific Corp. •		283,747
	3,397	Covidien plc		143,096
	6,709	McKesson Corp.		394,043
	4,500	Medtronic, Inc.		160,650
	14,104	UnitedHealth Group, Inc.		365,993
				1,347,529
		Insurance - 4.8%
	13,543	ACE Ltd.		695,556
	5,896	Marsh & McLennan Cos., Inc.		138,327
				833,883
		Materials - 8.1%
	4,664	AngloGold Ltd. ADR		175,075
	3,466	Aracruz Celulose S.A. ADR •		64,528
	1,828	Freeport-McMoRan Copper & Gold, Inc.		134,131
	39,001	Huabao International Holdings Ltd.		37,201
	4,501	Newmont Mining Corp.		195,631
	2,193	Potash Corp. of Saskatchewan, Inc.		203,476
	1,186	Praxair, Inc.		94,188
	9,005	Teck Cominco Ltd. Class B		260,428
	7,144	Vedanta Resources plc		244,453
				1,409,111
		Media - 1.9%
	25	Harvey Weinstein Co. Holdings Class A-1 ⌂•†		—
	4,227	Viacom, Inc. Class B •		116,620
	7,977	Walt Disney Co.		218,317
				334,937
		Pharmaceuticals, Biotechnology & Life Sciences - 14.2%
	1,790	Abbott Laboratories		90,526
	2,168	Amgen, Inc. •		116,508
	4,240	Bristol-Myers Squibb Co.		92,440
	5,575	Daiichi Sankyo Co., Ltd.		108,914
	845	Gilead Sciences, Inc. •		35,959
	13,541	Merck & Co., Inc.		418,823
	30,946	Pfizer, Inc.		527,017
	3,211	Roche Holding AG		514,244
	9,565	Schering-Plough Corp.		269,730
	6,100	Teva Pharmaceutical Industries Ltd. ADR		307,943
				2,482,104
		Real Estate - 0.9%
	33,643	China Overseas Land & Investment Ltd.		72,531
	5,353	Sun Hung Kai Properties Ltd.		81,107
				153,638
		Retailing - 6.7%
	2,064	Amazon.com, Inc. •		245,224
	1,657	Best Buy Co., Inc.		63,276
	36,752	Buck Holdings L.P. ⌂•†		46,041
	4,574	Gap, Inc.		97,605
	1,474	Sherwin-Williams Co.		84,048
	20,369	Staples, Inc.		441,999
	4,825	TJX Cos., Inc.		180,225
				1,158,418
		Semiconductors & Semiconductor Equipment - 1.8%
	4,212	ASML Holding N.V. ADR		113,459
	3,500	Lam Research Corp. •		118,020
	8,479	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		80,892
				312,371
		Software & Services - 6.8%
	7,188	Activision Blizzard, Inc. •		77,840
	8,340	Cia Brasileira de Meios de Pagamentos		76,742
	715	Google, Inc. •		383,218
	783	Mastercard, Inc.		171,493

The accompanying notes are an integral part of these financial statements.

5

The Hartford Capital Appreciation Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 97.8% — (continued)
		Software & Services - 6.8% — (continued)
	13,082	Oracle Corp.			$	276,022
	2,213	Sohu.com, Inc. •				123,043
	4,784	Western Union Co.				86,928
						1,195,286
		Technology Hardware & Equipment - 9.9%
	1,225	Apple, Inc. •				230,837
	16,117	Cisco Systems, Inc. •				368,269
	2,918	Corning, Inc.				42,631
	2,282	EMC Corp. •				37,578
	78,714	Hon Hai Precision Industry Co., Ltd.				308,308
	2,979	IBM Corp.				359,237
	11,319	Motorola, Inc.				97,006
	5,037	Qualcomm, Inc.				208,582
	6,979	Telefonaktiebolaget LM Ericsson ADR				72,578
						1,725,026
		Telecommunication Services - 1.3%
	6,000	AT&T, Inc.				154,020
	5,314	MTN Group Ltd.				79,123
						233,143
		Transportation - 1.2%
	14,555	Delta Air Lines, Inc. •				103,921
	1,331	FedEx Corp.				96,758
						200,679
		Total common stocks (cost $16,537,524)			$	17,069,226
CORPORATE BONDS: NON-INVESTMENT GRADE - 0.2%
		Finance and Insurance - 0.2%
		MBIA Insurance Co.
$	95,840	14.00%, 01/15/2033 ■Δ			$	41,211
		Total corporate bonds: non-investment grade (cost $95,208)			$	41,211
		Total long-term investments (cost $16,632,732)			$	17,110,437
SHORT-TERM INVESTMENTS - 3.4%
		Repurchase Agreements - 3.4%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $23,970, collateralized by GNMA 5.00%, 2039, value of $24,450)
$	23,970	0.08%, 10/30/2009			$	23,970
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $140,429, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $143,237)
	140,428	0.08%, 10/30/2009				140,428
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $156,434, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $159,561)
$	156,433	0.08%, 10/30/2009			$	156,433
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1,585, collateralized by U.S. Treasury Note 2.75%, 2013, value of $1,605)
	1,585	0.05%, 10/30/2009				1,585
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $271,049, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $276,469)
	271,047	0.07%, 10/30/2009				271,047
						593,463
		Total short-term investments (cost $593,463)			$	593,463
		Total investments (cost $17,226,195) ▲	101.4	%	$	17,703,900
		Other assets and liabilities	(1.4	)%		(246,414	)
		Total net assets	100.0	%	$	17,457,486

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 28.0% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $17,357,043 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,627,882
Unrealized Depreciation		(1,281,025	)
Net Unrealized Appreciation	$	346,857

†

The aggregate value of securities valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Fund’s Board of Directors at October 31, 2009, was $53,852, which represents 0.31% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

•

Currently non-income producing.

The accompanying notes are an integral part of these financial statements.

6

D	Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2009.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2009, was $41,211, which represents 0.24% of total net assets.
Ћ	As of October 31, 2009, the Fund has future commitments to purchase an additional $23,374.
⌂	The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period		Shares/
Acquired		Par		Security	Cost Basis
	06/2007		36,752	Buck Holdings L.P.	$	36,791
	03/2008 - 09/2009		7,959	Excel Medical Fund L.P.		7,959
	10/2005		25	Harvey Weinstein Co. Holdings Class A-1 - Reg D		23,636

The aggregate value of these securities at October 31, 2009 was $53,852 which represents 0.31% of total net assets.

Forward Foreign Currency Contracts Outstanding at October 31, 2009

							Unrealized
	Market		Contract		Delivery		Appreciation/
Description	Value ╪		Amount		Date		(Depreciation)
Hong Kong Dollar (Sell)	$	17,655	$	17,655		11/02/09	$	—
Japanese Yen (Buy)		41,283		40,821		11/02/09		462
Japanese Yen (Buy)		41,454		41,133		11/04/09		321
Japanese Yen (Buy)		14,372		14,223		11/05/09		149
Singapore Dollar (Buy)		3,312		3,312		11/02/09		—
Singapore Dollar (Buy)		1,482		1,484		11/03/09		(2	)
							$	930

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

7

The Hartford Capital Appreciation Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks
Automobiles & Components	$	555,640	$	555,640	$	—	$	—
Banks		692,938		457,071		235,867		—
Capital Goods		898,978		710,705		188,273		—
Consumer Durables & Apparel		277,123		277,123		—		—
Consumer Services		117,057		—		117,057		—
Diversified Financials		1,037,453		985,567		44,075		7,811
Energy		1,679,627		1,556,000		123,627		—
Food & Staples Retailing		163,256		—		163,256		—
Food, Beverage & Tobacco		261,029		—		261,029		—
Health Care Equipment & Services		1,347,529		1,347,529		—		—
Insurance		833,883		833,883		—		—
Materials		1,409,111		1,127,457		281,654		—
Media		334,937		334,937		—		—
Pharmaceuticals, Biotechnology & Life Sciences		2,482,104		1,858,946		623,158		—
Real Estate		153,638		—		153,638		—
Retailing		1,158,418		1,112,377		—		46,041
Semiconductors & Semiconductor Equipment		312,371		312,371		—		—
Software & Services		1,195,286		1,195,286		—		—
Technology Hardware & Equipment		1,725,026		1,416,718		308,308		—
Telecommunication Services		233,143		154,020		79,123		—
Transportation		200,679		200,679		—		—
Total		17,069,226		14,436,309		2,579,065		53,852
Corporate Bonds: Non-Investment Grade		41,211		—		41,211		—
Short-Term Investments		593,463		—		593,463		—
Total	$	17,703,900	$	14,436,309	$	3,213,739	$	53,852
Other Financial Instruments *	$	932	$	—	$	932	$	—
Liabilities:
Other Financial Instruments *	$	2	$	—	$	2	$	—

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of		Change in					Transfers In			Balance as of
	October 31,		Unrealized					and/or Out of			October 31,
	2008		Appreciation			Net Purchases		Level 3			2009
Assets:
Common Stock		44,655		3,963	*		5,234		—			53,852
Corporate Bonds		15,980		—	†		—		(15,980	)		—
Total	$	60,635	$	3,963		$	5,234	$	(15,980	)	$	53,852

*	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $3,963.
†	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $—.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Capital Appreciation Fund

Statement of Assets and Liabilities

October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $17,226,195)	$	17,703,900
Cash		—
Foreign currency on deposit with custodian (cost $38)		38
Unrealized appreciation on forward foreign currency contracts		932
Receivables:
Investment securities sold		82,163
Fund shares sold		55,667
Dividends and interest		26,639
Other assets		410
Total assets		17,869,749
Liabilities:
Unrealized depreciation on forward foreign currency contracts		2
Payables:
Investment securities purchased		369,595
Fund shares redeemed		35,414
Investment management fees		1,921
Distribution fees		1,057
Accrued expenses		4,274
Total liabilities		412,263
Net assets	$	17,457,486
Summary of Net Assets:
Capital stock and paid-in-capital		21,193,443
Accumulated distribution in excess of net investment income		(471	)
Accumulated net realized loss on investments and foreign currency transactions		(4,213,618	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		478,132
Net assets	$	17,457,486
Shares authorized		1,415,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	28.02/$29.65
Shares outstanding		322,601
Net assets	$	9,038,634
Class B: Net asset value per share	$	24.95
Shares outstanding		41,184
Net assets	$	1,027,505
Class C: Net asset value per share	$	25.07
Shares outstanding		115,901
Net assets	$	2,905,481
Class I: Net asset value per share	$	27.94
Shares outstanding		93,668
Net assets	$	2,616,775
Class R3: Net asset value per share	$	29.67
Shares outstanding		1,032
Net assets	$	30,633
Class R4: Net asset value per share	$	29.96
Shares outstanding		6,340
Net assets	$	189,912
Class R5: Net asset value per share	$	30.15
Shares outstanding		5,759
Net assets	$	173,619
Class Y: Net asset value per share	$	30.24
Shares outstanding		48,768
Net assets	$	1,474,927

The accompanying notes are an integral part of these financial statements.

9

The Hartford Capital Appreciation Fund

Statement of Operations

For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	244,388
Interest		16,828
Securities lending		375
Less: Foreign tax withheld		(10,826	)
Total investment income		250,765
Expenses:
Investment management fees		93,440
Administrative services fees		313
Transfer agent fees		31,706
Distribution fees
Class A		20,948
Class B		9,621
Class C		24,977
Class R3		83
Class R4		310
Custodian fees		290
Accounting services fees		2,298
Registration and filing fees		897
Board of Directors’ fees		335
Audit fees		490
Other expenses		4,414
Total expenses (before waivers and fees paid indirectly)		190,122
Transfer agent fee waivers		(480	)
Commission recapture		(1,132	)
Custodian fee offset		(1	)
Total waivers and fees paid indirectly		(1,613	)
Total expenses, net		188,509
Net Investment Income		62,256
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(3,531,499	)
Net realized gain on forward foreign currency contracts		19,820
Net realized loss on other foreign currency transactions		(13,738	)
Net Realized Loss on Investments and Foreign Currency Transactions		(3,525,417	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		6,399,480
Net unrealized depreciation of forward foreign currency contracts		(97,777	)
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(567	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		6,301,136
Net Gain on Investments and Foreign Currency Transactions		2,775,719
Net Increase in Net Assets Resulting from Operations	$	2,837,975

The accompanying notes are an integral part of these financial statements.

10

The Hartford Capital Appreciation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	62,256		$	69,932
Net realized loss on investments and foreign currency transactions		(3,525,417	)		(775,078	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		6,301,136			(10,190,594	)
Net Increase (Decrease) In Net Assets Resulting From Operations		2,837,975			(10,895,740	)
Distributions to Shareholders:
From net investment income
Class A		(116,255	)		—
Class B		(2,378	)		—
Class C		(12,361	)		—
Class I		(8,404	)		—
Class R3		(160	)		—
Class R4		(1,505	)		—
Class R5		(687	)		—
Class Y		(20,079	)		—
From net realized gain on investments
Class A		—			(1,110,143	)
Class B		—			(197,872	)
Class C		—			(395,139	)
Class I		—			(13,451	)
Class R3		—			(3	)
Class R4		—			(1,432	)
Class R5		—			(353	)
Class Y		—			(79,569	)
From tax return of capital
Class A		(277	)		—
Class B		(37	)		—
Class C		(92	)		—
Class I		(15	)		—
Class R3		—			—
Class R4		(3	)		—
Class R5		(1	)		—
Class Y		(34	)		—
Total distributions		(162,288	)		(1,797,962	)
Capital Share Transactions:
Class A		(1,190,158	)		2,958,023
Class B		(204,907	)		(25,704	)
Class C		(173,549	)		775,400
Class I		1,959,232			501,432
Class R3		18,462			11,592
Class R4		86,282			99,010
Class R5		115,006			54,478
Class Y		155,694			820,275
Net increase from capital share transactions		766,062			5,194,506
Net Increase (Decrease) In Net Assets		3,441,749			(7,499,196	)
Net Assets:
Beginning of period		14,015,737			21,514,933
End of period	$	17,457,486		$	14,015,737
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	(471	)	$	63,604

The accompanying notes are an integral part of these financial statements.

11

The Hartford Capital Appreciation Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Capital Appreciation Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

b) Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair

12

value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Debt securities (other than short-term obligations) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

13

The Hartford Capital Appreciation Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.
	Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on

14

	a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
g)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
h)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
i)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid

15

The Hartford Capital Appreciation Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
j)	Credit Risk — Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a Fund which holds securities with higher credit risk may fluctuate more than with less aggressive bond funds.
k)	Prepayment Risks — Certain debt securities allow for prepayment of principal without penalty. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. In addition, with respect to securities, rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. The potential for the value of a debt security to increase in response to interest rate declines is limited. For certain securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.
l)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
m)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives		Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location		Statement of Assets and Liabilities Location
Foreign exchange contracts	Unrealized appreciation on forward	$932	Unrealized depreciation on forward	$2
	foreign currency contracts		foreign currency contracts

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—	$	19,820	$	—	$	19,820
Total	$	—	$	—	$	—	$	19,820	$	—	$	19,820

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts		—		—		—		(97,777	)		—	$	(97,777	)
Total	$	—	$	—	$	—	$	(97,777	)	$	—	$	(97,777	)

n) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The

16

Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)	Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	161,829	$	474,292
Long-Term Capital Gains *		—		1,323,670
Tax Return of Capital		459		—

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Accumulated Capital Losses *	$	(4,082,770	)
Unrealized Appreciation †		346,813
Total Accumulated Deficit	$	(3,735,957	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to

17

The Hartford Capital Appreciation Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	increase accumulated undistributed net investment income by $35,498, decrease accumulated net realized loss on investments by $81, and decrease paid-in-capital by $35,417.
e)	Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	615,897
2017		3,466,873
Total	$	4,082,770

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a)

Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8000	%
On next $500 million		0.7000	%
On next $4 billion		0.6500	%
On next $5 billion		0.6475	%
Over $10 billion		0.6450	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.29%	NA	NA	1.04%	1.54%	1.24%	0.94%	NA

18

d)

Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.21	%		1.11	%		1.11	%		1.17	%		1.22	%
Class B Shares		2.01			1.92			1.91			1.96			1.99
Class C Shares		1.92			1.84			1.83			1.88			1.91
Class I Shares		0.88			0.81			0.78			0.88	*
Class R3 Shares		1.45			1.46			1.47	†
Class R4 Shares		1.11			1.12			1.13	†
Class R5 Shares		0.80			0.82			0.84	†
Class Y Shares		0.71			0.72			0.71			0.73			0.75

*	From August 31, 2006 (commencement of operations), through October 31, 2006.
†	From December 22, 2006 (commencement of operations), through October 31, 2007.

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $22,841 and contingent deferred sales charges of $2,563 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $463. These commissions are in turn paid to sales representatives of the broker/dealers.

19

The Hartford Capital Appreciation Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $36. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $30,982 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.
g)	Payments from Affiliate — The total return in the accompanying financial highlights includes payment from affiliates. Had the payment from affiliates been excluded, the total return for the periods listed below would have been as follows:

	Impact from
	Payment from			Total Return
	Affiliate for SEC			Excluding Payment
	Settlement for the			from Affiliate for the
	Year Ended			Year Ended October
	October 31, 2007			31, 2007
Class A		0.03	%		26.11	%
Class B		0.04			25.10
Class C		0.04			25.23
Class I		0.03			26.45
Class Y		0.03			26.62

5.	Affiliate Holdings:
	As of October 31, 2009, The Hartford Checks and Balances Fund, an affiliated fund, had ownership of 16,625 Class Y shares of the Fund.
6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	11,669,790
Sales Proceeds Excluding U.S. Government Obligations		10,488,325

20

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
			Reinvested		Shares			from		(Decrease) of					Reinvested		Shares			from		(Decrease) of
	Shares Sold		Dividends		Redeemed			Merger		Shares			Shares Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		126,979		4,767		(179,765	)		—		(48,019	)		146,914		23,779		(97,067	)		—		73,626
Amount	$	2,908,863	$	98,818	$	(4,197,839	)	$	—	$	(1,190,158	)	$	5,204,130	$	960,180	$	(3,206,287	)	$	—	$	2,958,023
Class B
Shares		4,643		120		(14,825	)		—		(10,062	)		6,666		5,081		(13,630	)		—		(1,883	)
Amount	$	95,652	$	2,237	$	(302,796	)	$	—	$	(204,907	)	$	214,918	$	183,341	$	(423,963	)	$	—	$	(25,704	)
Class C
Shares		21,432		533		(32,191	)		—		(10,226	)		35,585		8,838		(23,786	)		—		20,637
Amount	$	455,896	$	9,961	$	(639,406	)	$	—	$	(173,549	)	$	1,162,684	$	320,715	$	(707,999	)	$	—	$	775,400
Class I
Shares		92,259		381		(17,705	)		—		74,935			18,052		287		(3,018	)		—		15,321
Amount	$	2,401,632	$	7,848	$	(450,248	)	$	—	$	1,959,232		$	583,424	$	11,558	$	(93,550	)	$	—	$	501,432
Class R3
Shares		929		5		(215	)		—		719			347		—		(35	)		—		312
Amount	$	23,823	$	112	$	(5,473	)	$	—	$	18,462		$	12,781	$	3	$	(1,192	)	$	—	$	11,592
Class R4
Shares		4,047		63		(766	)		—		3,344			2,754		34		(110	)		—		2,678
Amount	$	104,309	$	1,388	$	(19,415	)	$	—	$	86,282		$	101,244	$	1,432	$	(3,666	)	$	—	$	99,010
Class R5
Shares		4,899		31		(589	)		—		4,341			1,479		8		(93	)		—		1,394
Amount	$	130,863	$	688	$	(16,545	)	$	—	$	115,006		$	57,451	$	352	$	(3,325	)	$	—	$	54,478
Class Y
Shares		11,636		857		(6,234	)		—		6,259			22,380		1,725		(2,635	)		—		21,470
Amount	$	290,454	$	19,106	$	(153,866	)	$	—	$	155,694		$	845,740	$	74,889	$	(100,354	)	$	—	$	820,275

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		3,504	$	83,420
For the Year Ended October 31, 2008		3,051	$	111,717

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.
10.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

21

The Hartford Capital Appreciation Fund

Financial Highlights

– Selected Per-Share Data (a) –

	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	23.43	$	0.14		$	—	$	4.76		$	4.90		$	(0.31	)	$	—		$	—	$	(0.31	)	$	4.59		$	28.02
B		20.77		(0.05	)		—		4.28			4.23			(0.05	)		—			—		(0.05	)		4.18			24.95
C		20.91		(0.03	)		—		4.29			4.26			(0.10	)		—			—		(0.10	)		4.16			25.07
I		23.41		0.14			—		4.82			4.96			(0.43	)		—			—		(0.43	)		4.53			27.94
R3		24.92		0.05			—		5.07			5.12			(0.37	)		—			—		(0.37	)		4.75			29.67
R4		25.08		0.15			—		5.12			5.27			(0.39	)		—			—		(0.39	)		4.88			29.96
R5		25.21		0.20			—		5.17			5.37			(0.43	)		—			—		(0.43	)		4.94			30.15
Y		25.28		0.27			—		5.14			5.41			(0.45	)		—			—		(0.45	)		4.96			30.24
For the Year Ended October 31, 2008 (e)
A		46.08		0.20			—		(19.12	)		(18.92	)		—			(3.73	)		—		(3.73	)		(22.65	)		23.43
B		41.59		(0.09	)		—		(17.00	)		(17.09	)		—			(3.73	)		—		(3.73	)		(20.82	)		20.77
C		41.82		(0.06	)		—		(17.12	)		(17.18	)		—			(3.73	)		—		(3.73	)		(20.91	)		20.91
I		45.90		0.28			—		(19.04	)		(18.76	)		—			(3.73	)		—		(3.73	)		(22.49	)		23.41
R3		48.91		0.09			—		(20.35	)		(20.26	)		—			(3.73	)		—		(3.73	)		(23.99	)		24.92
R4		49.05		0.22			—		(20.46	)		(20.24	)		—			(3.73	)		—		(3.73	)		(23.97	)		25.08
R5		49.15		0.34			—		(20.55	)		(20.21	)		—			(3.73	)		—		(3.73	)		(23.94	)		25.21
Y		49.23		0.36			—		(20.58	)		(20.22	)		—			(3.73	)		—		(3.73	)		(23.95	)		25.28
For the Year Ended October 31, 2007 (e)
A		39.67		0.16			—		9.42			9.58			(0.13	)		(3.04	)		—		(3.17	)		6.41			46.08
B		36.25		(0.15	)		—		8.53			8.38			—			(3.04	)		—		(3.04	)		5.34			41.59
C		36.40		(0.12	)		—		8.58			8.46			—			(3.04	)		—		(3.04	)		5.42			41.82
I		39.69		0.26			—		9.39			9.65			(0.40	)		(3.04	)		—		(3.44	)		6.21			45.90
R3(g)		40.22		0.01			—		8.68			8.69			—			—			—		—			8.69			48.91
R4(g)		40.22		0.02			—		8.81			8.83			—			—			—		—			8.83			49.05
R5(g)		40.22		0.08			—		8.85			8.93			—			—			—		—			8.93			49.15
Y		42.19		0.34			—		10.06			10.40			(0.32	)		(3.04	)		—		(3.36	)		7.04			49.23
For the Year Ended October 31, 2006
A		36.51		0.15			—		6.43			6.58			—			(3.42	)		—		(3.42	)		3.16			39.67
B		33.90		(0.10	)		—		5.87			5.77			—			(3.42	)		—		(3.42	)		2.35			36.25
C		34.00		(0.07	)		—		5.89			5.82			—			(3.42	)		—		(3.42	)		2.40			36.40
I(j)		37.53		—			—		2.16			2.16			—			—			—		—			2.16			39.69
Y		38.47		0.30			—		6.84			7.14			—			(3.42	)		—		(3.42	)		3.72			42.19
For the Year Ended October 31, 2005												��
A		30.80		0.09			—		5.62			5.71			—			—			—		—			5.71			36.51
B		28.82		(0.15	)		—		5.23			5.08			—			—			—		—			5.08			33.90
C		28.88		(0.11	)		—		5.23			5.12			—			—			—		—			5.12			34.00
Y		32.29		0.21			—		5.97			6.18			—			—			—		—			6.18			38.47

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(g)	Commenced operations on December 22, 2006.
(h)	Not annualized.
(i)	Annualized.
(j)	Commenced operations on August 31, 2006.

22

- Ratios and Supplemental Data -

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	21.40	%	$	9,038,634		1.22	%		1.22	%		1.22	%		0.58	%		77	%
	20.44			1,027,505		2.07			2.02			2.02			(0.22	)		—
	20.54			2,905,481		1.93			1.93			1.93			(0.15	)		—
	21.84			2,616,775		0.89			0.89			0.89			0.59			—
	21.08			30,633		1.46			1.46			1.46			0.19			—
	21.53			189,912		1.12			1.12			1.12			0.60			—
	21.89			173,619		0.81			0.81			0.81			0.75			—
	22.01			1,474,927		0.72			0.72			0.72			1.05			—
	(44.46	)		8,682,603		1.12			1.12			1.12			0.54			82
	(44.90	)		1,064,188		1.92			1.92			1.92			(0.29	)		—
	(44.86	)		2,637,037		1.84			1.84			1.84			(0.19	)		—
	(44.27	)		438,528		0.81			0.81			0.81			0.87			—
	(44.64	)		7,809		1.46			1.46			1.46			0.28			—
	(44.46	)		75,127		1.12			1.12			1.12			0.60			—
	(44.30	)		35,734		0.83			0.83			0.83			0.93			—
	(44.24	)		1,074,711		0.72			0.72			0.72			0.95			—
	26.15	(f)		13,684,583		1.11			1.11			1.11			0.39			72
	25.15	(f)		2,209,870		1.92			1.92			1.92			(0.40	)		—
	25.28	(f)		4,411,286		1.83			1.83			1.83			(0.32	)		—
	26.49	(f)		156,616		0.79			0.79			0.79			0.65			—
	21.61	(h)		41		1.47	(i)		1.47	(i)		1.47	(i)		0.04	(i)		—
	21.95	(h)		15,618		1.14	(i)		1.14	(i)		1.14	(i)		0.06	(i)		—
	22.20	(h)		1,165		0.85	(i)		0.85	(i)		0.85	(i)		0.25	(i)		—
	26.66	(f)		1,035,754		0.72			0.72			0.72			0.78			—
	19.56			9,312,766		1.18			1.18			1.18			0.47			74
	18.59			1,868,359		1.97			1.97			1.97			(0.31	)		—
	18.69			2,968,472		1.90			1.90			1.90			(0.25	)		—
	5.76	(h)		5,193		0.88	(i)		0.88	(i)		0.88	(i)		0.17	(i)		—
	20.07			414,259		0.75			0.75			0.75			0.90			—
	18.54			6,071,891		1.26			1.26			1.26			0.31			93
	17.63			1,631,199		2.03			2.03			2.03			(0.45	)		—
	17.73			1,834,562		1.94			1.94			1.94			(0.37	)		—
	19.14			245,163		0.78			0.78			0.78			0.76			—

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

of The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Capital Appreciation Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Capital Appreciation Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

24

The Hartford Capital Appreciation Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

The Hartford Capital Appreciation Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

26

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

The Hartford Capital Appreciation Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	100.00	%
QDI†	100.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

					Short-		Long-
			Tax		Term		Term
			Return of		Capital		Capital
	Income		Capital		Gain		Gain		Total
Class A		0.312		0.001		N/A		N/A		0.313
Class B		0.048		0.001		N/A		N/A		0.049
Class C		0.101		0.001		N/A		N/A		0.102
Class I		0.428		0.001		N/A		N/A		0.429
Class R3		0.372		0.001		N/A		N/A		0.373
Class R4		0.384		0.001		N/A		N/A		0.385
Class R5		0.426		0.001		N/A		N/A		0.427
Class Y		0.445		0.001		N/A		N/A		0.446

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

28

The Hartford Capital Appreciation Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,220.40	$	6.60	$	1,000.00	$	1,019.26	$	6.01		1 .18	%		184		365
Class B	$	1,000.00	$	1,215.90	$	11.17	$	1,000.00	$	1,015.12	$	10.16		2 .00			184		365
Class C	$	1,000.00	$	1,216.40	$	10.50	$	1,000.00	$	1,015.73	$	9.55		1 .88			184		365
Class I	$	1,000.00	$	1,222.80	$	4.93	$	1,000.00	$	1,020.77	$	4.48		0 .88			184		365
Class R3	$	1,000.00	$	1,219.00	$	8.05	$	1,000.00	$	1,017.95	$	7.32		1 .44			184		365
Class R4	$	1,000.00	$	1,221.40	$	6.16	$	1,000.00	$	1,019.66	$	5.60		1 .10			184		365
Class R5	$	1,000.00	$	1,223.10	$	4.48	$	1,000.00	$	1,021.17	$	4.08		0 .80			184		365
Class Y	$	1,000.00	$	1,223.30	$	3.92	$	1,000.00	$	1,021.68	$	3.57		0 .70			184		365

29

The Hartford Capital Appreciation Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Capital Appreciation Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non- management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

30

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the

31

The Hartford Capital Appreciation Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

32

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

33

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-5 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06115

            

The Hartford Capital Appreciation II Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	9
Statement of Assets and Liabilities at October 31, 2009	10
Statement of Operations for the Year Ended October 31, 2009	11
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	12
Notes to Financial Statements	13
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Federal Tax Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	32

The Hartford Capital Appreciation II Fund inception 04/29/2005

(subadvised by Wellington Management Company, LLP) Investment objective — Seeks growth of capital.

Performance Overview(1) 4/29/05 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization. You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			Since
	Year			Inception
Capital Appreciation II A#		23.02	%		4.17	%
Capital Appreciation II A##		16.26	%		2.87	%
Capital Appreciation II B#		22.20	%		3.36	%
Capital Appreciation II B##		17.20	%		2.97	%
Capital Appreciation II C#		22.09	%		3.45	%
Capital Appreciation II C##		21.09	%		3.45	%
Capital Appreciation II I#		23.41	%		4.42	%
Capital Appreciation II R3#		22.68	%		4.10	%
Capital Appreciation II R4#		23.09	%		4.33	%
Capital Appreciation II R5#		23.42	%		4.51	%
Capital Appreciation II Y#		23.70	%		4.62	%
Russell 3000 Index		10.83	%		-0.02	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Michael T. Carmen, CFA, CPA	Nicholas M Choumenkovitch	Saul J. Pannell, CFA
Senior Vice President, Partner	Senior Vice President	Senior Vice President, Partner
Frank D. Catrickes, CFA, CMT	David W. Palmer, CFA
Senior Vice President, Partner	Vice President

How did the Fund perform?

The Class A shares of The Hartford Capital Appreciation II Fund returned 23.02%, before sales charge, for the twelve-month period ended October 31, 2009, outperforming its benchmark, the Russell 3000 Index, which returned 10.83% for the same period. The Fund also outperformed the 14.23% return of the average fund in the Lipper Multi-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Broad U.S. equity markets rose during the period, but this overall increase masks two significantly different market environments. From the beginning of November through early March stocks fell sharply, reflecting deepening economic worries and concerns over the U.S. government’s increasing involvement in the economy. From early March through the end of October stocks rallied as investors came to believe that a Depression-like scenario was less likely. Nine out of ten sectors in the Russell 3000 Index posted positive returns during the period. Strong performers included the Information Technology (+31%), Consumer Discretionary (+25%), and Materials (+21%) sectors. The Financials (-7%) was the only sector to post a negative return, while the Utilities (+3%) and Industrials (+4%) sectors lagged on a relative basis.

2

The Fund outperformed its benchmark primarily due to stock selection. Selection was positive in six of ten economic sectors, led by Financials, Energy, Health Care, and Materials. Selection detracted from relative (i.e. performance of the Fund as measured against the benchmark) returns in the Information Technology and Industrials sectors. Allocation among sectors, a result of the bottom-up (i.e. stock by stock fundamental research) stock selection process, also was additive, largely due to an overweight (i.e. the Fund’s sector position was greater than the benchmark position) position in Financials during the Financials rally in mid-March and an overweight position in Health Care during the first few months of the period.

The top contributors to relative and absolute (i.e. total return) returns were Schering-Plough (Health Care), Goldman Sachs (Financials), and Aecom Technology (Industrials). Schering-Plough, a global health care company, saw its shares rise on news of a definitive merger agreement with Merck. Shares of bank holding company Goldman Sachs moved higher as the firm’s relatively clean balance sheet and surge in underwriting activity attracted investors. Aecom Technology, a global provider of professional, technical, and management support services, reported strong earnings and backlog gains supported by solid growth across segments and geographies, pushing its shares higher.

Delta Air Lines (Industrials), Corinthian Colleges (Consumer Discretionary), and Marsh & McLennan (Financials) detracted most from relative returns. Despite recent gains, shares of airline operator Delta Air Lines ended the period lower, as the stock did not fully recover from a decline in high-fare business travel and investors’ concerns that demand destruction would overshadow the benefits of industry-wide capacity reductions. Corinthian Colleges, a post-secondary education services company with operations in the United States and Canada, saw its shares sink on concerns of the potential for greater government involvement in the industry and growth deceleration. Shares of Marsh & McLennan, a global provider of insurance, reinsurance brokering, and risk consulting services, came under pressure as the adverse global economic and financial environment negatively impacted earnings. General Electric (Industrials) was also among the largest detractors from absolute performance.

What is the outlook?

It is increasingly clear that the U.S. is emerging from a deep recession. The rate of increase in unemployment has slowed, industrial production leading indicators are pointing to an expansion, and the housing market has shown some signs of stabilization. The government continues to reshape the financial playing field through stimulus packages, massive loans to impaired private sector companies and other programs, all taken with an eye towards thawing credit markets and placing a floor on housing price declines and a ceiling on housing inventory. These moves should continue to help mitigate some of the current negative economic pressures, and while the outlook remains uncertain, the equity market’s improved performance since March lows shows investors are anticipating a recovery.

In this environment we continue to focus our efforts on stock-by-stock fundamental research across the Fund’s opportunistic and complementary investment strategies. These bottom-up investment decisions resulted in reductions to the Fund’s Health Care and Industrials exposure and increases in its exposure to Consumer Discretionary and Materials during the period. At the end of the period the Fund was most overweight in Consumer Discretionary, Materials, and Information Technology and most underweight (i.e. the Fund’s sector position was less than the benchmark position) to Consumer Staples, Energy, and Utilities.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		2.3	%
Banks (Financials)		2.7
Capital Goods (Industrials)		5.1
Commercial & Professional Services (Industrials)		0.1
Consumer Durables & Apparel (Consumer Discretionary)		5.2
Consumer Services (Consumer Discretionary)		2.8
Diversified Financials (Financials)		7.0
Energy (Energy)		8.3
Food & Staples Retailing (Consumer Staples)		1.1
Food, Beverage & Tobacco (Consumer Staples)		2.1
Health Care Equipment & Services (Health Care)		4.7
Household & Personal Products (Consumer Staples)		1.0
Insurance (Financials)		5.7
Materials (Materials)		7.7
Media (Consumer Discretionary)		1.5
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		7.2
Real Estate (Financials)		1.0
Retailing (Consumer Discretionary)		7.5
Semiconductors & Semiconductor Equipment (Information Technology)		2.3
Software & Services (Information Technology)		9.8
Technology Hardware & Equipment (Information Technology)		8.9
Telecommunication Services (Services)		0.4
Transportation (Industrials)		3.9
Utilities (Utilities)		1.1
Short-Term Investments		1.6
Other Assets and Liabilities		(1.0	)
Total		100.0	%

3

The Hartford Capital Appreciation II Fund

Schedule of Investments

October 31, 2009

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 99.4%
		Automobiles & Components — 2.3%
	92	ArvinMeritor, Inc.	$	720
	127	Astra International TBK		408
	58	Daimler AG		2,810
	486	Dongfeng Motor Group Co., Ltd.		577
	1,808	Ford Motor Co. •		12,657
	1,479	Geely Automobile Holdings Ltd.		535
	23	Harley-Davidson, Inc.		571
	29	Mahindra & Mahindra Ltd.		560
	265	Modine Manufacturing Co.		2,729
	111	TRW Automotive Holdings Corp. •		1,731
				23,298
		Banks — 2.7%
	265	Banco Santander Central Hispano S.A.		4,262
	914	Bank Mandiri TBK		439
	7	HDFC Bank Ltd. ADR		719
	190	HSBC Holding plc		2,102
	102	Huntington Bancshares, Inc.		389
	79	Itau Unibanco Banco Multiplo S.A. ADR		1,505
	1,143	Lloyds Banking Group plc		1,612
	40	PNC Financial Services Group, Inc.		1,972
	378	Popular, Inc.		816
	76	Sumitomo Mitsui Financial Group, Inc.		2,587
	26	SunTrust Banks, Inc.		505
	414	Wells Fargo & Co.		11,390
				28,298
		Capital Goods — 5.1%
	72	AMETEK, Inc.		2,495
	34	BE Aerospace, Inc. •		610
	94	Beijing Enterprises Holdings, Ltd.		560
	66	Boeing Co.		3,160
	650	China Railway Group Ltd. •		512
	81	Deere & Co.		3,698
	79	Dover Corp.		2,992
	6	First Solar, Inc. •		736
	18	Fluor Corp.		783
	—	Foster Wheeler AG •		—
	54	General Dynamics Corp.		3,370
	190	General Electric Co.		2,703
	28	Hansen Transmissions •		60
	79	Honeywell International, Inc.		2,821
	26	Illinois Tool Works, Inc.		1,181
	311	Ingersoll-Rand plc		9,824
	32	Lockheed Martin Corp.		2,229
	36	Manitowoc Co., Inc.		332
	12	Navistar International Corp. •		394
	18	Owens Corning, Inc. •		389
	69	Pentair, Inc.		2,008
	32	Precision Castparts Corp.		3,019
	43	Regal-Beloit Corp.		2,002
	9	Schneider Electric S.A.		936
	40	Siemens AG ADR		3,583
	18	Stanley Works		791
	28	Sunpower Corp. Class B •		608
	30	Terex Corp. •		606
	9	Textron, Inc.		167
	10	Vestas Wind Systems A/S •		715
				53,284
		Commercial & Professional Services — 0.1%
	39	Monster Worldwide, Inc. •		566
		Consumer Durables & Apparel — 5.2%
	1,208	361 Degrees International Ltd.		636
	411	Anta Sports Products Ltd.		495
	5,130	China Hongxing Sports Ltd.		715
	64	CIE Financiere Richemont S.A.		1,800
	39	Coach, Inc.		1,296
	524	Hanesbrands, Inc. •		11,331
	485	Jarden Corp.		13,291
	36	Lennar Corp.		447
	12	MRV Engenharia e Participacoes S.A.		226
	68	Nikon Corp.		1,262
	5	NVR, Inc. •		3,311
	86	PDG Realty S.A.		718
	238	Pool Corp.		4,664
	354	Pulte Homes, Inc.		3,191
	95	Toll Brothers, Inc. •		1,647
	196	Warnaco Group, Inc. •		7,940
	1,463	Xtep International Holdings Ltd.		697
				53,667
		Consumer Services — 2.8%
	119	Apollo Group, Inc. Class A •		6,801
	12	Bally Technologies, Inc. •		453
	472	Corinthian Colleges, Inc. •		7,489
	28	Ctrip.com International Ltd. ADR •		1,501
	56	Educomp Solutions Ltd.		941
	38	International Game Technology		676
	66	MGM Mirage, Inc. •		614
	45,066	Rexlot Holdings Ltd.		3,964
	2,027	Shangri-La Asia Ltd.		3,898
	546	Thomas Cook Group plc		1,828
	8	WMS Industries, Inc. •		300
				28,465
		Diversified Financials — 7.0%
	191	Ameriprise Financial, Inc.		6,618
	725	Bank of America Corp.		10,576
	225	China Everbright Ltd.		530
	9	Franklin Resources, Inc.		921
	98	Goldman Sachs Group, Inc.		16,641
	1,079	Great American Group, Inc. •		4,587
	25	Hong Kong Exchanges & Clearing Ltd.		440
	95	ING Groep N.V.		1,234
	69	Invesco Ltd.		1,464
	36	JP Morgan Chase & Co.		1,512
	33	Julius Baer Group Ltd.		1,228
	22	Moody’s Corp.		526
	178	Nomura Holdings, Inc.		1,255
	160	Oaktree Capital ■•		5,280
	260	PennantPark Investment Corp.		2,007
	170	TD Ameritrade Holding Corp. •		3,273
	781	UBS AG		13,031
	50	UBS AG ADR		837
				71,960
		Energy — 8.3%
	52	Anadarko Petroleum Corp.		3,196
	19	Apache Corp.		1,826
	134	Baker Hughes, Inc.		5,649
	288	BG Group plc		4,965
	4,173	Bumi Resources TBK PT		1,005
	119	Cameco Corp.		3,234
	68	Canadian Natural Resources Ltd. ADR		4,404
	59	Complete Production Services, Inc. •		564

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 99.4% — (continued)
		Energy — 8.3% — (continued)
	138	Consol Energy, Inc.	$	5,887
	87	Exxon Mobil Corp.		6,269
	83	Halliburton Co.		2,438
	47	Hess Corp.		2,578
	458	Karoon Gas Australia Ltd. •		3,104
	20	Lundin Petroleum Ab •		173
	16	National Oilwell Varco, Inc. •		666
	126	Newfield Exploration Co. •		5,185
	70	Noble Energy, Inc.		4,614
	36	OAO Gazprom Class S ADR		863
	8	Occidental Petroleum Corp.		627
	39	Overseas Shipholding Group, Inc.		1,527
	144	Paladin Energy Ltd. •		522
	55	Peabody Energy Corp.		2,166
	18	PetroChina Co., Ltd. ADR		2,161
	28	Petroleo Brasileiro S.A. ADR		1,276
	96	SBM Offshore N.V.		1,837
	—	Schlumberger Ltd.		6
	147	Suncor Energy, Inc.		4,867
	120	Total S.A. ADR		7,233
	127	Tsakos Energy Navigation Ltd.		1,974
	70	Valero Energy Corp.		1,267
	101	Weatherford International Ltd. •		1,774
	39	XTO Energy, Inc.		1,635
				85,492
		Food & Staples Retailing — 1.1%
	145	Kroger Co.		3,359
	1,256	Olam International Ltd.		2,412
	108	Sysco Corp.		2,859
	61	Wal-Mart Stores, Inc.		3,047
				11,677
		Food, Beverage & Tobacco — 2.1%
	31	BRF Brasil Foods S.A. ADR •		1,495
	2,421	Chaoda Modern Agriculture		1,871
	57	Cott Corp. •		447
	24	Dr. Pepper Snapple Group •		666
	11	Green Mountain Coffee Roasters •		706
	39	Groupe Danone		2,349
	110	Imperial Tobacco Group plc		3,245
	1	Japan Tobacco, Inc.		3,004
	45	Kirin Brewery Co., Ltd.		740
	1,354	Marine Harvest •		982
	28	Nestle S.A.		1,286
	49	PepsiCo, Inc.		2,943
	41	Unilever N.V. NY Shares ADR		1,279
				21,013
		Health Care Equipment & Services — 4.7%
	10	Baxter International, Inc.		546
	9	Beckman Coulter, Inc.		566
	232	Cardinal Health, Inc.		6,569
	9	China Medical Technologies, Inc. ADR		145
	43	CIGNA Corp.		1,205
	191	Covidien plc		8,051
	8	Edwards Lifesciences Corp. •		608
	32	Hologic, Inc. •		480
	4	Intuitive Surgical, Inc. •		963
	94	McKesson Corp.		5,538
	151	Medtronic, Inc.		5,403
	86	Orthovita, Inc. •		302
	22	Psychiatric Solutions, Inc. •		452
	122	Shandong Weigao Group Medical Polymer Co., Ltd.		429
	10	St. Jude Medical, Inc. •		331
	163	SXC Health Solutions Corp. •		7,466
	382	UnitedHealth Group, Inc.		9,901
				48,955
		Household & Personal Products — 1.0%
	10	Energizer Holdings, Inc. •		581
	103	Hengan International Group Co., Ltd.		662
	206	Herbalife Ltd.		6,916
	46	Procter & Gamble Co.		2,643
				10,802
		Insurance — 5.7%
	323	ACE Ltd.		16,602
	574	China Life Insurance Co., Ltd.		2,640
	51	Chubb Corp.		2,480
	54	Everest Re Group Ltd.		4,704
	234	Fidelity National Financial, Inc.		3,169
	51	First American Financial Corp.		1,541
	384	Fortis		1,660
	68	Genworth Financial, Inc.		720
	371	Marsh & McLennan Cos., Inc.		8,710
	18	PartnerRe Ltd.		1,407
	86	Platinum Underwriters Holdings Ltd.		3,080
	63	Principal Financial Group, Inc.		1,588
	104	Reinsurance Group of America, Inc.		4,776
	203	Unum Group		4,050
	4	White Mountains Insurance Group Ltd.		1,238
				58,365
		Materials — 7.7%
	45	AngloGold Ltd. ADR		1,696
	13	Aracruz Celulose S.A. ADR •		234
	59	Barrick Gold Corp.		2,110
	11	BHP Billiton Ltd. ADR		740
	15	Cliff’s Natural Resources, Inc.		546
	24	Compania De Minas Buenaventur ADR		812
	117	CRH plc		2,871
	59	Eldorado Gold Corp. •		656
	17	Freeport-McMoRan Copper & Gold, Inc.		1,249
	70	Gerdau S.A.		1,051
	19	Goldcorp, Inc.		699
	31	HeidelbergCement AG		1,883
	301	Huabao International Holdings Ltd.		287
	53	IAMGOLD Corp.		701
	89	Impala Platinum Holdings Ltd.		1,954
	42	Jindal Steel & Power		565
	110	Mosaic Co.		5,156
	124	Newmont Mining Corp.		5,405
	63	Osisko Mining Corp. •		426
	106	Owens-Illinois, Inc. •		3,389
	24	Pan American Silver Corp.		492
	104	Potash Corp. of Saskatchewan, Inc.		9,614
	24	Potash Corp. of Saskatchewan, Inc. ADR		2,257
	16	Randgold Resources Ltd. ADR		1,071
	1,864	Rexam plc		8,441
	59	Rio Tinto plc		2,602
	15	Scotts Miracle-Gro Co. Class A		623
	27	Sino Forest Corp. •		381
	184	Sterlite Industries Ltd.		2,897
	222	Teck Cominco Ltd. Class B		6,408

The accompanying notes are an integral part of these financial statements.

5

The Hartford Capital Appreciation II Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 99.4% — (continued)
		Materials — 7.7% — (continued)
	32	Vale S.A. — SP ADR	$	811
	35	Vedanta Resources plc		1,203
	59	Vulcan Materials Co.		2,693
	14	Walter Energy, Inc.		828
	407	Xstrata plc		5,867
	49	Yamana Gold, Inc.		522
				79,140
		Media — 1.5%
	292	Comcast Corp. Class A		4,230
	252	Comcast Corp. Special Class A		3,528
	14	DreamWorks Animation SKG, Inc. •		441
	87	Focus Media Holding Ltd. ADR •		1,042
	119	Virgin Media, Inc.		1,655
	100	Walt Disney Co.		2,737
	247	WPP plc		2,215
				15,848
		Pharmaceuticals, Biotechnology & Life Sciences — 7.2%
	143	Alkermes, Inc. •		1,138
	33	Amgen, Inc. •		1,757
	14	Amylin Pharmaceuticals, Inc. •		156
	29	Auxilium Pharmaceuticals, Inc. •		910
	44	Bristol-Myers Squibb Co.		964
	104	Daiichi Sankyo Co., Ltd.		2,024
	278	Elan Corp. plc ADR •		1,516
	66	Eli Lilly & Co.		2,242
	63	Genzyme Corp. •		3,184
	22	Gilead Sciences, Inc. •		923
	283	Impax Laboratories, Inc. •		2,510
	54	Johnson & Johnson		3,212
	320	King Pharmaceuticals, Inc. •		3,244
	318	Merck & Co., Inc.		9,827
	407	Novavax, Inc. •		1,564
	1,050	Pfizer, Inc.		17,886
	47	Roche Holding AG		7,551
	217	Teva Pharmaceutical Industries Ltd. ADR		10,978
	13	Thermo Fisher Scientific, Inc. •		576
	17	UCB S.A.		735
				72,897
		Real Estate — 1.0%
	91	BR Malls Participacoes S.A. •		971
	281	Chimera Investment Corp.		981
	350	China Overseas Land & Investment Ltd.		754
	337	China Resources Land Ltd.		813
	422	Hang Lung Properties Ltd.		1,595
	98	Iguatemi Emp de Shopping		1,446
	217	Sun Hung Kai Properties Ltd.		3,282
				9,842
		Retailing — 7.5%
	202	Advance Automotive Parts, Inc.		7,533
	134	Aeropostale, Inc. •		5,014
	68	Amazon.com, Inc. •		8,128
	21	AnnTaylor Stores Corp. •		274
	687	Belle International Holdings Ltd.		694
	286	Best Buy Co., Inc.		10,907
	1,405	Buck Holdings L.P. ⌂•†		1,760
	225	China Resources Enterprise		754
	27	Dick’s Sporting Goods, Inc. •		608
	432	Gap, Inc.		9,223
	264	Golden Eagle Retail Group Ltd.		454
	124	Home Depot, Inc.		3,114
	126	Kohl’s Corp. •		7,232
	635	Staples, Inc.		13,781
	252	Urban Outfitters, Inc. •		7,906
	8	Williams-Sonoma, Inc.		146
				77,528
		Semiconductors & Semiconductor Equipment — 2.3%
	22	Analog Devices, Inc.		556
	25	ASML Holding N.V. ADR		683
	25	Atheros Communications, Inc. •		618
	—	Broadcom Corp. Class A •		5
	77	Lam Research Corp. •		2,611
	54	Marvell Technology Group Ltd. •		745
	45	Maxim Integrated Products, Inc.		744
	38	NVIDIA Corp. •		458
	50	Skyworks Solutions, Inc. •		516
	532	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		5,071
	365	Texas Instruments, Inc.		8,561
	67	Varian Semiconductor Equipment Associates, Inc. •		1,888
	24	Veeco Instruments, Inc. •		586
	26	Xilinx, Inc.		568
				23,610
		Software & Services — 9.8%
	63	Accenture plc		2,328
	260	Activision Blizzard, Inc. •		2,814
	228	Adobe Systems, Inc. •		7,507
	212	Alibaba.com Ltd.		488
	39	AsiaInfo Holdings, Inc. •		862
	82	Automatic Data Processing, Inc.		3,271
	26	Autonomy Corp. plc •		565
	228	BMC Software, Inc. •		8,459
	29	CACI International, Inc. Class A •		1,357
	26	Check Point Software Technologies Ltd. ADR •		800
	396	Cia Brasileira de Meios de Pagamentos		3,640
	12	Concur Technologies, Inc. •		433
	104	eBay, Inc. •		2,307
	86	Equinix, Inc. •		7,343
	29	Google, Inc. •		15,628
	20	Longtop Financial Technologies Ltd. •		536
	7	Mastercard, Inc.		1,594
	118	McAfee, Inc. •		4,959
	206	Microsoft Corp.		5,704
	699	Oracle Corp.		14,740
	251	Red Hat, Inc. •		6,479
	9	Shanda Interactive Entertainment Ltd. ADR •		396
	31	Sohu.com, Inc. •		1,719
	82	Tencent Holdings Ltd.		1,433
	71	TiVo, Inc. •		773
	20	Visa, Inc.		1,495
	12	Vistaprint N.V. •		597
	31	Western Union Co.		568
	175	Yahoo!, Inc. •		2,780
				101,575
		Technology Hardware & Equipment — 8.9%
	111	Apple, Inc. •		20,862
	139	Arrow Electronics, Inc. •		3,528
	51	Avnet, Inc. •		1,271
	85	BYD Co., Ltd.		776

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount					Market Value ╪
COMMON STOCKS — 99.4% — (continued)
		Technology Hardware & Equipment — 8.9% — (continued)
	847	Cisco Systems, Inc. •			$	19,363
	256	Corning, Inc.				3,747
	143	EMC Corp. •				2,357
	190	Emulex Corp. •				1,920
	472	Flextronics International Ltd. •				3,057
	51	Hewlett-Packard Co.				2,422
	376	Hughes Telematics, Inc. •				1,119
	66	IBM Corp.				7,936
	11	Itron, Inc. •				666
	61	Jabil Circuit, Inc.				821
	289	JDS Uniphase Corp. •				1,614
	24	Juniper Networks, Inc. •				623
	108	Motorola, Inc.				926
	88	Qualcomm, Inc.				3,644
	45	SanDisk Corp. •				917
	652	Seagate Technology				9,101
	59	Solar Cayman Ltd. ⌂•†				477
	463	Telefonaktiebolaget LM Ericsson ADR				4,816
	24	Trimble Navigation Ltd. •				510
	88	ZTE Corp.				489
						92,962
		Telecommunication Services — 0.4%
	17	American Tower Corp. Class A •				630
	116	AT&T, Inc.				2,967
	50	Iridium Communications, Inc.				445
						4,042
		Transportation — 3.9%
	126	Air Asia BHD •				50
	30	C.H. Robinson Worldwide, Inc.				1,648
	1,736	Delta Air Lines, Inc. •				12,393
	15	Deutsche Post AG				249
	151	FedEx Corp.				10,947
	992	JetBlue Airways Corp. •				4,918
	31	Kansas City Southern •				749
	38	Localiza Rent a Car S.A.				395
	88	TNT N.V.				2,336
	110	United Parcel Service, Inc. Class B				5,905
	397	US Airways Group, Inc. •				1,216
						40,806
		Utilities — 1.1%
	125	Allegheny Energy, Inc.				2,853
	66	Entergy Corp.				5,025
	21	FirstEnergy Corp.				887
	111	Northeast Utilities				2,561
						11,326
		Total common stocks (cost $933,097)			$	1,025,418
WARRANTS — 0.0%
		Pharmaceuticals, Biotechnology & Life Sciences — 0.0%
	13	Novavax, Inc. ⌂•			$	3
		Total warrants (cost $–)			$	3
		Total long-term investments (cost $933,097)			$	1,025,421
SHORT-TERM INVESTMENTS — 1.6%
		Repurchase Agreements — 1.6%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $679, collateralized by GNMA 5.00%, 2039, value of $693)
$	679	0.08%, 10/30/2009			$	679
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $3,980, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $4,059)
	3,980	0.08%, 10/30/2009				3,980
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $4,433, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $4,522)
	4,433	0.08%, 10/30/2009				4,433
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $45, collateralized by U.S. Treasury Note 2.75%, 2013, value of $45)
	45	0.05%, 10/30/2009				45
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $7,682, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $7,835)
	7,682	0.07%, 10/30/2009				7,682
						16,819
		Total short-term investments (cost $16,819)			$	16,819
		Total investments (cost $949,916) ▲	101.0	%	$	1,042,240
		Other assets and liabilities	(1.0	)%		(10,378	)
		Total net assets	100.0	%	$	1,031,862

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 23.7% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $1,004,763 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	127,737
Unrealized Depreciation		(90,260	)
Net Unrealized Appreciation	$	37,477

The accompanying notes are an integral part of these financial statements.

7

The Hartford Capital Appreciation II Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

†	The aggregate value of securities valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Fund’s Board of Directors at October 31, 2009, was $2,237, which represents 0.22% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.
•	Currently non-income producing.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2009, was $5,280, which represents 0.51% of total net assets.
⌂	The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period	Shares/
Acquired	Par		Security	Cost Basis
06/2007		1,405	Buck Holdings L.P.	$	1,406
07/2008		13	Novavax, Inc. Warrants		—
03/2007		59	Solar Cayman Ltd. — 144A		778

     The aggregate value of these securities at October 31, 2009 was $2,240 which represents 0.22% of total net assets.

Forward Foreign Currency Contracts Outstanding at October 31, 2009

							Unrealized
	Market		Contract		Delivery		Appreciation/
Description	Value ╪		Amount		Date		(Depreciation)
British Pound (Buy)	$	249	$	249		11/02/09	$	—
British Pound (Buy)		142		143		11/03/09		(1	)
Danish Krone (Sell)		84		84		11/02/09		—
Danish Krone (Sell)		85		85		11/04/09		—
Euro (Buy)		366		370		11/03/09		(4	)
Euro (Sell)		278		280		11/02/09		2
Euro (Buy)		666		666		11/04/09		—
Hong Kong Dollar (Sell)		155		155		11/02/09		—
Japanese Yen (Buy)		555		549		11/02/09		6
Japanese Yen (Buy)		620		615		11/04/09		5
Japanese Yen (Buy)		309		306		11/05/09		3
Japanese Yen (Sell)		73		72		11/02/09		(1	)
Japanese Yen (Sell)		175		174		11/04/09		(1	)
Japanese Yen (Sell)		31		31		11/05/09		—
Singapore Dollar (Buy)		41		41		11/02/09		—
Singapore Dollar (Buy)		35		35		11/03/09		—
Swiss Franc (Buy)		70		70		11/02/09		—
Swiss Franc (Sell)		390		389		11/02/09		(1	)
							$	8

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Capital Appreciation II Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009

(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks
Automobiles & Components	$	23,298	$	18,408	$	4,890	$	—
Banks		28,298		17,296		11,002		—
Capital Goods		53,284		50,501		2,783		—
Commercial & Professional Services		566		566		—		—
Consumer Durables & Apparel		53,667		48,698		4,969		—
Consumer Services		28,465		17,834		10,631		—
Diversified Financials		71,960		50,190		16,490		5,280
Energy		85,492		73,886		11,606		—
Food & Staples Retailing		11,677		9,265		2,412		—
Food, Beverage & Tobacco		21,013		7,536		13,477		—
Health Care Equipment & Services		48,955		48,526		429		—
Household & Personal Products		10,802		10,140		662		—
Insurance		58,365		54,065		4,300		—
Materials		79,140		53,467		25,673		—
Media		15,848		13,633		2,215		—
Pharmaceuticals, Biotechnology & Life Sciences		72,897		62,587		10,310		—
Real Estate		9,842		3,398		6,444		—
Retailing		77,528		73,866		1,902		1,760
Semiconductors & Semiconductor Equipment		23,610		23,610		—		—
Software & Services		101,575		99,089		2,486		—
Technology Hardware & Equipment		92,962		91,220		1,265		477
Telecommunication Services		4,042		4,042		—		—
Transportation		40,806		38,171		2,635		—
Utilities		11,326		11,326		—		—
Total		1,025,418		881,320		136,581		7,517
Warrants ‡		3		—		3		—
Short-Term Investments		16,819		—		16,819		—
Total	$	1,042,240	$	881,320	$	153,403	$	7,517
Other Financial Instruments *	$	16	$	—	$	16	$	—
Liabilities:
Other Financial Instruments *	$	8	$	—	$	8	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of					Change in						Transfers In			Balance as of
	October 31,		Realized Gain			Unrealized						and/or Out of			October 31,
	2008		(Loss)			Appreciation			Net Sales			Level 3			2009
Assets:
Common Stock	$	8,596	$	(150	)	$	2,434	*	$	(388	)	$	(2,975	)	$	7,517
Total	$	8,596	$	(150	)	$	2,434		$	(388	)	$	(2,975	)	$	7,517

^* Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $2,434.

The accompanying notes are an integral part of these financial statements.

9

The Hartford Capital Appreciation II Fund

Statement of Assets and Liabilities

October 31, 2009

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $949,916)	$	1,042,240
Cash		3
Foreign currency on deposit with custodian (cost $4)		4
Unrealized appreciation on forward foreign currency contracts		16
Receivables:
Investment securities sold		10,358
Fund shares sold		2,029
Dividends and interest		750
Other assets		76
Total assets		1,055,476
Liabilities:
Unrealized depreciation on forward foreign currency contracts		8
Payables:
Investment securities purchased		19,062
Fund shares redeemed		4,005
Investment management fees		164
Distribution fees		85
Accrued expenses		290
Total liabilities		23,614
Net assets	$	1,031,862
Summary of Net Assets:
Capital stock and paid-in-capital		1,419,337
Accumulated net investment loss		(723	)
Accumulated net realized loss on investments and foreign currency transactions		(479,084	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		92,332
Net assets	$	1,031,862
Shares authorized		1,000,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	10.74/$11.37
Shares outstanding		46,365
Net assets	$	497,959
Class B: Net asset value per share	$	10.35
Shares outstanding		7,045
Net assets	$	72,940
Class C: Net asset value per share	$	10.39
Shares outstanding		28,624
Net assets	$	297,280
Class I: Net asset value per share	$	10.86
Shares outstanding		8,771
Net assets	$	95,280
Class R3: Net asset value per share	$	10.71
Shares outstanding		753
Net assets	$	8,057
Class R4: Net asset value per share	$	10.82
Shares outstanding		490
Net assets	$	5,308
Class R5: Net asset value per share	$	10.91
Shares outstanding		75
Net assets	$	816
Class Y: Net asset value per share	$	10.96
Shares outstanding		4,949
Net assets	$	54,222

The accompanying notes are an integral part of these financial statements.

10

The Hartford Capital Appreciation II Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Dividends	$	14,482
Interest		32
Securities lending		26
Less: Foreign tax withheld		(465	)
Total investment income		14,075
Expenses:
Investment management fees		8,599
Administrative services fees		18
Transfer agent fees		2,249
Distribution fees
Class A		1,143
Class B		648
Class C		2,674
Class R3		30
Class R4		9
Custodian fees		64
Accounting services fees		128
Registration and filing fees		164
Board of Directors’ fees		24
Audit fees		38
Other expenses		310
Total expenses (before waivers and fees paid indirectly)		16,098
Expense waivers		(60	)
Transfer agent fee waivers		(80	)
Commission recapture		(151	)
Custodian fee offset		(1	)
Total waivers and fees paid indirectly		(292	)
Total expenses, net		15,806
Net Investment Loss		(1,731	)
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(250,880	)
Net realized loss on forward foreign currency contracts		(206	)
Net realized loss on other foreign currency transactions		(187	)
Net Realized Loss on Investments and Foreign Currency Transactions		(251,273	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		441,216
Net unrealized appreciation of forward foreign currency contracts		365
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(1	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		441,580
Net Gain on Investments and Foreign Currency Transactions		190,307
Net Increase in Net Assets Resulting from Operations	$	188,576

The accompanying notes are an integral part of these financial statements.

11

The Hartford Capital Appreciation II Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment loss	$	(1,731	)	$	(1,777	)
Net realized loss on investments and foreign currency transactions		(251,273	)		(222,258	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		441,580			(513,984	)
Net Increase (Decrease) In Net Assets Resulting From Operations		188,576			(738,019	)
Distributions to Shareholders:
From net realized gain on investments
Class A		—			(57,297	)
Class B		—			(7,516	)
Class C		—			(29,944	)
Class I		—			(6,005	)
Class R3		—			(33	)
Class R4		—			(1	)
Class R5		—			(12	)
Class Y		—			(11	)
Total distributions		—			(100,819	)
Capital Share Transactions:
Class A		(74,188	)		118,490
Class B		(6,129	)		21,834
Class C		(25,863	)		101,804
Class I		3,462			56,898
Class R3		2,428			5,886
Class R4		3,159			1,828
Class R5		481			129
Class Y		17,628			27,587
Net increase (decrease) from capital share transactions		(79,022	)		334,456
Net Increase (Decrease) In Net Assets		109,554			(504,382	)
Net Assets:
Beginning of period		922,308			1,426,690
End of period	$	1,031,862		$	922,308
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	(723	)	$	361

The accompanying notes are an integral part of these financial statements.

12

The Hartford Capital Appreciation II Fund

Notes to Financial Statements

October 31, 2009

(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Capital Appreciation II Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50% Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.

2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are

13

The Hartford Capital Appreciation II Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Options contracts on securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at their last reported sale price at the Valuation Time on the Primary Market on which the instrument is primarily traded. If the instrument did not trade on the Primary Market, it may be valued at the most recent sale price at the Valuation Time on another exchange or market where it did trade. If it is not possible to determine the last reported sale price on the Primary Market or another exchange or market at the Valuation Time, the value of the security shall be taken to be the most recent mean between bid and asked prices on such exchange or market at the Valuation Time. Absent both bid and asked prices on such exchange, the bid price may be used.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

14

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.
	Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market

15

The Hartford Capital Appreciation II Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
e)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
f)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
g)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
h)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had no investments in indexed securities as of October 31, 2009.
i)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”),

16

	Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
j)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
k)	Securities Purchased on a When-Issued or Delayed-Delivery Basis — Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of October 31, 2009, the Fund had no outstanding when-issued or delayed delivery securities.
l)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
m)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives			Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location			Statement of Assets and Liabilities Location
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	16	Unrealized depreciation on forward foreign currency contracts	$	8

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

								Forward
			Purchased					Currency
Risk Exposure Category	Written Options		Options			Futures		Contracts			Swaps		Total
Foreign exchange contracts	$	—	$	—		$	—	$	(206	)	$	—	$	(206	)
Equity contracts		—		(29	)		—		—			—		(29	)
Total	$	—	$	(29	)	$	—	$	(206	)	$	—	$	(235	)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps		Total
Foreign exchange contracts		—		—		—		365		—	$	365
Total	$	—	$	—	$	—	$	365	$	—	$	365

17

The Hartford Capital Appreciation II Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

n) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Futures and Options:

Futures and Options Transactions — The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.

At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.

The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. As of October 31, 2009, there were no outstanding futures contracts.

An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.

The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. As of October 31, 2009, there were no outstanding purchased or written option contracts.

4. Federal Income Taxes:

a) Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income

18

	and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	—	$	75,863
Long-Term Capital Gains *		—		24,956

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Accumulated Capital Losses *	$	(424,954	)
Unrealized Appreciation †		37,479
Total Accumulated Deficit	$	(387,475	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase accumulated undistributed net investment income by $647, increase accumulated net realized gain on investments by $257, and decrease paid-in-capital by $904.

19

The Hartford Capital Appreciation II Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

e) Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	168,743
2017		256,211
Total	$	424,954

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

5. Expenses:

a)

Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		1.0000	%
On next $250 million		0.9500	%
On next $500 million		0.9000	%
On next $4 billion		0.8500	%
On next $5 billion		0.8475	%
Over $10 billion		0.8450	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.60%	2.35%	2.35%	1.35%	1.85%	1.55%	1.25%	1.25%

20

d)

Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.52	%		1.40	%		1.43	%		1.59	%		1.60	%*
Class B Shares		2.21			2.27			2.29			2.34			2.35	*
Class C Shares		2.24			2.14			2.16			2.32			2.35	*
Class I Shares		1.14			1.08			1.10			0.80	†
Class R3 Shares.		1.80			1.76			1.86‡
Class R4 Shares.		1.42			1.42			1.47‡
Class R5 Shares.		1.12			1.15			1.22‡
Class Y Shares		1.00			1.00			1.01			1.13			1.15	*

*	From April 29, 2005 (commencement of operations), through October 31, 2005.
†	From August 31, 2006 (commencement of operations), through October 31, 2006.
‡	From December 22, 2006 (commencement of operations), through October 31, 2007.

e)

Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $1,432 and contingent deferred sales charges of $320 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

21

The Hartford Capital Appreciation II Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $92. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $2,200 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,496,678
Sales Proceeds Excluding U.S. Government Obligations		1,548,948

7. Capital Share Transactions:

The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		13,786		—		(22,366	)		—		(8,580	)		26,758		3,361		(23,631	)		—		6,488
Amount	$	119,964	$	—	$	(194,152	)	$	—	$	(74,188	)	$	358,379	$	49,988	$	(289,877	)	$	—	$	118,490
Class B
Shares		1,109		—		(1,860	)		—		(751	)		2,420		475		(1,411	)		—		1,484
Amount	$	9,282	$	—	$	(15,411	)	$	—	$	(6,129	)	$	31,700	$	6,911	$	(16,777	)	$	—	$	21,834
Class C
Shares		7,368		—		(10,451	)		—		(3,083	)		12,925		1,739		(7,915	)		—		6,749
Amount	$	61,399	$	—	$	(87,262	)	$	—	$	(25,863	)	$	169,290	$	25,354	$	(92,840	)	$	—	$	101,804
Class I
Shares		7,144		—		(7,401	)		—		(257	)		8,574		326		(4,802	)		—		4,098
Amount	$	67,490	$	—	$	(64,028	)	$	—	$	3,462		$	110,685	$	4,865	$	(58,652	)	$	—	$	56,898
Class R3
Shares		475		—		(197	)		—		278			517		2		(71	)		—		448
Amount	$	4,148	$	—	$	(1,720	)	$	—	$	2,428		$	6,719	$	33	$	(866	)	$	—	$	5,886
Class R4
Shares		496		—		(146	)		—		350			157		—		(18	)		—		139
Amount	$	4,356	$	—	$	(1,197	)	$	—	$	3,159		$	2,027	$	1	$	(200	)	$	—	$	1,828
Class R5
Shares		71		—		(13	)		—		58			12		1		(4	)		—		9
Amount	$	589	$	—	$	(108	)	$	—	$	481		$	169	$	12	$	(52	)	$	—	$	129
Class Y
Shares		2,923		—		(437	)		—		2,486			3,157		1		(704	)		—		2,454
Amount	$	22,439	$	—	$	(4,811	)	$	—	$	17,628		$	34,322	$	11	$	(6,746	)	$	—	$	27,587

22

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		103	$	953
For the Year Ended October 31, 2008		83	$	1,097

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.
10.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

23

The Hartford Capital Appreciation II Fund
Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset							Net Realized																Net Increase
	Value at							and Unrealized			Total from			Dividends from		Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment		from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income		Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	8.73	$	—		$	—	$	2.01		$	2.01		$	—	$	—		$	—	$	—		$	2.01		$	10.74
B		8.47		(0.06	)		—		1.94			1.88			—		—			—		—			1.88			10.35
C		8.50		(0.06	)		—		1.95			1.89			—		—			—		—			1.89			10.39
I		8.80		0.03			—		2.03			2.06			—		—			—		—			2.06			10.86
R3		8.73		(0.03	)		—		2.01			1.98			—		—			—		—			1.98			10.71
R4		8.79		—			—		2.03			2.03			—		—			—		—			2.03			10.82
R5		8.84		0.02			—		2.05			2.07			—		—			—		—			2.07			10.91
Y		8.86		0.04			—		2.06			2.10			—		—			—		—			2.10			10.96
For the Year Ended October 31, 2008
A		16.95		0.02			—		(7.07	)		(7.05	)		—		(1.17	)		—		(1.17	)		(8.22	)		8.73
B		16.62		(0.09	)		—		(6.89	)		(6.98	)		—		(1.17	)		—		(1.17	)		(8.15	)		8.47
C		16.66		(0.07	)		—		(6.92	)		(6.99	)		—		(1.17	)		—		(1.17	)		(8.16	)		8.50
I		17.02		0.04			—		(7.09	)		(7.05	)		—		(1.17	)		—		(1.17	)		(8.22	)		8.80
R3		17.00		(0.01	)		—		(7.09	)		(7.10	)		—		(1.17	)		—		(1.17	)		(8.27	)		8.73
R4		17.05		0.01			—		(7.10	)		(7.09	)		—		(1.17	)		—		(1.17	)		(8.26	)		8.79
R5		17.10		0.04			—		(7.13	)		(7.09	)		—		(1.17	)		—		(1.17	)		(8.26	)		8.84
Y		17.12		—			—		(7.09	)		(7.09	)		—		(1.17	)		—		(1.17	)		(8.26	)		8.86
For the Year Ended October 31, 2007
A		13.13		—			—		4.13			4.13			—		(0.31	)		—		(0.31	)		3.82			16.95
B		12.99		(0.07	)		—		4.01			3.94			—		(0.31	)		—		(0.31	)		3.63			16.62
C		13.00		(0.06	)		—		4.03			3.97			—		(0.31	)		—		(0.31	)		3.66			16.66
I		13.14		0.02			—		4.17			4.19			—		(0.31	)		—		(0.31	)		3.88			17.02
R3(e)		13.52		(0.03	)		—		3.51			3.48			—		—			—		—			3.48			17.00
R4(e)		13.52		(0.01	)		—		3.54			3.53			—		—			—		—			3.53			17.05
R5(e)		13.52		—			—		3.58			3.58			—		—			—		—			3.58			17.10
Y		13.20		0.06			—		4.17			4.23			—		(0.31	)		—		(0.31	)		3.92			17.12
For the Year Ended October 31, 2006
A		11.07		(0.01	)		—		2.22			2.21			—		(0.15	)		—		(0.15	)		2.06			13.13
B		11.02		(0.07	)		—		2.19			2.12			—		(0.15	)		—		(0.15	)		1.97			12.99
C		11.04		(0.06	)		—		2.17			2.11			—		(0.15	)		—		(0.15	)		1.96			13.00
I(h)		12.51		—			—		0.63			0.63			—		—			—		—			0.63			13.14
Y		11.08		0.12			—		2.15			2.27			—		(0.15	)		—		(0.15	)		2.12			13.20
From (commencement of operations) April 29, 2005, through October 31, 2005
A(i)		10.00		(0.01	)		—		1.08			1.07			—		—			—		—			1.07			11.07
B(i)		10.00		(0.03	)		—		1.05			1.02			—		—			—		—			1.02			11.02
C(i)		10.00		(0.03	)		—		1.07			1.04			—		—			—		—			1.04			11.04
Y(i)		10.00		0.02			—		1.06			1.08			—		—			—		—			1.08			11.08

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Commenced operations on December 22, 2006.
(f)	Not annualized.
(g)	Annualized.
(h)	Commenced operations on August 31, 2006.
(i)	Commenced operations on April 29, 2005.

24

- Ratios and Supplemental Data -

					Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
					Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Turnover Rate(d)
	23.02	%	$	497,959		1.54	%		1.54	%		1.54	%		0.02	%		168	%
	22.20			72,940		2.44			2.22			2.22			(0.67	)		—
	22.23			297,280		2.25			2.25			2.25			(0.70	)		—
	23.41			95,280		1.16			1.16			1.16			0.37			—
	22.68			8,057		1.81			1.81			1.81			(0.30	)		—
	23.09			5,308		1.43			1.43			1.43			0.04			—
	23.42			816		1.14			1.14			1.14			0.29			—
	23.70			54,222		1.02			1.02			1.02			0.49			—
	(44.43	)		479,795		1.40			1.40			1.40			0.12			159
	(44.92	)		66,057		2.27			2.27			2.27			(0.75	)		—
	(44.87	)		269,662		2.14			2.14			2.14			(0.62	)		—
	(44.23	)		79,436		1.08			1.08			1.08			0.43			—
	(44.60	)		4,148		1.77			1.77			1.77			(0.28	)		—
	(44.40	)		1,232		1.43			1.43			1.43			0.08			—
	(44.26	)		151		1.16			1.16			1.16			0.37			—
	(44.20	)		21,827		1.01			1.01			1.01			0.51			—
	32.15			821,428		1.44			1.44			1.44			—			102
	31.01			104,908		2.29			2.29			2.29			(0.86	)		—
	31.22			415,688		2.16			2.16			2.16			(0.73	)		—
	32.60			83,905		1.11			1.11			1.11			0.31			—
	25.74	(f)		452		1.85	(g)		1.85	(g)		1.85	(g)		(0.43	) (g)		—
	26.11	(f)		14		1.47	(g)		1.47	(g)		1.47	(g)		(0.06	) (g)		—
	26.48	(f)		136		1.22	(g)		1.22	(g)		1.22	(g)		0.03	(g)		—
	32.75			158		1.02			1.02			1.02			0.44			—
	20.21			241,238		1.66			1.60			1.60			(0.13	)		113
	19.48			29,169		2.54			2.35			2.35			(0.88	)		—
	19.35			97,678		2.37			2.33			2.33			(0.86	)		—
	5.04	(f)		3,316		1.46	(g)		0.80	(g)		0.80	(g)		0.45	(g)		—
	20.74			119		1.20			1.15			1.15			0.39			—
	10.70	(f)		56,981		1.99	(g)		1.60	(g)		1.60	(g)		(0.30	) (g)		46
	10.20	(f)		6,343		2.97	(g)		2.35	(g)		2.35	(g)		(1.10	) (g)		—
	10.40	(f)		19,494		2.82	(g)		2.35	(g)		2.35	(g)		(1.12	) (g)		—
	10.80	(f)		332		1.41	(g)		1.15	(g)		1.15	(g)		0.29	(g)		—

25

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Capital Appreciation II Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Capital Appreciation II Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

26

The Hartford Capital Appreciation II Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

27

The Hartford Capital Appreciation II Fund
Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

28

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29

The Hartford Capital Appreciation II Fund

Federal Tax Information (Unaudited)

The Fund made no capital gain or income distributions for the fiscal year ended October 31, 2009.

30

The Hartford Capital Appreciation II Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,221.80	$	8.40	$	1,000.00	$	1,017.64	$	7.63		1 .50	%		184		365
Class B	$	1,000.00	$	1,216.20	$	12.68	$	1,000.00	$	1,013.76	$	11.52		2 .27			184		365
Class C	$	1,000.00	$	1,218.10	$	12.30	$	1,000.00	$	1,014.12	$	11.17		2 .20			184		365
Class I	$	1,000.00	$	1,223.00	$	6.28	$	1,000.00	$	1,019.56	$	5.70		1 .12			184		365
Class R3	$	1,000.00	$	1,219.80	$	10.02	$	1,000.00	$	1,016.18	$	9.10		1 .79			184		365
Class R4	$	1,000.00	$	1,221.20	$	7.89	$	1,000.00	$	1,018.10	$	7.17		1 .41			184		365
Class R5	$	1,000.00	$	1,224.50	$	6.22	$	1,000.00	$	1,019.61	$	5.65		1 .11			184		365
Class Y	$	1,000.00	$	1,224.60	$	5.61	$	1,000.00	$	1,020.16	$	5.09		1 .00			184		365

31

The Hartford Capital Appreciation II Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Capital Appreciation II Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

32

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets

33

The Hartford Capital Appreciation II Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

34

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-4 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06115

The Hartford Checks and Balances Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	24

The Hartford Checks and Balances Fund inception 05/31/2007

(advised by Hartford Investment Financial Services, LLC)

     Performance Overview(1) 5/31/07 — 10/31/09 Investment objective — Seeks long-term capital appreciation and income.

Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			Since
	Year			Inception
Checks and Balances A#		17.34	%		-5.00	%
Checks and Balances A##		10.89	%		-7.19	%
Checks and Balances B#		16.56	%		-5.72	%
Checks and Balances B##		11.56	%		-6.85	%
Checks and Balances C#		16.56	%		-5.71	%
Checks and Balances C##		15.56	%		-5.71	%
Checks and Balances I#		17.68	%		-4.80	%
Checks and Balances R3#		17.18	%		-5.10	%
Checks and Balances R4#		17.30	%		-5.00	%
Checks and Balances R5#		17.65	%		-4.87	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		7.10	%
Russell 3000 Index		10.83	%		-13.04	%
S&P 500 Index		9.78	%		-12.92	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4 and R5 shares will vary from results seen above due to differences in the expenses charged to these classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Class I shares commenced operations on 2/29/08. Performance prior to 2/29/08 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 8/29/08. Performance prior to 8/29/08 reflects Class A performance.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Manager
Vernon J. Meyer, CFA
Senior Vice President

How did the Fund perform?

The Class A shares of The Hartford Checks and Balances Fund returned 17.34%, before sales charge, for the twelve-month period ended October 31, 2009, versus 16.15% for the Lipper Mixed-Asset Target Allocation Growth Funds average, 13.79% for the Barclays Capital U.S. Aggregate Bond Index, 9.78% for the S&P 500 Index, and 10.83% for the Russell 3000 Index.

2

Why did the Fund perform this way?

The Fund makes equal allocations of its assets to Class Y shares of the following Hartford Mutual Funds (“Underlying Funds”): The Hartford Capital Appreciation Fund, The Hartford Dividend and Growth Fund, and The Hartford Total Return Bond Fund. The Underlying Funds may invest in a wide variety of instruments which primarily include U.S. and foreign equity securities, fixed income and money market securities. The Fund is not actively managed, and the Fund’s assets will be rebalanced back to one-third each as soon as reasonably practicable whenever the Fund’s investment in any single Underlying Fund deviates from the target allocation by more than 5%.

The Fund’s relative performance benefited most from the performance of The Hartford Capital Appreciation Fund. The return of the Hartford Dividend and Growth Fund detracted most from relative performance.

What is the outlook?

The Fund will continue to make equal allocations of its assets to the three Underlying Funds. Please refer to the Hartford Mutual Fund website at www.hartfordinvestor.com for the shareholder report of each Underlying Fund.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
The Hartford Capital Appreciation Fund, Class Y		32 .8	%
The Hartford Dividend and Growth Fund, Class Y		32 .7
The Hartford Total Return Bond Fund, Class Y		34 .1
Other Assets and Liabilities		0 .4
Total		100.0	%

3

The Hartford Checks and Balances Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 99.6%
EQUITY FUNDS - 65.5%
	16,625	The Hartford Capital Appreciation Fund, Class Y			$	502,739
	30,911	The Hartford Dividend and Growth Fund, Class Y				502,301
		Total equity funds (cost $1,152,265)			$	1,005,040
FIXED INCOME FUNDS - 34.1%
	50,639	The Hartford Total Return Bond Fund, Class Y			$	523,603
		Total fixed income funds (cost $515,152)			$	523,603
		Total investments in affiliated investment companies (cost $1,667,417)			$	1,528,643
		Total long-term investments (cost $1,667,417)			$	1,528,643
		Total investments (cost $1,667,417) ▲	99.6	%	$	1,528,643
		Other assets and liabilities	0.4	%		5,989
		Total net assets	100.0	%	$	1,534,632

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $1,674,291 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	8,451
Unrealized Depreciation		(154,099	)
Net Unrealized Depreciation	$	(145,648	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Checks and Balances Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	1,528,643	$	1,528,643	$	—	$	—
Total	$	1,528,643	$	1,528,643	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Checks and Balances Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $1,667,417)	$	1,528,643
Receivables:
Fund shares sold		9,763
Dividends and interest		1,690
Other assets		91
Total assets		1,540,187
Liabilities:
Payables:
Investment securities purchased		2,407
Fund shares redeemed		2,762
Distribution fees		118
Accrued expenses		268
Total liabilities		5,555
Net assets	$	1,534,632
Summary of Net Assets:
Capital stock and paid-in-capital		1,680,936
Accumulated undistributed net investment income		699
Accumulated net realized loss on investments		(8,229	)
Unrealized depreciation of investments		(138,774	)
Net assets	$	1,534,632
Shares authorized		1,000,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	8.29/$8.77
Shares outstanding		129,481
Net assets	$	1,073,060
Class B: Net asset value per share	$	8.26
Shares outstanding		17,182
Net assets	$	141,845
Class C: Net asset value per share	$	8.26
Shares outstanding		36,191
Net assets	$	298,931
Class I: Net asset value per share	$	8.29
Shares outstanding		2,411
Net assets	$	19,988
Class R3: Net asset value per share	$	8.29
Shares outstanding		72
Net assets	$	598
Class R4: Net asset value per share	$	8.29
Shares outstanding		14
Net assets	$	112
Class R5: Net asset value per share	$	8.29
Shares outstanding		12
Net assets	$	98

The accompanying notes are an integral part of these financial statements.

6

The Hartford Checks and Balances Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends from underlying affiliated funds	$	33,612
Total investment income		33,612
Expenses:
Administrative services fees		1
Transfer agent fees		1,732
Distribution fees
Class A		1,978
Class B		1,091
Class C		2,365
Class R3		1
Class R4		—
Custodian fees		1
Accounting services fees		138
Registration and filing fees		218
Board of Directors’ fees		28
Audit fees		56
Other expenses		366
Total expenses (before waivers)		7,975
Expense waivers		(90	)
Total waivers		(90	)
Total expenses, net		7,885
Net Investment Income		25,727
Net Realized Loss on Investments:
Net realized loss on investments in underlying affiliated funds		(5,518	)
Net Realized Loss on Investments		(5,518	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		182,304
Net Changes in Unrealized Appreciation of Investments		182,304
Net Gain on Investments		176,786
Net Increase in Net Assets Resulting from Operations	$	202,513

The accompanying notes are an integral part of these financial statements.

7

The Hartford Checks and Balances Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	25,727		$	12,797
Net realized gain (loss) on investments		(5,518	)		6,765
Net unrealized appreciation (depreciation) of investments		182,304			(329,223	)
Net Increase (Decrease) In Net Assets Resulting From Operations		202,513			(309,661	)
Distributions to Shareholders:
From net investment income
Class A		(19,857	)		(10,497	)
Class B		(1,937	)		(874	)
Class C		(4,371	)		(2,405	)
Class I		(319	)		(47	)
Class R3		(4	)		—
Class R4		(2	)		(1	)
Class R5		(2	)		(1	)
From net realized gain on investments
Class A		(4,882	)		—
Class B		(672	)		—
Class C		(1,587	)		—
Class I		(62	)		—
Class R3		(1	)		—
Class R4		—			—
Class R5		—			—
Total distributions		(33,696	)		(13,825	)
Capital Share Transactions:
Class A		306,059			696,123
Class B		36,819			97,717
Class C		54,694			229,519
Class I		10,072			10,092
Class R3		448			101
Class R4		21			100
Class R5		8			101
Net increase from capital share transactions		408,121			1,033,753
Net Increase In Net Assets		576,938			710,267
Net Assets:
Beginning of period		957,694			247,427
End of period	$	1,534,632		$	957,694
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	699		$	1,464

The accompanying notes are an integral part of these financial statements.

8

The Hartford Checks and Balances Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Checks and Balances Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

The Fund as a “Fund of Funds”, seeks its investment goal through investment in Class Y shares of a combination of Hartford mutual funds (“Underlying Funds”): The Hartford Capital Appreciation Fund, The Hartford Dividend and Growth Fund and The Hartford Total Return Bond Fund. The Fund is managed by Hartford Investment Financial Services, LLC (“HIFSCO”).

Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a) Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.

9

The Hartford Checks and Balances Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

b) Security Valuation - Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.

The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

10

During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.

Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.

c) Fund Share Valuation and Dividend Distributions to Shareholders - Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid quarterly. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).

d) Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.

e) Indemnifications - Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a) Federal Income Taxes - For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Realized Gains and (Losses) - Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes.

11

The Hartford Checks and Balances Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings - The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	26,491	$	13,825
Long-Term Capital Gains *		7,205		—

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	699
Accumulated Capital Losses *		(1,355	)
Unrealized Depreciation †		(145,648	)
Total Accumulated Deficit	$	(146,304	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts - The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund had no reclassifications.

e) Capital Loss Carryforward - At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2017	$	1,355
Total	$	1,355

f) Accounting for Uncertainty in Income Taxes - Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement - HIFSCO serves as investment manager to the Fund pursuant to an Investment Management Agreement with The Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and

12

office space for proper operation of the Fund. The Fund is managed by HIFSCO in accordance with the Fund’s investment objective and policies. The Fund does not currently pay any fees to HIFSCO for managing the Fund.

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5
1.15%	1.90%	1.90%	0.90%	1.45%	1.15%	0.95%

Effective November 1, 2009, HIFSCO has agreed to revise the voluntary limit (which is the permanent expense limitation) on total operating expenses for the Fund, exclusive of taxes, interest, brokerage commissions, certain distribution expenses and extraordinary expenses. The new expense limitation is as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5
1.25%	2.00%	2.00%	1.00%	1.55%	1.25%	1.05%

	Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.
d)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $17,758 and contingent deferred sales charges of $614 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may

13

The Hartford Checks and Balances Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $359. These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions - Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $3. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $1,663 for providing such services. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R3		11
Class R4		11
Class R5		11

6. Investment Transactions:

For the year ended October 31, 2009, the cost of purchases and proceeds from sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	431,694
Sales Proceeds Excluding U.S. Government Obligations		31,927

14

7. Capital Share Transactions:

The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009											For the Year Ended October 31, 2008
			Shares					Shares						Shares					Shares
			Issued for					Issued		Net Increase				Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		65,149		3,383		(27,811	)		—		40,721		82,896		1,054		(11,616	)		—		72,334
Amount	$	482,643	$	23,741	$	(200,325	)	$	—	$	306,059	$	788,469	$	9,911	$	(102,257	)	$	—	$	696,123
Class B
Shares		7,305		358		(2,601	)		—		5,062		11,434		86		(1,283	)		—		10,237
Amount	$	52,801	$	2,466	$	(18,448	)	$	—	$	36,819	$	108,095	$	808	$	(11,186	)	$	—	$	97,717
Class C
Shares		14,827		767		(8,403	)		—		7,191		27,792		217		(4,262	)		—		23,747
Amount	$	109,066	$	5,275	$	(59,647	)	$	—	$	54,694	$	264,512	$	2,054	$	(37,047	)	$	—	$	229,519
Class I
Shares		2,231		47		(1,000	)		—		1,278		1,291		4		(162	)		—		1,133
Amount	$	17,045	$	329	$	(7,302	)	$	—	$	10,072	$	11,382	$	39	$	(1,329	)	$	—	$	10,092
Class R3
Shares		64		1		(4	)		—		61		11		—		—			—		11
Amount	$	475	$	5	$	(32	)	$	—	$	448	$	101	$	—	$	—		$	—	$	101
Class R4
Shares		3		—		—			—		3		11		—		—			—		11
Amount	$	19	$	3	$	(1	)	$	—	$	21	$	100	$	—	$	—		$	—	$	100
Class R5
Shares		1		—		—			—		1		11		—		—			—		11
Amount	$	5	$	3	$	—		$	—	$	8	$	100	$	1	$	—		$	—	$	101

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		98	$	738
For the Year Ended October 31, 2008		51	$	465

8. Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

9. Subsequent Events:

Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

15

The Hartford Checks and Balances Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized																	Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	7.32	$	0.19	$	—	$	1.03		$	1.22		$	(0.20	)	$	(0.05	)	$	—	$	(0.25	)	$	0.97		$	8.29
B		7.29		0.13		—		1.04			1.17			(0.15	)		(0.05	)		—		(0.20	)		0.97			8.26
C		7.29		0.13		—		1.04			1.17			(0.15	)		(0.05	)		—		(0.20	)		0.97			8.26
I		7.32		0.21		—		1.03			1.24			(0.22	)		(0.05	)		—		(0.27	)		0.97			8.29
R3		7.31		0.17		—		1.04			1.21			(0.18	)		(0.05	)		—		(0.23	)		0.98			8.29
R4		7.32		0.19		—		1.03			1.22			(0.20	)		(0.05	)		—		(0.25	)		0.97			8.29
R5		7.32		0.21		—		1.03			1.24			(0.22	)		(0.05	)		—		(0.27	)		0.97			8.29
For the Year Ended October 31, 2008
A		10.51		0.21		—		(3.17	)		(2.96	)		(0.23	)		—			—		(0.23	)		(3.19	)		7.32
B		10.49		0.15		—		(3.19	)		(3.04	)		(0.16	)		—			—		(0.16	)		(3.20	)		7.29
C		10.49		0.15		—		(3.18	)		(3.03	)		(0.17	)		—			—		(0.17	)		(3.20	)		7.29
I(e)		9.89		0.14		—		(2.57	)		(2.43	)		(0.14	)		—			—		(0.14	)		(2.57	)		7.32
R3(h)		9.38		0.03		—		(2.06	)		(2.03	)		(0.04	)		—			—		(0.04	)		(2.07	)		7.31
R4(h)		9.38		0.03		—		(2.05	)		(2.02	)		(0.04	)		—			—		(0.04	)		(2.06	)		7.32
R5(h)		9.38		0.03		—		(2.04	)		(2.01	)		(0.05	)		—			—		(0.05	)		(2.06	)		7.32
From (commencement of operations) May 31, 2007, through October 31, 2007
A(i)		10.00		0.05		—		0.51			0.56			(0.05	)		—			—		(0.05	)		0.51			10.51
B(i)		10.00		0.03		—		0.49			0.52			(0.03	)		—			—		(0.03	)		0.49			10.49
C(i)		10.00		0.03		—		0.49			0.52			(0.03	)		—			—		(0.03	)		0.49			10.49

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Commenced operations on February 29, 2008.
(f)	Not annualized.
(g)	Annualized.
(h)	Commenced operations on August 29, 2008.
(i)	Commenced operations on May 31, 2007.

16

- Ratios and Supplemental Data -

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	17.34	%	$	1,073,060		0.46	%		0.46	%		0.46	%		2.45	%		3	%
	16.56			141,845		1.31			1.23			1.23			1.68			—
	16.56			298,931		1.22			1.22			1.22			1.76			—
	17.68			19,988		0.20			0.20			0.20			2.61			—
	17.18			598		0.87			0.78			0.78			1.46			—
	17.30			112		0.49			0.48			0.48			2.48			—
	17.65			98		0.17			0.17			0.17			2.84			—
	(28.70	)		649,297		0.42			0.41			0.41			2.08			6
	(29.32	)		88,364		1.26			1.23			1.23			1.22			—
	(29.29	)		211,502		1.17			1.17			1.17			1.26			—
	(23.71	)(f)		8,293		0.16	(g)		0.16	(g)		0.16	(g)		2.09	(g)		—
	(21.19	)(f)		80		0.81	(g)		0.80	(g)		0.80	(g)		1.93	(g)		—
	(21.06	)(f)		79		0.51	(g)		0.50	(g)		0.50	(g)		2.23	(g)		—
	(21.04	)(f)		79		0.21	(g)		0.21	(g)		0.21	(g)		2.52	(g)		—
	5.56	(f)		172,572		0.43	(g)		0.43	(g)		0.43	(g)		1.77	(g)		—
	5.24	(f)		19,750		1.26	(g)		1.25	(g)		1.25	(g)		0.96	(g)		—
	5.23	(f)		55,105		1.18	(g)		1.18	(g)		1.18	(g)		1.02	(g)		—

17

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Checks and Balances Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Checks and Balances Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Checks and Balances Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

The Hartford Checks and Balances Fund

Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

20

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Checks and Balances Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	3.00	%
Other Direct Federal Obligations*	1.00	%
Other Securities	96.00	%
Total	100.00	%
DRD†	60.00	%
QDI‡	60.00	%
QII§	50.00	%

*	The income received from federal obligations.
†	Income distributions, taxable as dividend income which qualify for deduction by corporations.
‡	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.
§	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.195		N/A		0.054		0.249
Class B		0.141		N/A		0.054		0.195
Class C		0.141		N/A		0.054		0.195
Class I		0.215		N/A		0.054		0.269
Class R3		0.174		N/A		0.054		0.228
Class R4		0.191		N/A		0.054		0.245
Class R5		0.214		N/A		0.054		0.268

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Checks and Balances Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,170.80	$	2.52	$	1,000.00	$	1,022.89	$	2.35		0.46	%		184		365
Class B	$	1,000.00	$	1,167.30	$	6.66	$	1,000.00	$	1,019.06	$	6.21		1.22			184		365
Class C	$	1,000.00	$	1,165.80	$	6.66	$	1,000.00	$	1,019.06	$	6.21		1.22			184		365
Class I	$	1,000.00	$	1,172.40	$	1.20	$	1,000.00	$	1,024.10	$	1.12		0.22			184		365
Class R3	$	1,000.00	$	1,169.10	$	4.26	$	1,000.00	$	1,021.27	$	3.97		0.78			184		365
Class R4	$	1,000.00	$	1,170.50	$	2.68	$	1,000.00	$	1,022.74	$	2.50		0.49			184		365
Class R5	$	1,000.00	$	1,172.30	$	0.99	$	1,000.00	$	1,024.30	$	0.92		0.18			184		365

23

The Hartford Checks and Balances Fund

Approval of Investment Management Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Checks and Balances Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO” or the “Adviser”) (the “Agreement”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Adviser to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreement at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Adviser, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreement.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreement with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreement was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent And Quality Of Services Provided by the Adviser

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Adviser. The Board considered, among other things, the terms of the Agreement and the range of services provided by the Adviser. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreement, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Adviser’s professional personnel who provide services to the Fund, including the Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered the Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of the Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning the Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on the Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on the Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Adviser’s support of the Fund’s compliance control structure, particularly the resources devoted by the Adviser in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreement, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment

24

advisory. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO.

Performance of the Fund and the Adviser

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Adviser concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Adviser’s cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Adviser

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Adviser and its affiliates from its relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Adviser

The Board considered comparative information with respect to the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO relating to the total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO. The Board noted Management’s proposal to increase the levels above which expenses will be reimbursed for each share class by 0.10%.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Adviser, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s total operating expenses.

25

The Hartford Checks and Balances Fund

Approval of Investment Management Agreement (Unaudited) — (continued)

Based on these considerations, the Board concluded that the Fund’s total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Adviser’s realization of economies of scale with respect to the Fund, and whether the expense levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the expense ratios for the Fund at its current and reasonably anticipated asset levels.

Other Benefits

The Board considered other benefits to the Adviser and its affiliates from its relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-6 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06115

The Hartford

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford Conservativ e Al ocation Fund

The Hartford Conservative Allocation Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	18
Report of Independent Registered Public Accounting Firm	20
Directors and Officers (Unaudited)	21
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	23
Quarterly Portfolio Holdings Information (Unaudited)	23
Federal Tax Information (Unaudited)	24
Expense Example (Unaudited)	25
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	26

The Hartford Conservative Allocation Fund inception 05/28/2004

(subadvised by Hartford Investment Management Company) Investment objective — Seeks current income and long-term capital appreciation.

Performance Overview(1) 5/28/04 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

     

Conservative Allocation ABarclays Capital U.S. $9,450 starting value Aggregate Bond Index $11,364 ending value $10,000 starting value $13,390 ending value S&P 500 Index $10,000 starting value $10,327 ending value

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index,Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns (2,3,4,5) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
Conservative Allocation A#		18.90	%		3.15	%		3.46	%
Conservative Allocation A##		12.36	%		1.99	%		2.38	%
Conservative Allocation B#		18.01	%		2.43	%		2.74	%
Conservative Allocation B##		13.01	%		2.09	%		2.59	%
Conservative Allocation C#		18.04	%		2.44	%		2.75	%
Conservative Allocation C##		17.04	%		2.44	%		2.75	%
Conservative Allocation I#		19.19	%		3.33	%		3.62	%
Conservative Allocation R3#		18.22	%		2.87	%		3.20	%
Conservative Allocation R4#		18.89	%		3.12	%		3.43	%
Conservative Allocation R5#		19.22	%		3.29	%		3.58	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		5.05	%		5.52	%
S&P 500 Index		9.78	%		0.33	%		0.59	%

#	Without sales charge
##	With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4 and R5 shares will vary from results seen above due to differences in the expenses charged to these classes.
(2)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class A performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Hugh Whelan, CFA	Edward C. Caputo, CFA
Managing Director	Vice President

How did the Fund perform?

The Class A shares of The Hartford Conservative Allocation Fund returned 18.90%, before sales charges, for the twelve-month period ended October 31, 2009. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 9.78% and 13.79%, respectively, while the average return for the Lipper Mixed-Asset Target Allocation Conservative category, a group of funds with investment strategies similar to those of the Fund, was 15.42%.

Why did the Fund perform this way?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market — high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. After a difficult first half of the year, investor risk aversion fell significantly and the year ending October 31, 2009 finished strong.

2

During the period, the S&P 500 rose 9.8%. Across the different market capitalizations, mid-cap and large-cap stocks outperformed small-cap stocks. Within U.S. equities, the growth investment style outperformed value. In contrast to last year, international stocks outperformed U.S. stocks. Specifically, Emerging Markets stock, measured by the MSCI Emerging Markets Stock Index, posted the strongest results, up 64.6%. In March, investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter of 2009, with the S&P 500 rising 55% since the risk rally began in March. Within equities, investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and Russell Mid-Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 stocks outperformed their higher quality peers.

Within fixed income, yields decreased during the year, with the ten-year Treasury note yield falling 57 basis points to 3.38% and the five-year Treasury note yield falling 52 basis points to 2.31%. Within the major sectors of the Barclays Capital U.S. Aggregate Index, Credit was the top performer, while Agency securities were the worst. High Yield asset classes such as U.S. high yield bonds, floating rate notes, and Emerging Market Debt significantly outperformed the Barclays Capital U.S. Aggregate Index. The Barclays Capital High Yield index, for example, posted strong results, up 48.1% over the period.

Generally, the Fund’s target asset allocation is set at approximately 40% equities and 60% fixed-income. The Fund’s strategic asset allocation decisions within equities contributed to the fund’s performance. Specifically, favorable allocations within the international markets into emerging markets, international small-cap, and international real estate investment trusts (REITs) helped to offset an underweight (i.e. the Fund’s sector position was less than the benchmark position) to small and mid-cap stocks. The Fund’s strategic asset allocation decisions within fixed income detracted from performance. Although the Fund benefited from exposures to high yield asset classes, diversification within these high yield asset classes detracted from results. The Fund’s duration (i.e. sensitivity to changes in interest rates) was targeted to be less than the Barclays Capital U.S. Aggregate Index, a decision based on the risk preferences of the Fund. For the year, duration positioning detracted from performance.

Beyond the asset allocation decision, we also add value by selecting the underlying mutual funds that will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s objectives and stated benchmark to see what it actually holds for securities and how it has behaved historically. Finally a proprietary optimization is run to determine which underlying funds the Fund should invest in. During the year, our underlying fund selection enhanced relative performance (i.e. performance of the Fund as measured against the benchmark). A hard rebalance (i.e. a fund rebalancing to move the underlying fund investments to their target allocation percentages) was required in March 09 to restore the Fund allocations back to their targets.

During the period, the Fund has continued to utilize exchange traded funds (ETFs) to obtain asset class exposures unavailable through The Hartford fund family. Specifically, the Fund has set target allocations to ETFs that provide U.S. real estate, international real estate, and emerging market debt exposure.

What is the Outlook?

While the risk rally that began in early March has pushed equities and other high risk asset classes higher around the world, we believe that the appreciation of equities and higher risk fixed income asset classes will be more muted following their dramatic recovery in the 2nd and 3rd quarters. We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

Our view of the yield curve is consistent with low growth and low inflation and we expect yields to remain in their current ranges across the curve (10 year range of 3.2%-3.8%). In addition, we believe downward pressure on inflation has abated. However, slack in the economy means there is no near-term upward pressures on inflation. Longer maturities will likely remain in range despite continued concerns with supply pressures, inflation, dollar policy, and weak growth. We think the shape of the short end (3 months–3 years) of the curve already implies the imminent removal of accommodative monetary policy and despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

We have positioned the Fund with an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to international equities, both large and small cap, while reducing our high yield and floating rate note exposure to a more neutral weight as they are approaching fair value on the back of improved fundamentals. In addition, we have reversed the underweight in inflation protected securities. Lastly, the fund increased its exposure to REITs, recognizing the inflationary benefits of the asset class.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
Powershares Emerging Markets Sovereign Debt Portfolio ETF		0.3	%
SPDR DJ Wilshire International Real Estate ETF		0.4
SPDR DJ Wilshire REIT ETF		0.7
State Street Bank Money Market Fund		0.0
The Hartford Capital Appreciation Fund, Class Y		9.5
The Hartford Capital Appreciation II Fund, Class Y		2.4
The Hartford Disciplined Equity Fund, Class Y		5.7
The Hartford Dividend and Growth Fund, Class Y		1.6
The Hartford Equity Income Fund, Class Y		2.6
The Hartford Floating Rate Fund, Class Y		8.0
The Hartford Fundamental Growth Fund, Class Y		0.6
The Hartford Global Equity Fund, Class Y		0.1
The Hartford Global Growth Fund, Class Y		2.4
The Hartford Growth Opportunities Fund, Class Y		1.9
The Hartford High Yield Fund, Class Y		5.1
The Hartford Income Fund, Class Y		9.5
The Hartford Inflation Plus Fund, Class Y		11.1
The Hartford International Opportunities Fund, Class Y		3.7
The Hartford International Small Company Fund, Class Y		2.2
The Hartford Select MidCap Value Fund, Class Y		0.7
The Hartford Select SmallCap Value Fund, Class Y		1.0
The Hartford Short Duration Fund, Class Y		10.2
The Hartford Strategic Income Fund, Class Y		1.7
The Hartford Total Return Bond Fund, Class Y		14.1
The Hartford Value Fund, Class Y		4.1
The Hartford Value Opportunities Fund, Class Y		0.1
Other Assets and Liabilities		0.3
Total		100.0	%

3

The Hartford Conservative Allocation Fund

Schedule of Investments

October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES — 98.3%
EQUITY FUNDS — 38.6%
	692	The Hartford Capital Appreciation Fund, Class Y			$	20,931
	491	The Hartford Capital Appreciation II Fund, Class Y•				5,377
	1,162	The Hartford Disciplined Equity Fund, Class Y				12,505
	220	The Hartford Dividend and Growth Fund, Class Y				3,582
	522	The Hartford Equity Income Fund, Class Y				5,644
	146	The Hartford Fundamental Growth Fund, Class Y•				1,378
	16	The Hartford Global Equity Fund, Class Y				130
	392	The Hartford Global Growth Fund, Class Y•				5,228
	198	The Hartford Growth Opportunities Fund, Class Y•				4,265
	627	The Hartford International Opportunities Fund, Class Y				8,191
	448	The Hartford International Small Company Fund, Class Y				4,884
	193	The Hartford Select MidCap Value Fund, Class Y				1,483
	267	The Hartford Select SmallCap Value Fund, Class Y				2,129
	943	The Hartford Value Fund, Class Y				9,009
	19	The Hartford Value Opportunities Fund, Class Y				203
		Total equity funds (cost $88,690)			$	84,939
FIXED INCOME FUNDS — 59.7%
	2,135	The Hartford Floating Rate Fund, Class Y			$	17,701
	1,664	The Hartford High Yield Fund, Class Y				11,198
	2,205	The Hartford Income Fund, Class Y				20,994
	2,133	The Hartford Inflation Plus Fund, Class Y				24,380
	2,340	The Hartford Short Duration Fund, Class Y				22,462
	430	The Hartford Strategic Income Fund, Class Y				3,741
	3,002	The Hartford Total Return Bond Fund, Class Y				31,045
		Total fixed income funds (cost $131,124)			$	131,521
		Total investments in affiliated investment companies (cost $219,814)			$	216,460
EXCHANGE TRADED FUNDS — 1.4%
	26	Powershares Emerging Markets Sovereign Debt Portfolio ETF			$	667
	26	SPDR DJ Wilshire International Real Estate ETF				908
	33	SPDR DJ Wilshire REIT ETF				1,441
		Total exchange traded funds (cost $2,668)			$	3,016
		Total long-term investments (cost $222,482)			$	219,476
SHORT-TERM INVESTMENTS — 0.0%
		Investment Pools and Funds - 0.0%
	4	State Street Bank Money Market Fund			$	4
		Total short-term investments (cost $4)			$	4
		Total investments (cost $222,486)5	99.7	%	$	219,480
		Other assets and liabilities	0.3	%		622
		Total net assets	100.0	%	$	220,102

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

5 At October 31, 2009, the cost of securities for federal income tax purposes was $223,803 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	7,039
Unrealized Depreciation		(11,362	)
Net Unrealized Depreciation	$	(4,323	)

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Conservative Allocation Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	216,460	$	216,460	$	—	$	—
Exchange Traded Funds		3,016		3,016		—		—
Short-Term Investments		4		4		—		—
Total	$	219,480	$	219,480	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Conservative Allocation Fund

Statement of Assets and Liabilities

October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $2,672)		$	3,020
Investments in underlying affiliated funds, at market value (cost $219,814)			216,460
Receivables:
Fund shares sold			669
Dividends and interest			527
Other assets			46
Total assets	��		220,722
Liabilities:
Payables:
Investment securities purchased			203
Fund shares redeemed			356
Investment management fees			5
Distribution fees			18
Accrued expenses			38
Total liabilities			620
Net assets		$	220,102
Summary of Net Assets:
Capital stock and paid-in-capital			243,488
Accumulated undistributed net investment income			495
Accumulated net realized loss on investments			(20,875	)
Unrealized depreciation of investments			(3,006	)
Net assets		$	220,102
Shares authorized			400,000
Par value		$	0.001
Class A: Net asset value per share/Maximum offering price per share		$	9.57/$10.13
Shares outstanding			14,087
Net assets		$	134,824
Class B: Net asset value per share		$	9.57
Shares outstanding			2,555
Net assets		$	24,438
Class C: Net asset value per share		$	9.56
Shares outstanding			4,842
Net assets		$	46,279
Class I: Net asset value per share		$	9.56
Shares outstanding			95
Net assets		$	908
Class R3: Net asset value per share		$	9.61
Shares outstanding			71
Net assets		$	680
Class R4: Net asset value per share		$	9.56
Shares outstanding			845
Net assets		$	8,078
Class R5: Net asset value per share		$	9.57
Shares outstanding			511
Net assets		$	4,895	��

The accompanying notes are an integral part of these financial statements.

6

The Hartford Conservative Allocation Fund

Statement of Operations

For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	116
Dividends from underlying affiliated funds		6,673
Interest		—
Total investment income		6,789
Expenses:
Investment management fees		280
Administrative services fees		14
Transfer agent fees		226
Distribution fees
Class A		288
Class B		213
Class C		396
Class R3		2
Class R4		16
Custodian fees		1
Accounting services fees		22
Registration and filing fees		116
Board of Directors’ fees		7
Audit fees		11
Other expenses		50
Total expenses (before waivers)		1,642
Expense waivers		(21	)
Total waivers		(21	)
Total expenses, net		1,621
Net Investment Income		5,168
Net Realized Loss on Investments:
Net realized loss on investments in underlying affiliated funds		(11,636	)
Net Realized Loss on Investments		(11,636	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		39,820
Net Changes in Unrealized Appreciation of Investments		39,820
Net Gain on Investments		28,184
Net Increase in Net Assets Resulting from Operations	$	33,352

The accompanying notes are an integral part of these financial statements.

7

The Hartford Conservative Allocation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	5,168		$	5,728
Net realized loss on investments		(11,636	)		(5,242	)
Net unrealized appreciation (depreciation) of investments		39,820			(53,423	)
Net Increase (Decrease) In Net Assets Resulting From Operations		33,352			(52,937	)
Distributions to Shareholders:
From net investment income
Class A		(3,426	)		(4,987	)
Class B		(474	)		(812	)
Class C		(897	)		(1,672	)
Class I		(14	)		(45	)
Class R3		(8	)		(5	)
Class R4		(192	)		(153	)
Class R5		(104	)		(58	)
From net realized gain on investments
Class A		—			(4,169	)
Class B		—			(882	)
Class C		—			(1,608	)
Class I		—			(57	)
Class R3		—			(1	)
Class R4		—			(21	)
Class R5		—			(21	)
Total distributions		(5,115	)		(14,491	)
Capital Share Transactions:
Class A		9,353	*		26,954
Class B		554	†		2,936
Class C		527	‡		9,856
Class I		413			(817	)
Class R3		309	§		324
Class R4		2,169	**		6,057
Class R5		2,177	††		2,011
Net increase from capital share transactions		15,502			47,321
Net Increase (Decrease) In Net Assets		43,739			(20,107	)
Net Assets:
Beginning of period		176,363			196,470
End of period	$	220,102		$	176,363
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	495		$	442

*	Includes merger activity in the amount of $2,213.
†	Includes merger activity in the amount of $290.
‡	Includes merger activity in the amount of $788.
§	Includes merger activity in the amount of $38.
**	Includes merger activity in the amount of $418.
††	Includes merger activity in the amount of $91.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Conservative Allocation Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Conservative Allocation Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange-traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).

Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a) Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.

9

The Hartford Conservative Allocation Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.

b) Security Valuation — Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.

The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

10

Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.

Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.

c)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.
d)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid quarterly. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
e)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
f)	Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a) Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially

11

The Hartford Conservative Allocation Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	5,115	$	8,611
Long-Term Capital Gains *		—		5,880

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	495
Accumulated Capital Losses *		(19,558	)
Unrealized Depreciation †		(4,323	)
Total Accumulated Deficit	$	(23,386	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated net realized loss on investments by $1 and increase paid-in-capital by $1.

12

e) Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2015	$	659
2016		7,466
2017		11,433
Total	$	19,558

As a result of current or past mergers in the Fund, certain provisions in the Internal Revenue Code may limit the future utilization of capital losses.

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class I			Class R3			Class R4			Class R5
1.35%		2.10	%		2.10	%		1.10	%		1.78	%		1.48	%		1.18	%

13

The Hartford Conservative Allocation Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $1,036 and contingent deferred sales charges of $78 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $33. These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $223 for providing such services. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	52,969
Sales Proceeds Excluding U.S. Government Obligations		36,389

14

6. Capital Share Transactions:

The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009											For the Year Ended October 31, 2008
			Shares					Shares						Shares					Shares
			Issued for					Issued		Net Increase				Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		5,490		392		(5,081	)		287		1,088		6,078		809		(4,337	)		—		2,550
Amount	$	46,887	$	3,271	$	(43,018	)	$	2,213	$	9,353	$	62,170	$	8,613	$	(43,829	)	$	—	$	26,954
Class B
Shares		671		53		(701	)		37		60		875		145		(754	)		—		266
Amount	$	5,631	$	436	$	(5,803	)	$	290	$	554	$	8,914	$	1,556	$	(7,534	)	$	—	$	2,936
Class C
Shares		1,613		92		(1,796	)		102		11		3,122		258		(2,546	)		—		834
Amount	$	13,731	$	760	$	(14,752	)	$	788	$	527	$	32,319	$	2,758	$	(25,221	)	$	—	$	9,856
Class I
Shares		101		1		(57	)		—		45		91		7		(177	)		—		(79	)
Amount	$	908	$	9	$	(504	)	$	—	$	413	$	937	$	83	$	(1,837	)	$	—	$	(817	)
Class R3
Shares		125		1		(92	)		5		39		129		—		(99	)		—		30
Amount	$	1,082	$	8	$	(819	)	$	38	$	309	$	1,324	$	4	$	(1,004	)	$	—	$	324
Class R4
Shares		414		23		(237	)		54		254		777		17		(240	)		—		554
Amount	$	3,452	$	192	$	(1,893	)	$	418	$	2,169	$	8,088	$	174	$	(2,205	)	$	—	$	6,057
Class R5
Shares		325		12		(91	)		12		258		242		8		(57	)		—		193
Amount	$	2,760	$	104	$	(778	)	$	91	$	2,177	$	2,483	$	79	$	(551	)	$	—	$	2,011

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		40	$	349
For the Year Ended October 31, 2008		32	$	328

7. Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

8. Fund Merger:

Reorganization of The Hartford Retirement Income Fund with and into The Hartford Conservative Allocation Fund:

On August 6, 2008, the Board of Directors of The Hartford Mutual Funds, Inc. (“Company”) approved a Form of Agreement and Plan of Reorganization (“Reorganization Agreement”) that provided for the reorganization of a series of the Company, The Hartford Retirement Income Fund (“Target Fund”), into another series of the Company, The Hartford Conservative Allocation Fund (“Acquiring Fund”) (the “Reorganization”). The reorganization did not require shareholder approval by shareholders of The Hartford Conservative Allocation Fund or The Hartford Retirement Income Fund.

15

The Hartford Conservative Allocation Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

Pursuant to the Reorganization Agreement, on February 20, 2009, each holder of Class A, Class B, Class C, Class R3, Class R4 and Class R5 shares of The Hartford Retirement Income Fund became the owner of full and fractional shares of the corresponding class in The Hartford Conservative Allocation Fund having an equal aggregate value.

This merger was accomplished by tax free exchange as detailed below:

									Net assets of
					Acquiring Fund		Net assets of		Acquiring
	Net assets of Target				shares issued to the		Acquiring Fund		Fund
	Fund on Merger		Target Fund shares		Target Fund’s		immediately before		immediately
	Date		exchanged		shareholders		merger		after merger
Class A	$	2,213		305		287	$	101,250	$	103,463
Class B		290		40		37		18,900		19,190
Class C		788		108		102		35,423		36,211
Class I		N/A		N/A		N/A		340		340
Class R3		38		5		5		41		79
Class R4		418		58		54		6,085		6,503
Class R5		91		13		12		2,870		2,961
Total	$	3,838		529		497	$	164,909	$	168,747

The Hartford Retirement Income Fund had the following unrealized depreciation, accumulated net realized losses and capital stock as of February 20, 2009.

	Unrealized Appreciation			Accumulated Net
Fund	(Depreciation)			Realized Gains (Losses)			Capital Stock
Target Fund	$	(586	)	$	(1,542	)	$	5,966

9. Subsequent Events:

Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

16

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17

The Hartford Conservative Allocation Fund

Financial Highlights

— Selected Per-Share Data (a) —

	Net Asset						Net Realized																	Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	8.30	$	0.25	$	—	$	1.28		$	1.53		$	(0.26	)	$	—		$	—	$	(0.26	)	$	1.27		$	9.57
B		8.30		0.19		—		1.27			1.46			(0.19	)		—			—		(0.19	)		1.27			9.57
C		8.29		0.19		—		1.27			1.46			(0.19	)		—			—		(0.19	)		1.27			9.56
I		8.29		0.26		—		1.29			1.55			(0.28	)		—			—		(0.28	)		1.27			9.56
R3		8.28		0.17		—		1.32			1.49			(0.16	)		—			—		(0.16	)		1.33			9.61
R4		8.29		0.25		—		1.27			1.52			(0.25	)		—			—		(0.25	)		1.27			9.56
R5		8.30		0.26		—		1.29			1.55			(0.28	)		—			—		(0.28	)		1.27			9.57
For the Year Ended October 31, 2008
A		11.63		0.33		—		(2.84	)		(2.51	)		(0.42	)		(0.40	)		—		(0.82	)		(3.33	)		8.30
B		11.62		0.24		—		(2.82	)		(2.58	)		(0.34	)		(0.40	)		—		(0.74	)		(3.32	)		8.30
C		11.62		0.23		—		(2.81	)		(2.58	)		(0.35	)		(0.40	)		—		(0.75	)		(3.33	)		8.29
I		11.61		0.39		—		(2.86	)		(2.47	)		(0.45	)		(0.40	)		—		(0.85	)		(3.32	)		8.29
R3		11.61		0.32		—		(2.86	)		(2.54	)		(0.39	)		(0.40	)		—		(0.79	)		(3.33	)		8.28
R4		11.62		0.34		—		(2.85	)		(2.51	)		(0.42	)		(0.40	)		—		(0.82	)		(3.33	)		8.29
R5		11.63		0.39		—		(2.87	)		(2.48	)		(0.45	)		(0.40	)		—		(0.85	)		(3.33	)		8.30
For the Year Ended October 31, 2007
A		11.16		0.33		—		0.81			1.14			(0.38	)		(0.29	)		—		(0.67	)		0.47			11.63
B		11.16		0.25		—		0.80			1.05			(0.30	)		(0.29	)		—		(0.59	)		0.46			11.62
C		11.15		0.25		—		0.81			1.06			(0.30	)		(0.29	)		—		(0.59	)		0.47			11.62
I		11.16		0.38		—		0.78			1.16			(0.42	)		(0.29	)		—		(0.71	)		0.45			11.61
R3(g)		10.95		0.16		—		0.70			0.86			(0.20	)		—			—		(0.20	)		0.66			11.61
R4(g)		10.95		0.20		—		0.70			0.90			(0.23	)		—			—		(0.23	)		0.67			11.62
R5(g)		10.95		0.24		—		0.68			0.92			(0.24	)		—			—		(0.24	)		0.68			11.63
For the Year Ended October 31, 2006
A		10.57		0.26		—		0.76			1.02			(0.31	)		(0.12	)		—		(0.43	)		0.59			11.16
B		10.56		0.19		—		0.76			0.95			(0.23	)		(0.12	)		—		(0.35	)		0.60			11.16
C		10.56		0.19		—		0.76			0.95			(0.24	)		(0.12	)		—		(0.36	)		0.59			11.15
I(j)		10.94		0.07		—		0.22			0.29			(0.07	)		—			—		(0.07	)		0.22			11.16
For the Year Ended October 31, 2005
A		10.27		0.23		—		0.28			0.51			(0.21	)		—			—		(0.21	)		0.30			10.57
B		10.26		0.16		—		0.28			0.44			(0.14	)		—			—		(0.14	)		0.30			10.56
C		10.26		0.16		—		0.28			0.44			(0.14	)		—			—		(0.14	)		0.30			10.56

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	During the year ended October 31, 2009, The Hartford Conservative Allocation Fund incurred $0.2 million in sales associated with the transition of assets from The Hartford Retirement Income Fund, which merge into The Fund on February 20, 2009. These sales are excluded from the portfolio turnover rate calculation.
(g)	Commenced operations on December 22, 2006.
(h)	Not annualized.
(i)	Annualized.
(j)	Commenced operations on August 31, 2006.

18

— Ratios and Supplemental Data —

			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
			Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
	Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)	Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
18.90%	$	134,824		0.62	%		0.62	%		0.62	%		3.00	%		20	%(f)
18.01		24,438		1.46			1.38			1.38			2.26			—
18.04		46,279		1.39			1.38			1.38			2.28			—
19.19		908		0.36			0.36			0.36			3.17			—
18.22		680		1.02			1.02			1.02			2.06			—
18.89		8,078		0.66			0.66			0.66			2.94			—
19.22		4,895		0.36			0.36			0.36			3.10			—
(22.99)		107,922		0.57			0.57			0.57			3.09			27
(23.55)		20,703		1.40			1.40			1.40			2.29			—
(23.57)		40,054		1.33			1.33			1.33			2.23			—
(22.73)		418		0.31			0.31			0.31			4.43			—
(23.28)		269		0.97			0.97			0.97			2.01			—
(23.01)		4,900		0.63			0.63			0.63			2.21			—
(22.81)		2,097		0.34			0.34			0.34			2.84			—
10.64		121,488		0.59			0.59			0.59			2.91			40
9.81		25,903		1.42			1.28			1.28			2.25			—
9.91		46,433		1.35			1.28			1.28			2.17			—
10.86		1,502		0.27			0.27			0.27			2.64			—
7.93(h)		20		1.05	(i)		1.03	(i)		1.03	(i)		1.87	(i)		—
8.25(h)		429		0.75	(i)		0.75	(i)		0.75	(i)		2.26	(i)		—
8.53(h)		695		0.48	(i)		0.46	(i)		0.46	(i)		2.41	(i)		—
9.85		93,504		0.64			0.63			0.63			2.41			29
9.19		20,782		1.48			1.31			1.31			1.73			—
9.10		36,123		1.41			1.31			1.31			1.67			—
2.69(h)		10		0.72	(i)		0.41	(i)		0.41	(i)		2.07	(i)		—
4.96		70,533		0.63			0.60			0.60			2.25			23
4.26		14,525		1.48			1.26			1.26			1.60			—
4.26		27,453		1.42			1.26			1.26			1.56			—

19

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Conservative Allocation Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Conservative Allocation Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

20

The Hartford Conservative Allocation Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

21

The Hartford Conservative Allocation Fund

Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

22

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

23

The Hartford Conservative Allocation Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	5.00	%
Other Direct Federal Obligations*	1.00	%
Other Securities	94.00	%
Total	100.00	%
DRD†	25.00	%
QDI‡	25.00	%
QII§	80.00	%

*	The income received from federal obligations.
†	Income distributions, taxable as dividend income which qualify for deduction by corporations.
‡	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.
§	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.257		N/A		N/A		0.257
Class B		0.192		N/A		N/A		0.192
Class C		0.193		N/A		N/A		0.193
Class I		0.276		N/A		N/A		0.276
Class R3		0.157		N/A		N/A		0.157
Class R4		0.254		N/A		N/A		0.254
Class R5		0.279		N/A		N/A		0.279

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

24

The Hartford Conservative Allocation Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,162.30	$	3.38	$	1,000.00	$	1,022.08	$	3.16		0.62	%		184		365
Class B	$	1,000.00	$	1,158.10	$	7.51	$	1,000.00	$	1,018.25	$	7.02		1.38			184		365
Class C	$	1,000.00	$	1,158.40	$	7.51	$	1,000.00	$	1,018.25	$	7.02		1.38			184		365
Class I	$	1,000.00	$	1,164.00	$	1.85	$	1,000.00	$	1,023.49	$	1.73		0.34			184		365
Class R3	$	1,000.00	$	1,158.00	$	5.55	$	1,000.00	$	1,020.06	$	5.19		1.02			184		365
Class R4	$	1,000.00	$	1,162.30	$	3.60	$	1,000.00	$	1,021.88	$	3.36		0.66			184		365
Class R5	$	1,000.00	$	1,163.80	$	1.96	$	1,000.00	$	1,023.39	$	1.84		0.36			184		365

25

The Hartford Conservative Allocation Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Conservative Allocation Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

26

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In

27

The Hartford Conservative Allocation Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

28

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

29

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-7  12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford Disciplined Equity Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	7
Statement of Assets and Liabilities at October 31, 2009	8
Statement of Operations for the Year Ended October 31, 2009	9
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	10
Notes to Financial Statements	11
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Federal Tax Information (Unaudited)	28
Expense Example (Unaudited)	29
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	30

The Hartford Disciplined Equity Fund inception 04/30/1998
(subadvised by Wellington Management Company, LLP) Investment objective — Seeks growth of capital. 

Performance Overview(1) 10/31/99 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns (2,3,4,5) (as of 10/31/09)

	1			5			10
	Year			Year			Year
Disciplined Equity A#		12.82	%		0.03	%		-1.01	%
Disciplined Equity A##		6.62	%		-1.09	%		-1.57	%
Disciplined Equity B#		12.39	%		-0.58	%	NA*
Disciplined Equity B##		7.39	%		-0.98	%	NA*
Disciplined Equity C#		11.82	%		-0.72	%		-1.72	%
Disciplined Equity C##		10.82	%		-0.72	%		-1.72	%
Disciplined Equity R3#		12.65	%		0.11	%		-0.71	%
Disciplined Equity R4#		12.65	%		0.25	%		-0.64	%
Disciplined Equity R5#		13.12	%		0.43	%		-0.55	%
Disciplined Equity Y#		13.25	%		0.50	%		-0.52	%
S&P 500 Index		9.78	%		0.33	%		-0.95	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	10 year returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
James A. Rullo, CFA	Mammen Chally, CFA
Senior Vice President, Partner	Vice President

How did the Fund perform?

The Class A shares of The Hartford Disciplined Equity Fund returned 12.82%, before sales charge, for the twelve-month period ended October 31, 2009, outperforming its benchmark, the S&P 500 Index, which returned 9.78% for the same period. The Fund also outperformed the 10.71% return of the average fund in the Lipper Large-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The period was marked by two distinct episodes. The first was a freefall of global equity markets from October through March. This was characterized by uncertainty over the U.S. government stimulus package, tight global credit and liquidity conditions, a collapse of global industrial production, and sharp increases in unemployment. Beginning in March, global equity markets rallied sharply as investors showed increased appetite for risk and reacted positively to nascent signs of a bottoming in the fortunes of the financial industry, coupled with aggressive intervention by the Federal Reserve (Fed) in the capital markets, and better-than-expected corporate profits due to cost cutting. Signs of economic stabilization overshadowed concerns about high unemployment and weak home prices.

2

Strength was widespread during the period as nine of the ten broad economic sectors in the S&P 500 Index rose. Information Technology (+32%), Consumer Discretionary (+21%) and Materials (+16%) performed relatively well during the period. Financials (–8%), Utilities (+2%), and Industrials (+3%) fared less well.

The Fund’s relative (i.e. performance of the Fund as measured against the benchmark) outperformance was due largely to strong stock selection within Financials, Energy, Materials, and Health Care. Our below-benchmark allocation to Financials and overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Information Technology also contributed to the Fund’s relative outperformance.

The largest contributors to relative performance were Bank of America (Financials), Wells Fargo (Financials), and Gap (Consumer Discretionary). Not owning benchmark component Bank of America (Financials) for the first half of the period helped performance versus the benchmark as the stock price fell over concerns that it required substantially more capital to support its acquisitions of troubled Merrill Lynch and Countrywide. We purchased the stock when it became clear that the company’s prospects were better than the market feared and thus benefited from the stock’s subsequent rise in price. In a difficult period for Financial Services stocks, shares of U.S. bank Wells Fargo fell less than those of many other U.S. banks as the company benefited from industry consolidation and a “flight to quality.” Shares of U.S. specialty-retailer Gap rose due to better-than-expected sales and management’s focus on increasing profits. Our position in Apple (Information Technology) was among our top absolute (i.e. total return) contributors to performance.

The largest detractors to performance relative to the benchmark were Apollo Group (Consumer Discretionary), PNC Financial Services (Financials), and Exelon (Utilities). For-profit education provider Apollo Group, which operates the University of Phoenix among other institutions, saw share price weakness in the latter part of the period due to criticisms of the company’s academic quality, assessment, recruiting, and financial aid procedures. We did not own the stock for much of the first half of the period when the share price rose, which detracted from the Fund’s performance. PNC, a banking, asset management, and funds processing services company, saw its share price decline along with the rest of the Financials sector due to a loss of confidence in the U.S. financial system. Shares of the largest nuclear power generator in the U.S., Exelon, declined as the company reported disappointing revenues and below-consensus guidance citing weak electricity demand. Other detractors from absolute performance included General Mills (Consumer Staples) and Southwest Airlines (Industrials).

What is the outlook?

It is increasingly clear that the U.S. is emerging from a deep recession. The rate of increase in unemployment has slowed, industrial production leading indicators are pointing to an expansion, and the housing market has shown some signs of stabilization. The government continues to reshape the financial playing field through stimulus packages, massive loans to impaired private sector companies, and other programs, all taken with an eye towards thawing the credit markets and placing a floor on housing price declines and a ceiling on housing inventory.

The Fund focuses on stock selection as the key driver of returns and uses proprietary fundamental and quantitative research in a disciplined framework to build a portfolio of the most attractive stocks. Sector exposures are residuals from this bottom-up (i.e. stock by stock fundamental research) stock selection process and are not explicit management decisions. Based on individual stock decisions, the Fund ended the period most overweight the Health Care, Information Technology, and Financials sectors and most underweight (i.e. the Fund’s sector position was less than the benchmark position) Consumer Staples, Industrials, and Materials relative to the Fund’s benchmark.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		1.1	%
Banks (Financials)		4.8
Capital Goods (Industrials)		6.9
Commercial & Professional Services (Industrials)		0.7
Consumer Durables & Apparel (Consumer Discretionary)		0.5
Consumer Services (Consumer Discretionary)		1.4
Diversified Financials (Financials)		4.5
Energy (Energy)		10.8
Food & Staples Retailing (Consumer Staples)		1.4
Food, Beverage & Tobacco (Consumer Staples)		7.0
Health Care Equipment & Services (Health Care)		3.5
Insurance (Financials)		6.0
Materials (Materials)		1.3
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		14.0
Real Estate (Financials)		0.9
Retailing (Consumer Discretionary)		6.3
Semiconductors & Semiconductor Equipment (Information Technology)		3.2
Software & Services (Information Technology)		10.3
Technology Hardware & Equipment (Information Technology)		8.0
Telecommunication Services (Services)		2.1
Utilities (Utilities)		4.8
Short-Term Investments		0.2
Other Assets and Liabilities		0.3
Total		100.0	%

3

The Hartford Disciplined Equity Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 99.5%
		Automobiles & Components — 1.1%
	145	Ford Motor Co. •Ø	$	1,013
	51	TRW Automotive Holdings Corp. •		790
				1,803
		Banks — 4.8%
	63	PNC Financial Services Group, Inc.		3,068
	178	Wells Fargo & Co.		4,896
				7,964
		Capital Goods — 6.9%
	50	Dover Corp. Ø		1,888
	35	Fluor Corp.		1,541
	41	General Dynamics Corp.		2,596
	17	Northrop Grumman Corp.		837
	24	Precision Castparts Corp.		2,331
	14	Raytheon Co.		611
	30	United Technologies Corp.		1,844
				11,648
		Commercial & Professional Services — 0.7%
	25	Manpower, Inc.		1,176
		Consumer Durables & Apparel — 0.5%
	59	Newell Rubbermaid, Inc.		849
		Consumer Services — 1.4%
	24	Apollo Group, Inc. Class A •Ø		1,353
	11	ITT Educational Services, Inc. •		958
				2,311
		Diversified Financials — 4.5%
	31	Ameriprise Financial, Inc.		1,061
	192	Bank of America Corp		2,794
	21	Goldman Sachs Group, Inc.		3,573
				7,428
		Energy — 10.8%
	34	ConocoPhillips Holding Co. Ø		1,716
	21	Consol Energy, Inc.		916
	9	Diamond Offshore Drilling, Inc. Θ		886
	36	Hess Corp. Ø		1,954
	84	Marathon Oil Corp.		2,673
	92	Nabors Industries Ltd. •		1,910
	32	National Oilwell Varco, Inc. •Ø		1,328
	37	Occidental Petroleum Corp.		2,808
	21	Peabody Energy Corp.		816
	33	Ultra Petroleum Corp. •		1,621
	32	XTO Energy, Inc.		1,322
				17,950
		Food & Staples Retailing — 1.4%
	34	BJ’s Wholesale Club, Inc. •		1,184
	33	Walgreen Co.		1,248
				2,432
		Food, Beverage & Tobacco — 7.0%
	143	Altria Group, Inc.		2,597
	17	Archer Daniels Midland Co.		497
	27	Dr. Pepper Snapple Group •		742
	22	Lorillard, Inc.		1,710
	33	PepsiCo, Inc.		2,016
	89	Philip Morris International, Inc.		4,234
				11,796
		Health Care Equipment & Services — 3.5%
	33	Medtronic, Inc.		1,189
	62	St. Jude Medical, Inc. •		2,109
	57	UnitedHealth Group, Inc.		1,484
	22	Wellpoint, Inc. •		1,034
				5,816
		Insurance — 6.0%
	45	Allied World Assurance Holdings Ltd.		1,996
	71	Axis Capital Holdings Ltd.		2,037
	26	Everest Re Group Ltd.		2,266
	91	Genworth Financial, Inc.		968
	37	Lincoln National Corp. ØΘ		887
	17	Prudential Financial, Inc .		787
	57	Unum Group		1,143
				10,084
		Materials — 1.3%
	19	Freeport-McMoRan Copper & Gold, Inc.		1,401
	19	Mosaic Co. Θ		888
				2,289
		Pharmaceuticals, Biotechnology & Life Sciences — 14.0%
	40	Abbott Laboratories		2,013
	62	Amgen, Inc. •Ø		3,348
	118	Bristol-Myers Squibb Co.		2,581
	92	Eli Lilly & Co.		3,132
	114	Forest Laboratories, Inc. •		3,157
	34	Gilead Sciences, Inc. •		1,438
	28	Johnson & Johnson		1,659
	63	Merck & Co., Inc.		1,958
	92	Pfizer, Inc.		1,566
	92	Schering-Plough Corp.		2,606
				23,458
		Real Estate — 0.9%
	89	Annaly Capital Management, Inc.		1,505
		Retailing — 6.3%
	16	Amazon.com, Inc. •		1,889
	3	AutoZone, Inc. •		446
	29	Best Buy Co., Inc.		1,096
	36	Big Lots, Inc. •		897
	142	Gap, Inc.		3,032
	51	Macy’s, Inc.		892
	161	Office Depot, Inc. •		976
	37	TJX Cos., Inc.		1,375
				10,603
		Semiconductors & Semiconductor Equipment — 3.2%
	32	Maxim Integrated Products, Inc.		540
	135	ON Semiconductor Corp. •		904
	95	Texas Instruments, Inc. Ø		2,225
	76	Xilinx, Inc.		1,642
				5,311
		Software & Services — 10.3%
	38	Accenture plc		1,401
	22	BMC Software, Inc. •		832
	35	eBay, Inc. •		788
	6	Google, Inc.		3,056
	4	Mastercard, Inc.		811
	166	Microsoft Corp.		4,609
	149	Oracle Corp.		3,148
	14	Sohu.com, Inc. •		779

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount					Market Value ╪
COMMON STOCKS — 99.5% — (continued)
		Software & Services — 10.3% — (continued)
	47	VeriSign, Inc. •			$	1,072
	46	Western Union Co.				841
						17,337
		Technology Hardware & Equipment — 8.0%
	24	Apple, Inc. •				4,562
	85	Cisco Systems, Inc.				1,931
	38	Hewlett-Packard Co.				1,780
	21	IBM Corp.				2,533
	29	Qualcomm, Inc. Ø				1,188
	92	Seagate Technology				1,279
						13,273
		Telecommunication Services — 2.1%
	136	AT&T, Inc.				3,484
		Utilities - 4.8%
	38	Entergy Corp.				2,931
	39	Exelon Corp.				1,850
	37	FirstEnergy Corp.				1,588
	8	PG&E Corp.				344
	60	UGI Corp.				1,433
						8,146
		Total common stocks (cost $164,714)			$	166,663
		Total long-term investments (cost $164,714)			$	166,663
SHORT-TERM INVESTMENTS — 0.2%
		Repurchase Agreements — 0.2%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $13, collateralized by GNMA 5.00%, 2039, value of $13)
$	13	0.08%, 10/30/2009			$	13
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $76, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $77)
	76	0.08%, 10/30/2009				76
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $85, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $86)
	85	0.08%, 10/30/2009				85
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1, collateralized by U.S. Treasury Note 2.75%, 2013, value of $1)
	1	0.05%, 10/30/2009				1
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $147, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $150)
	146	0.07%, 10/30/2009				146
						321
		Total short-term investments (cost $321)			$	321
		Total investments (cost $165,035) 5	99.7	%	$	166,984
		Other assets and liabilities	0.3	%		469
		Total net assets	100.0	%	$	167,453

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 0.5% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $165,386 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	19,790
Unrealized Depreciation		(18,192	)
Net Unrealized Appreciation	$	1,598

•	Currently non-income producing.
Θ	At October 31, 2009, these securities were designated to cover open call options written as follows:

							Unrealized
Issuer/ Exercise Price/	Number of		Market		Premiums		Appreciation
Expiration Date	Contracts*		Value ╪		Received		(Depreciation)
Diamond Offshore Drilling, Inc., $110.00, Nov, 2009		17	$	1	$	2	$	1
Lincoln National Corp., $27.00, Nov, 2009		72		4		14		10
Mosaic Co., $60.00, Nov, 2009		35		–		3		3
			$	5	$	19	$	14

* The number of contracts does not omit 000’s.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Disciplined Equity Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Ø At October 31, 2009, the sum of securities valued at $1,091 and cash of $442 collateralized the maximum delivery obligation of open put options written as follows:

							Unrealized
Issuer/ Exercise Price/	Number of		Market		Premiums		Appreciation
Expiration Date	Contracts*		Value ╪		Received		(Depreciation)
Amgen, Inc., $52.50, Dec, 2009		47	$	10	$	8	$	(2	)
Apollo Group, Inc., $50.00, Dec, 2009		43	$	7	$	5	$	(2	)
ConocoPhillips, $40.00, Nov, 2009		38	$	—	$	3	$	3
Dover Corp., $35.00, Nov, 2009		5	$	—	$	—	$	—
Ford Motor Co., $6.00, Nov, 2009		241	$	3	$	5	$	2
Hess Corp., $50.00, Nov, 2009		30	$	2	$	2	$	—
Lincoln National Corp. , $17.50, Nov, 2009		72	$	1	$	4	$	3
National Oilwell Varco, Inc., $35.00, Dec, 2009		41	$	4	$	3	$	(1	)
Qualcomm, Inc., $40.00, Nov, 2009		45	$	4	$	5	$	1
Texas Instruments, Inc., $21.00, Nov, 2009		75	$	1	$	2	$	1
			$	32	$	37	$	5

* The number of contracts does not omit 000’s.

Futures Contracts Outstanding at October 31, 2009

					Unrealized
	Number of			Expiration	Appreciation/
Description	Contracts*		Position	Month	(Depreciation)
S&P 500 Mini		11	Long	Dec 2009	$	(8	)

* The number of contracts does not omit 000’s.

Cash of $50 was pledged as initial margin deposit for open futures contracts at October 31, 2009.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Disciplined Equity Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks ‡	$	166,663	$	166,663	$	—	$	—
Short-Term Investments		321		—		321		—
Total	$	166,984	$	166,663	$	321	$	—
Other Financial Instruments *	$	24	$	24	$	—	$	—
Liabilities:
Other Financial Instruments *	$	13	$	13	$	—	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

The accompanying notes are an integral part of these financial statements.

7

The Hartford Disciplined Equity Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $165,035)	$	166,984
Cash		492	*†
Receivables:
Investment securities sold		2
Fund shares sold		37
Dividends and interest		228
Other assets		49
Total assets		167,792
Liabilities:
Bank overdraft — U.S. Dollars		—
Payables:
Fund shares redeemed		193
Investment management fees		21
Distribution fees		7
Variation margin		16
Accrued expenses		65
Written options (proceeds $56)		37
Total liabilities		339
Net assets	$	167,453
Summary of Net Assets:
Capital stock and paid-in-capital		231,002
Accumulated undistributed net investment income		1,777
Accumulated net realized loss on investments		(67,286	)
Unrealized appreciation of investments		1,960
Net assets	$	167,453
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	10.44/$11.05
Shares outstanding		8,150
Net assets	$	85,080
Class B: Net asset value per share	$	9.89
Shares outstanding		826
Net assets	$	8,165
Class C: Net asset value per share	$	9.84
Shares outstanding		1,222
Net assets	$	12,025
Class R3: Net asset value per share	$	10.71
Shares outstanding		2
Net assets	$	20
Class R4: Net asset value per share	$	10.68
Shares outstanding		5
Net assets	$	55
Class R5: Net asset value per share	$	10.75
Shares outstanding		1
Net assets	$	8
Class Y: Net asset value per share	$	10.76
Shares outstanding		5,772
Net assets	$	62,100

*	Cash of $442 was designated to cover open put options written.
†	Cash of $50 was designated to cover open futures contracts.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Disciplined Equity Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	4,072
Interest		31
Securities lending		—
Total investment income		4,103
Expenses:
Investment management fees		1,265
Administrative services fees		—
Transfer agent fees		518
Distribution fees
Class A		207
Class B		94
Class C		118
Class R3		—
Class R4		—
Custodian fees		8
Accounting services fees		27
Registration and filing fees		72
Board of Directors’ fees		6
Audit fees		11
Other expenses		51
Total expenses (before waivers and fees paid indirectly)		2,377
Expense waivers		(259	)
Transfer agent fee waivers		(204	)
Commission recapture		(3	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(466	)
Total expenses, net		1,911
Net Investment Income		2,192
Net Realized Loss on Investments and Other Financial Instruments:
Net realized loss on investments in securities		(33,845	)
Net realized gain on futures		393
Net realized gain on written options		253
Net Realized Loss on Investments and Other Financial Instruments		(33,199	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments:
Net unrealized appreciation of investments		51,440
Net unrealized depreciation of futures		(124	)
Net unrealized appreciation of written options		19
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments		51,335
Net Gain on Investments and Other Financial Instruments		18,136
Net Increase in Net Assets Resulting from Operations	$	20,328

The accompanying notes are an integral part of these financial statements.

9

The Hartford Disciplined Equity Fund

Statement of Changes in Net Assets
(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	2,192		$	1,270
Net realized loss on investments and other financial instruments		(33,199	)		(23,436	)
Net unrealized appreciation (depreciation) of investments and other financial instruments		51,335			(97,417	)
Net Increase (Decrease) In Net Assets Resulting From Operations		20,328			(119,583	)
Distributions to Shareholders:
From net investment income
Class A		(511	)		(266	)
Class R3		—			—
Class R4		(1	)		—
Class R5		—			—
Class Y		(828	)		(754	)
Total distributions		(1,340	)		(1,020	)
Capital Share Transactions:
Class A		(16,001	)		(24,705	)
Class B		(4,603	)		(9,365	)
Class C		(2,799	)		(3,758	)
Class R3		9			6
Class R4		37			1
Class R5		—			—
Class Y		(14,268	)		(234	)
Net decrease from capital share transactions		(37,625	)		(38,055	)
Net Decrease In Net Assets		(18,637	)		(158,658	)
Net Assets:
Beginning of period		186,090			344,748
End of period	$	167,453		$	186,090
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	1,777		$	928

The accompanying notes are an integral part of these financial statements.

10

The Hartford Disciplined Equity Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Disciplined Equity Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are

11

The Hartford Disciplined Equity Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Options contracts on securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at their last reported sale price at the Valuation Time on the Primary Market on which the instrument is primarily traded. If the instrument did not trade on the Primary Market, it may be valued at the most recent sale price at the Valuation Time on another exchange or market where it did trade. If it is not possible to determine the last reported sale price on the Primary Market or another exchange or market at the Valuation Time, the value of the security shall be taken to be the most recent mean between bid and asked prices on such exchange or market at the Valuation Time. Absent both bid and asked prices on such exchange, the bid price may be used.

Futures contracts are valued at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively. If a settlement price is not available, futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the mean of the closing bid and asked prices as of the Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

12

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
d)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
e)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.

13

The Hartford Disciplined Equity Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

f)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
g)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund had no illiquid or restricted securities as of October 31, 2009.
h)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
i)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Statement of Assets and Liabilities Location
Equity contracts		Summary of Net Assets — Unrealized depreciation	$	8
Equity contracts		Written Options, Market Value		37

14

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps		Total
Equity contracts	$	253	$	—	$	393	$	—	$	—	$	646
Total	$	253	$	—	$	393	$	—	$	—	$	646

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
								Forward
			Purchased					Currency
Risk Exposure Category	Written Options		Options		Futures			Contracts		Swaps		Total
Equity contracts		19		—		(124	)		—		—	$	(105	)
Total	$	19	$	—	$	(124	)	$	—	$	—	$	(105	)

j) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Futures and Options:

Futures and Options Transactions — The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.

At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.

The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of October 31, 2009.

An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.

15

The Hartford Disciplined Equity Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. The Fund had no outstanding purchased option contracts as of October 31, 2009. Transactions involving written option contracts for the Fund during the year ended October 31, 2009, are summarized below:

Options Contract Activity During the Year Ended October 31, 2009
Call Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		—		$	—
Written		4,012			278
Expired		(2,678	)		(175	)
Closed		(843	)		(58	)
Exercised		(367	)		(26	)
End of Period		124		$	19

Put Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		—		$	—
Written		3,374			178
Expired		(1,964	)		(103	)
Closed		(511	)		(28	)
Exercised		(262	)		(10	)
End of Period		637		$	37

* The number of contracts does not omit 000’s.

4. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

16

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	1,340	$	1,020

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,777
Accumulated Capital Losses *		(66,943	)
Unrealized Appreciation †		1,617
Total Accumulated Deficit	$	(63,549	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated undistributed net investment income by $3 and increase accumulated net realized gain on investments by $3.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2011	$	10,424
2016		23,225
2017		33,294
Total	$	66,943

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

5. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

17

The Hartford Disciplined Equity Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500	%
On next $500 million		0.6750	%
On next $4 billion		0.6250	%
On next $5 billion		0.6225	%
Over $10 billion		0.6200	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.016	%
On next $5 billion		0.014	%
Over $10 billion		0.012	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class R3			Class R4			Class R5			Class Y
1.35%		2.10	%		2.10	%		1.60	%		1.30	%		1.00	%		0.95	%

d)

Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.17	%		1.40	%		1.40	%		1.39	%		1.38	%
Class B Shares		1.60			1.94			2.08			2.07			2.13
Class C Shares		2.03			2.12			2.09			2.09			2.10
Class R3 Shares		1.38			1.65			1.65	*
Class R4 Shares		1.29			1.28			1.34	*
Class R5 Shares		0.95			0.99			1.05	*
Class Y Shares		0.86			0.88			0.88			0.88			0.89

* From December 22, 2006 (commencement of operations), through October 31, 2007.

18

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $90 and contingent deferred sales charges of $13 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $10. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $323 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

19

The Hartford Disciplined Equity Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

g) Payments from Affiliate — The total return in the accompanying financial highlights includes payment from affiliates. Had the payment from affiliates been excluded, the total return for the periods listed below would have been as follows:

	Impact from			Total Return
	Payment from			Excluding
	Affiliate for SEC			Payment from
	Settlement for			Affiliate for the
	the Year Ended			Year Ended
	October 31, 2007			October 31, 2007
Class A		0.08	%		13.78	%
Class B		0.08			13.05
Class C		0.08			12.98
Class Y		0.07			14.37

6.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R3		1
Class R4		1
Class R5		1

7.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	98,191
Sales Proceeds Excluding U.S. Government Obligations		131,676

20

8.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		1,031		57		(2,872	)		—		(1,784	)		825		18		(2,793	)		—		(1,950	)
Amount	$	9,294	$	494	$	(25,789	)	$	—	$	(16,001	)	$	10,605	$	259	$	(35,569	)	$	—	$	(24,705	)
Class B
Shares		48		—		(577	)		—		(529	)		68		—		(830	)		—		(762	)
Amount	$	404	$	—	$	(5,007	)	$	—	$	(4,603	)	$	825	$	—	$	(10,190	)	$	—	$	(9,365	)
Class C
Shares		146		—		(480	)		—		(334	)		102		—		(414	)		—		(312	)
Amount	$	1,238	$	—	$	(4,037	)	$	—	$	(2,799	)	$	1,215	$	—	$	(4,973	)	$	—	$	(3,758	)
Class R3
Shares		1		—		—			—		1			—		—		—			—		—
Amount	$	14	$	—	$	(5	)	$	—	$	9		$	6	$	—	$	—		$	—	$	6
Class R4
Shares		4		—		—			—		4			—		—		—			—		—
Amount	$	36	$	1	$	—		$	—	$	37		$	1	$	—	$	—		$	—	$	1
Class R5
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	—	$	—	$	—		$	—	$	—		$	—	$	—	$	—		$	—	$	—
Class Y
Shares		714		93		(2,089	)		—		(1,282	)		665		51		(860	)		—		(144	)
Amount	$	5,895	$	828	$	(20,991	)	$	—	$	(14,268	)	$	8,318	$	754	$	(9,306	)	$	—	$	(234	)

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		189	$	1,726
For the Year Ended October 31, 2008		229	$	3,024

9.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
10.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.
11.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

21

The Hartford Disciplined Equity Fund

Financial Highlights

— Selected Per-Share Data (a) —

	Net Asset							Net Realized																Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions							(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized		Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains		from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	9.31	$	0.12		$	—	$	1.06		$	1.18		$	(0.05	)	$	—	$	—	$	(0.05	)	$	1.13		$	10.44
B		8.80		0.08			—		1.01			1.09			—			—		—		—			1.09			9.89
C		8.80		0.04			—		1.00			1.04			—			—		—		—			1.04			9.84
R3		9.56		0.09			—		1.11			1.20			(0.05	)		—		—		(0.05	)		1.15			10.71
R4		9.60		0.10			—		1.09			1.19			(0.11	)		—		—		(0.11	)		1.08			10.68
R5		9.62		0.14			—		1.10			1.24			(0.11	)		—		—		(0.11	)		1.13			10.75
Y		9.64		0.15			—		1.09			1.24			(0.12	)		—		—		(0.12	)		1.12			10.76
For the Year Ended October 31, 2008
A		14.91		0.05			—		(5.63	)		(5.58	)		(0.02	)		—		—		(0.02	)		(5.60	)		9.31
B		14.16		(0.05	)		—		(5.31	)		(5.36	)		—			—		—		—			(5.36	)		8.80
C		14.17		(0.06	)		—		(5.31	)		(5.37	)		—			—		—		—			(5.37	)		8.80
R3		15.33		0.01			—		(5.78	)		(5.77	)		—			—		—		—			(5.77	)		9.56
R4		15.37		0.06			—		(5.79	)		(5.73	)		(0.04	)		—		—		(0.04	)		(5.77	)		9.60
R5		15.41		0.10			—		(5.81	)		(5.71	)		(0.08	)		—		—		(0.08	)		(5.79	)		9.62
Y		15.43		0.12			—		(5.81	)		(5.69	)		(0.10	)		—		—		(0.10	)		(5.79	)		9.64
For the Year Ended October 31, 2007
A		13.19		0.04			0.01		1.77			1.82			(0.10	)		—		—		(0.10	)		1.72			14.91
B		12.53		(0.07	)		0.01		1.70			1.64			(0.01	)		—		—		(0.01	)		1.63			14.16
C		12.54		(0.07	)		0.01		1.70			1.64			(0.01	)		—		—		(0.01	)		1.63			14.17
R3(g)		13.89		—			—		1.44			1.44			—			—		—		—			1.44			15.33
R4(g)		13.89		0.03			—		1.45			1.48			—			—		—		—			1.48			15.37
R5(g)		13.89		0.07			—		1.45			1.52			—			—		—		—			1.52			15.41
Y		13.58		0.19			0.01		1.75			1.95			(0.10	)		—		—		(0.10	)		1.85			15.43
For the Year Ended October 31, 2006
A		11.78		0.04			—		1.39			1.43			(0.02	)		—		—		(0.02	)		1.41			13.19
B		11.25		(0.03	)		—		1.31			1.28			—			—		—		—			1.28			12.53
C		11.26		(0.04	)		—		1.32			1.28			—			—		—		—			1.28			12.54
Y		12.12		0.14			—		1.40			1.54			(0.08	)		—		—		(0.08	)		1.46			13.58
For the Year Ended October 31, 2005
A		10.67		0.10			—		1.09			1.19			(0.08	)		—		—		(0.08	)		1.11			11.78
B		10.20		(0.02	)		—		1.08			1.06			(0.01	)		—		—		(0.01	)		1.05			11.25
C		10.22		(0.02	)		—		1.07			1.05			(0.01	)		—		—		(0.01	)		1.04			11.26
Y		10.99		0.15			—		1.12			1.27			(0.14	)		—		—		(0.14	)		1.13			12.12

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(g)	Commenced operations on December 22, 2006.
(h)	Not annualized.
(i)	Annualized.

22

— Ratios and Supplemental Data —

					Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
					Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Turnover Rate(d)
	12.82	%	$	85,080		1.58	%		1.17	%		1.17	%		1.27	%		59	%
	12.39			8,165		2.65			1.60			1.60			0.86			—
	11.82			12,025		2.22			2.03			2.03			0.41			—
	12.65			20		2.04			1.38			1.38			0.98			—
	12.65			55		1.29			1.29			1.29			1.09			—
	13.12			8		0.95			0.95			0.95			1.47			—
	13.13			62,100		0.86			0.86			0.86			1.57			—
	(37.46	)		92,476		1.44			1.40			1.40			0.36			69
	(37.85	)		11,931		2.39			1.95			1.95			(0.18	)		—
	(37.90	)		13,691		2.13			2.13			2.13			(0.36	)		—
	(37.64	)		11		1.87			1.65			1.65			0.12			—
	(37.37	)		8		1.28			1.28			1.28			0.48			—
	(37.23	)		7		0.99			0.99			0.99			0.77			—
	(37.09	)		67,966		0.89			0.89			0.89			0.88			—
	13.87	(f)		177,170		1.40			1.40			1.40			0.32			72
	13.14	(f)		29,968		2.31			2.08			2.08			(0.35	)		—
	13.07	(f)		26,479		2.09			2.09			2.09			(0.37	)		—
	10.37	(h)		11		1.65	(i)		1.65	(i)		1.65	(i)		(0.03	)(i)		—
	10.66	(h)		11		1.34	(i)		1.34	(i)		1.34	(i)		0.28	(i)		—
	10.94	(h)		11		1.05	(i)		1.05	(i)		1.05	(i)		0.57	(i)		—
	14.45	(f)		111,098		0.88			0.88			0.88			0.86			—
	12.13			189,375		1.40			1.40			1.40			0.39			67
	11.38			35,673		2.30			2.07			2.07			(0.28	)		—
	11.37			29,153		2.10			2.10			2.10			(0.31	)		—
	12.76			169,614		0.89			0.89			0.89			0.88			—
	11.19			209,721		1.41			1.40			1.40			0.81			61
	10.35			39,806		2.34			2.15			2.15			0.06			—
	10.29			33,690		2.11			2.11			2.11			0.12			—
	11.62			81,582		0.90			0.90			0.90			0.97			—

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Disciplined Equity Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Disciplined Equity Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

24

The Hartford Disciplined Equity Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

25

The Hartford Disciplined Equity Fund
Directors and Officers (Unaudited) — (continued)

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

26

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

The Hartford Disciplined Equity Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	100.00	%
QDI†	100.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.053		N/A		N/A		0.053
Class R3		0.049		N/A		N/A		0.049
Class R4		0.112		N/A		N/A		0.112
Class R5		0.109		N/A		N/A		0.109
Class Y		0.120		N/A		N/A		0.120

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

28

The Hartford Disciplined Equity Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,183.70	$	6.55	$	1,000.00	$	1,019.21	$	6.06		1.19	%		184		365
Class B	$	1,000.00	$	1,181.60	$	9.18	$	1,000.00	$	1,016.79	$	8.49		1.67			184		365
Class C	$	1,000.00	$	1,178.40	$	11.26	$	1,000.00	$	1,014.87	$	10.41		2.05			184		365
Class R3	$	1,000.00	$	1,184.70	$	7.05	$	1,000.00	$	1,018.75	$	6.51		1.28			184		365
Class R4	$	1,000.00	$	1,182.70	$	7.04	$	1,000.00	$	1,018.75	$	6.51		1.28			184		365
Class R5	$	1,000.00	$	1,185.20	$	5.01	$	1,000.00	$	1,020.62	$	4.63		0.91			184		365
Class Y	$	1,000.00	$	1,186.30	$	4.57	$	1,000.00	$	1,021.02	$	4.23		0.83			184		365

29

The Hartford Disciplined Equity Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Disciplined Equity Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

30

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and

31

The Hartford Disciplined Equity Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

32

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

33

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-8 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford Diversified International Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	5
Investment Valuation Hierarchy Level Summary at October 31, 2009	13
Statement of Assets and Liabilities at October 31, 2009	14
Statement of Operations for the Year Ended October 31, 2009	15
Statement of Changes in Net Assets for the Year Ended October 31, 2009 and for the Period June 30, 2008 through October 31, 2008	16
Notes to Financial Statements	17
Financial Highlights	28
Report of Independent Registered Public Accounting Firm	30
Directors and Officers (Unaudited)	31
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	33
Quarterly Portfolio Holdings Information (Unaudited)	33
Federal Tax Information (Unaudited)	34
Expense Example (Unaudited)	35
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	36

The Hartford Diversified International Fund inception 06/30/2008

(subadvised by Wellington Management Company, LLP) Investment objective — Seeks long-term capital appreciation.

Performance Overview(1) 6/30/08 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

MSCI All Country World ex U.S. Index is a broad based, unmanaged, market capitalization weighted, total return index that measures the performance of both developed and emerging stock markets, excluding the U.S. The index is calculated to exclude companies and share classes which cannot be freely purchased by foreigners.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4) (as of 10/31/09)

	1			Since
	Year			Inception
Diversified International A#		25.40	%		-20.38	%
Diversified International A##		18.50	%		-23.68	%
Diversified International B#		24.53	%		-20.89	%
Diversified International B##		19.53	%		-23.27	%
Diversified International C#		24.53	%		-20.89	%
Diversified International C##		23.53	%		-20.89	%
Diversified International I#		25.84	%		-20.07	%
Diversified International R3#		25.05	%		-20.55	%
Diversified International R4#		25.43	%		-20.36	%
Diversified International R5#		25.60	%		-20.18	%
Diversified International Y#		25.86	%		-20.06	%
MSCI All Country World ex U.S. Index		34.79	%		-13.67	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Cheryl M. Duckworth, CFA	Andrew S. Offit, CPA	Vera M. Trojan, CFA
Senior Vice President	Senior Vice President	Senior Vice President
Theodore B.P. Jayne, CFA	David Elliott, CFA
Vice President	Vice President

How did the Fund perform?

The Class A shares of The Hartford Diversified International Fund returned 25.40%, before sales charge, for the twelve-month period ended October 31, 2009, underperforming its benchmark, the MSCI All Country World ex U.S. Index, which returned 34.79% for the same period. The Fund also underperformed the 28.52% return of the average fund in 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?

The positive return of the benchmark during the period masks two significantly different market environments. From the beginning of November through early March stocks fell sharply, reflecting deepening economic worries and concerns over the impact of various governments’ increasing involvement in the global economy. From early March through the end of October stocks rallied as investors came to believe that a Depression-like scenario was less likely as better-than-expected corporate earnings and generally improving economic data boosted investors’ enthusiasm for stocks. All ten sectors within the MSCI All Country World

2

ex U.S. posted double digit returns for the period. The Materials (+60%), Financials (+40%), and Industrials (+40%) sectors posted the largest gains while the Utilities (+10%), Health Care (+15%), and Telecommunication Services (+28%) lagged on a relative basis.

The Fund’s underperformance versus the benchmark was due to weak stock selection. Selection was weakest within Financials, Materials, and Consumer Staples. This was partially offset by stronger selection in Consumer Discretionary and Energy. Sector positioning, which is a result of individual stock decisions, also detracted from benchmark-relative (i.e. performance of the Fund as measured against the benchmark) returns, largely due to an underweight (i.e. the Fund’s sector position was less than the benchmark position) position in Materials and an overweight (i.e. the Fund’s sector position was greater than the benchmark position) position in Health Care. The Fund also benefited from a modest cash position, which helped relative performance as the market trended lower from November through February.

The largest detractors from relative returns were Nintendo (Information Technology), Japan Tobacco (Consumer Staples), and Vimpel-Communications (Telecommunication Services). Japanese video game console company Nintendo saw its shares fall due to weak Wii game console and software sales trends. Shares of cigarette and tobacco products company Japan Tobacco were pressured due to investor fears that the Japanese government would raise taxes on tobacco and poor performance in weak economic regions like Russia. Russian wireless operator Vimpel-Communications saw its shares fall amid significant macroeconomic uncertainty in Russia and weakness in the ruble relative to the U.S. dollar. Belgium-based financial services company KBC Groep (Financials) was also among the top detractors from absolute (i.e. total return) returns.

Top contributors to relative performance during the period included Volkswagen (Consumer Discretionary), Standard Chartered (Financials), and Hon Hai Precision (Information Technology). German car maker Volkswagen’s shares slid during the period, following sharp gyrations in the company’s stock driven by Porsche’s move to take a controlling stake in the company and the company’s announcement of lower-than-expected fiscal year 2009 guidance. The Fund benefited on a relative basis by not holding the stock, which is included in the benchmark. Shares of U.K.-based bank Standard Chartered rose due to strong wholesale banking revenues and a solid balance sheet as well as investors’ confidence in its competitive position. Hon Hai Precision, a Taiwan-based electronics company, saw its shares rise as the company posted higher-than-expected earnings mainly due to improved cost efficiencies. Top absolute contributors to performance included diversified mining company Rio Tinto (Materials) and Brazil-based bank Itau Unibanco Holdings (Financials).

What is the outlook?

Global economies continued the healing process during the latter part of the period. The Fund’s overall positioning is consistent with an improving economic outlook as aggressive stimulus measures have proven effective at providing liquidity and have eased financial market pressures.

The Fund comprises multiple specialized portfolios, each of which is run independently from the others. Collectively these strategies offer a diverse set of exposures to non-U.S. stocks across industries, regions, and market caps. Due to these bottom-up (i.e. stock by stock fundamental research) investment decisions the Fund ended the period most overweight the Consumer Discretionary, Industrials, and Health Care sectors and most underweight the Financials, Energy, and Telecommunication Services sectors.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		3.8	%
Banks (Financials)		11.9
Capital Goods (Industrials)		7.9
Commercial & Professional Services (Industrials)		0.7
Consumer Durables & Apparel (Consumer Discretionary)		1.8
Consumer Services (Consumer Discretionary)		0.8
Diversified Financials (Financials)		4.2
Energy (Energy)		9.1
Food & Staples Retailing (Consumer Staples)		1.3
Food, Beverage & Tobacco (Consumer Staples)		6.8
Health Care Equipment & Services (Health Care)		0.7
Household & Personal Products (Consumer Staples)		1.1
Insurance (Financials)		3.6
Materials (Materials)		11.0
Media (Consumer Discretionary)		0.3
Other Investment Pools and Funds (Financials)		0.9
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		6.7
Real Estate (Financials)		2.3
Retailing (Consumer Discretionary)		3.1
Semiconductors & Semiconductor Equipment (Information Technology)		2.1
Software & Services (Information Technology)		2.3
Technology Hardware & Equipment (Information Technology)		2.8
Telecommunication Services (Services)		4.9
Transportation (Industrials)		2.7
Utilities (Utilities)		4.3
Short-Term Investments		2.3
Other Assets and Liabilities		0.6
Total		100.0	%

3

Diversification by Country
as of October 31, 2009

	Percentage of
Country	Net Assets
Australia		1.5	%
Austria		0.5
Belgium		1.4
Brazil		3.5
Canada		3.6
China		2.1
Denmark		0.6
Egypt		0.2
Finland		0.2
France		7.6
Gabon		0.0
Germany		7.3
Greece		0.3
Hong Kong		3.7
Hungary		0.0
India		2.3
Indonesia		0.2
Ireland		1.0
Israel		0.6
Italy		2.5
Japan		11.4
Jersey		0.1
Luxembourg		0.3
Malaysia		0.2
Mexico		0.2
Netherlands		3.9
New Zealand		0.0
Norway		0.2
Peru		0.1
Philippines		0.0
Poland		0.1
Portugal		0.0
Russia		2.0
Singapore		0.5
South Africa		1.5
South Korea		0.9
Spain		4.1
Sweden		0.9
Switzerland		7.8
Taiwan		2.3
Thailand		0.4
Turkey		0.4
United Kingdom		18.8
United States		1.9
Short-Term Investments		2.3
Other Assets and Liabilities		0.6
Total		100.0	%

4

The Hartford Diversified International Fund

Schedule of Investments
October 31, 2009

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 96.2%
		Australia — 1.5%
	5	ABC Learning Centres Ltd. ⌂•†	$	—
	1	Aditya Birla Minerals Ltd.		2
	3	AWB Ltd.		3
	9	Beach Petroleum Ltd.		7
	1	Biota Holdings Ltd. •		4
	9	Centamin Egypt Ltd. •		19
	1	Challenger Financial Services Group Ltd.		3
	1	Coffey International Ltd.		2
	8	Emeco Holdings Ltd.		6
	9	Foster’s Group Ltd.		43
	3	Hastie Group Ltd.		4
	2	iiNET Ltd.		3
	2	IMF Australia Ltd.		3
	10	iSOFT Group Ltd.		7
	11	Karoon Gas Australia Ltd. •		73
	1	Macquarie Media Group Ltd.		2
	18	Pacific Brands Ltd.		21
	4	Paladin Energy Ltd. •		16
	6	Pan Pacific Petroleum		2
	3	Panoramic Resources Ltd.		6
	7	PMP Ltd.		4
	1	Premier Investments Ltd.		5
	15	Sigma Pharmaceuticals Ltd.		12
	2	Straits Resources Ltd.		3
	6	STW Communications Group Ltd.		4
	5	Toll Holdings Ltd.		41
	—	Transfield Services Ltd.		—
	2	Woolworths Ltd.		56
				351
		Austria — 0.5%
	—	BWIN Interactive Entertainment •		10
	—	Conwert Immobilien Invest SE		4
	2	OMV AG		86
	—	Semperit AG Holding		2
	2	WDS Ltd.		3
				105
		Belgium — 1.4%
	1	Delhaize-Le Lion S.A.		44
	—	D’ieteren S.A.		9
	—	Financiere De Tubize S.A.		3
	20	Fortis		86
	14	Hansen Transmissions •		29
	—	Kinepolis		3
	—	Nyrstar N.V.		5
	—	Tessenderlo Chemie N.V.		6
	3	UCB S.A.		134
	—	Umicore		11
	—	Wereldhave Belgium		2
				332
		Brazil — 3.5%
	6	Banco do Estado do Rio Grande do Sul S.A.		35
	2	BM & F Bovespa S.A.		12
	1	BR Malls Participacoes S.A. •		15
	1	Cetip S.A. — Balcao Organizado		5
	2	Cia Brasileira de Meios de Pagamentos		16
	3	Companhia Energetica de Minas Gerais		45
	9	Companhia Energetica de Minas Gerais ADR		148
	1	Cyrela Brazil Realty S.A.		13
	2	Hypermarcas S.A. •		30
	11	Itau Unibanco Banco Multiplo S.A. ADR		211
	1	Lojas Renner S.A.		12
	2	Perdigao S.A. •		39
	2	Petroleo Brasileiro S.A. ADR		72
	1	Tam S.A. •		10
	2	Tele Norte Leste Participacoes S.A. ADR		29
	1	Usinas Siderurgicas De Minas Gerais S.A.		14
	1	Vale S.A. — SP ADR		27
	—	Vivo Participacoes S.A.		8
				741
		Canada — 3.6%
	—	AGF Management Ltd.		6
	1	Agnico Eagle Mines Ltd.		32
	1	Agrium U.S., Inc.		56
	1	Agrium, Inc.		23
	—	Alimentation Couche-Tard, Inc. Class B		8
	—	Artis Real Estate Investment Trust		3
	—	Atrium Innovations, Inc. •		3
	3	Barrick Gold Corp.		97
	1	Cameco Corp.		19
	—	Canaccord Capital, Inc.		3
	1	Canadian Natural Resources Ltd.		39
	—	Canadian Western Bank		6
	—	Canam Group, Inc.		3
	1	Capstone Mining Corp. •		2
	1	Cascades, Inc.		8
	1	Celestica, Inc. •		8
	1	Centerra Gold, Inc. •		5
	—	Constellation Software, Inc.		4
	—	Dundee Real Estate Investment Trust		7
	—	DundeeWealth, Inc.		6
	—	E-L Financial Corp. Ltd.		4
	—	Equitable Group, Inc.		7
	—	Flint Energy Services Ltd. •		3
	—	Garda World Security Co. •		3
	1	Gennum Corp.		4
	—	Grande Cache Coal Corp. •		2
	18	High River Gold Mines Ltd. •		7
	—	Home Capital Group, Inc.		13
	—	Hudbay Minerals, Inc. •		5
	1	InnVest Real Estate Investment Trust		3
	3	Ivanhoe Mines Ltd. •		28
	—	Just Energy Income Fund		5
	1	Kinross Gold Corp.		9
	—	Laurentian Bank of Canada		11
	—	Linamar Corp.		2
	1	Lundin Mining Corp. •		3
	—	MOSAID Technologies, Inc.		2
	—	Newalta, Inc.		4
	3	Northgate Minerals Corp. •		7
	1	Pacific Rubiales Energy Corp. •		9
	1	Pinetree Capital Ltd. •		1
	1	Potash Corp. of Saskatchewan, Inc.		106
	1	Potash Corp. of Saskatchewan, Inc. ADR		65
	—	Primaris Retail Real Estate Investment Trust		4
	—	ShawCor Ltd.		8
	3	Sino Forest Corp. •		41
	1	Suncor Energy, Inc.		43
	1	Teck Cominco Ltd. Class B		42
	—	The Churchill Corp. •		6
	1	Thompson Creek Metals Co., Inc •		6

The accompanying notes are an integral part of these financial statements.

5

The Hartford Diversified International Fund

Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 96.2% — (continued)
		Canada — 3.6% — (continued)
	1	Total Energy Services	$	2
	2	West Energy Ltd. •		5
	1	Western Coal Corp. •		2
	—	Winpak Ltd.		3
				803
		China — 2.1%
	—	Baidu, Inc. ADR •		42
	18	China Construction Bank		15
	4	China Life Insurance Co., Ltd.		18
	—	China Petroleum & Chemical Corp. ADR		15
	10	China Shenhua Energy Co., Ltd.		47
	8	China Shipping Development		11
	18	Dongfeng Motor Group Co., Ltd.		21
	11	Golden Eagle Retail Group Ltd.		19
	20	Industrial and Commercial Bank of China		16
	34	Jiangsu Express Co., Ltd.		30
	8	Parkson Retail Group Ltd.		13
	69	PetroChina Co., Ltd.		83
	4	Tencent Holdings Ltd.		64
	4	ZTE Corp.		20
				414
		Denmark — 0.6%
	1	DSV A/S		22
	2	Vestas Wind Systems A/S •		108
				130
		Egypt — 0.2%
	2	Egyptian Financial Group		11
	—	Orascom Construction		22
				33
		Finland — 0.2%
	—	Oriola-KD Oyj		2
	1	Raisio plc		5
	1	Sponda Oyj •		5
	1	Tietoenator Oyj •		10
	1	Yit Oyj		12
				34
		France — 7.6%
	1	Accor S.A.		42
	24	Alcatel S.A.		88
	—	Arkema		7
	1	BNP Paribas		64
	—	Boiron		10
	—	Bollore		19
	—	Cegereal		3
	—	Cie Generale d’Optique Essilor International S.A.		21
	—	Credit Industriel et Commercial		7
	—	Eiffage		4
	1	Electricite de France		44
	—	Esso Ste. Anonyme Francaise		3
	—	Euro Disney S.C.A. •		2
	—	Fonciere des Murs		3
	—	Fonciere des Regions		6
	2	Gaz de France		71
	—	Gecina S.A.		3
	3	Groupe Danone		174
	1	Groupe Eurotunnel S.A.		9
	—	Meetic •		4
	2	Michelin (C.G.D.E.) Class B		139
	—	Nexans S.A.		9
	—	Nexity		13
	—	Peugeot S.A.		12
	1	Pinault-Printemps-Redoute S.A.		109
	—	Rallye S.A.		5
	1	Renault S.A.		46
	3	Rhodia S.A.		42
	1	Safran S.A.		9
	1	Sanofi-Aventis S.A.		90
	—	Sartorius Stedium Biotech		4
	1	Schneider Electric S.A.		74
	1	Scor SE		13
	—	SEB S.A.		16
	—	Sequana		3
	—	Societe BiC S.A.		9
	—	Societe Fonciere, Financiere et de Participations		4
	2	Societe Generale Class A		110
	—	Technip S.A.		2
	3	UbiSoft Entertainment S.A. •		48
	1	Unibail-Rodamco SE		163
	—	Valeo S.A.		4
	—	Vallourec		46
	1	Vinci S.A.		36
				1,590
		Gabon — 0.0%
	—	Total Gabon		4
		Germany — 7.3%
	—	Aareal Bank AG		6
	1	Adidas-Salomon AG		38
	—	Allianz SE		41
	—	Alstria Office REIT AG		5
	1	BASF SE		56
	—	Biotest AG		3
	—	CeWe Color Holdings		2
	6	Daimler AG		287
	1	Deutsche Boerse AG		89
	1	Deutsche Lufthansa AG		18
	2	Deutsche Post AG		40
	—	DIC Asset AG		3
	—	Draegerwerk AG & Co.		2
	—	Drillisch AG		2
	3	E.On AG		129
	—	Fresenius SE		12
	1	GEA Group AG		14
	—	GFK SE		3
	—	Hannover Rueckversicherung AG		17
	2	HeidelbergCement AG		104
	1	Hochtief AG		65
	2	Infineon Technologies AG •		11
	1	K+S AG		29
	—	Linde AG		32
	—	Loewe AG		1
	1	Metro AG		78
	—	MTU Aero Engines Holdings AG		13
	—	Muenchener Rueckversicherungs NPV		61
	—	Rheinmetall AG		4
	—	Salzgitter AG		42

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 96.2% — (continued)
		Germany — 7.3% — (continued)
	3	Siemens AG	$	305
	—	Software AG		2
	1	Suedzucker AG		11
	—	TIPP24 AG		3
	1	Wirecard		9
				1,537
		Greece — 0.3%
	1	Alpha Bank A.E.		23
	—	Babis Vovos International Construction		3
	—	Folli-Follie S.A.		3
	2	Public Power Corp.		45
				74
		Hong Kong — 3.7%
	31	Anta Sports Products Ltd.		37
	6	ASM Pacific Technology		46
	54	BOC Hong Kong Holdings Ltd.		124
	46	Champion Technology Holdings Ltd.		2
	2	China Mobile Ltd.		19
	19	China Shanshui Cement Group		14
	3	Chow Sang Sang Holdings		3
	7	Cosco Pacific Ltd.		9
	6	Dah Chong Hong Holdings Ltd.		3
	9	Esprit Holdings Ltd.		58
	8	Geely Automobile Holdings Ltd.		3
	2	Great Eagle Holdings Ltd.		6
	5	Hengan International Group Co., Ltd.		32
	1	Hong Kong Exchanges & Clearing Ltd.		9
	3	Hopson Development Holdings Ltd.		6
	80	Huabao International Holdings Ltd.		77
	25	Hutchison Telecommunications International Ltd.		5
	3	Hysan Development Co., Ltd.		8
	9	K Wah International Holdings Ltd.		3
	21	Li & Fung Ltd.		86
	4	Lilang China Co., Ltd. •		2
	8	New World China Land Ltd.		3
	4	New World China Land Ltd. — Rights		—
	9	Noble Group Ltd.		16
	19	Pacific Andes International Holdings Ltd.		3
	1	RCG Holdings Ltd.		2
	6	Shangri-La Asia Ltd.		12
	22	Sinolink Worldwide Holdings		4
	21	Skyworth Digital Holdings Ltd.		12
	7	Sun Hung Kai Properties Ltd.		112
	7	Varitronix International Ltd.		2
	18	Wynn Macau Ltd. •		24
	12	Xinao Gas Holdings Ltd.		26
				768
		Hungary — 0.0%
	—	Gedeon Richter plc		9
		India — 2.3%
	5	Dabur India Ltd.		16
	1	Educomp Solutions Ltd.		10
	1	HDFC Bank Ltd. ADR		123
	—	ICICI Bank Ltd.		6
	1	Indiabulls Real Estate Ltd.		7
	3	Infrastructure Development Finance Co., Ltd.		9
	1	Lanco Infratech Ltd. •		6
	1	Piramal Healthcare Ltd.		12
	3	Reliance Industries Ltd.		141
	1	Reliance Industries Ltd. GDR ■		61
	1	Sterlite Industries India Ltd.		9
	1	Tata Consultancy Services		12
	1	Tata Motors Ltd.		10
	—	United Spirits Ltd.		10
				432
		Indonesia — 0.2%
	37	Bank Mandiri TBK		18
	120	Bumi Resources TBK PT		29
				47
		Ireland — 1.0%
	3	Allied Irish Banks plc •		8
	1	CRH plc		34
	1	DCC plc		19
	7	Elan Corp. plc ADR •		40
	4	Experian plc		40
	1	Genesis Lease Ltd. ADR		7
	1	Greencore Group plc		2
	1	Irish Life & Permanent plc		5
	3	Ryanair Holdings plc ADR •		72
	—	SkillSoft plc ADR •		5
	1	Smurfit Kappa Group plc		7
	5	Total Produce plc		2
	2	United Drug plc		6
				247
		Israel — 0.6%
	6	Bezeq Israeli Telecommunication Corp., Ltd.		12
	2	Teva Pharmaceutical Industries Ltd. ADR		106
				118
		Italy — 2.5%
	—	Amplifon S.p.A.		2
	—	Ansaldo STS S.p.A.		8
	1	Autostrada Torino-Milano S.p.A.		8
	2	Banco di Desio e della Brianza S.A.		14
	5	Bulgari S.p.A.		44
	1	Buzzi Unicem S.p.A.		10
	2	Eni S.p.A.		42
	—	Esprinet S.p.A.		2
	1	Finmeccanica S.p.A.		15
	44	Intesa Sanpaolo		184
	6	Iride S.p.A.		11
	—	Italcementi S.p.A.		7
	4	Parmalat S.p.A.		12
	12	Saras S.p.A.		38
	15	Seat Pagine Gialle		4
	1	Sias S.p.A.		11
	70	Telecom Italia S.p.A.		77
				489
		Japan — 11.4%
	—	Accordia Golf Co., Ltd.		2
	—	Ahresty Corp.		3
	—	Aichi Bank Ltd.		7
	1	Aichi Machine Industry Co., Ltd.		2
	—	Aisan Industry Co., Ltd.		4
	1	Aloka Co., Ltd.		4
	—	Alpen Co.		3
	—	Alpine Electronics, Inc.		3
	—	Aoki Holdings, Inc.		2
	1	Aoyama Trading Co., Ltd.		10

The accompanying notes are an integral part of these financial statements.

7

The Hartford Diversified International Fund

Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 96.2% — (continued)
		Japan — 11.4% — (continued)
	—	Arcs Co., Ltd.	$	5
	1	Arisawa Manufacturing Co., Ltd.		4
	1	Arnest One Corp.		7
	—	Canon Finetech, Inc.		5
	1	Canon, Inc.		53
	—	Cawachi Ltd.		4
	—	Century Tokyo Leasing Corp.		2
	—	Chiyoda Co., Ltd.		4
	—	Chudenko Corp.		6
	1	Circle K Sunkus Co., Ltd.		16
	—	CMK Corp.		2
	—	DA Office Investment Corp.		8
	6	Daiichi Sankyo Co., Ltd.		117
	1	Daiichikosho Co., Ltd.		8
	1	DCM Japan Holdings Co., Ltd.		9
	—	DTS Corp.		2
	1	East Japan Railway Co.		39
	—	Edion Corp.		4
	4	Eisai Co., Ltd.		124
	—	Fields Corp.		4
	—	Fuji Machine Manufacturing Co.		4
	1	Futaba Corp.		14
	1	Godo Steel Ltd.		3
	—	H.I.S. Co., Ltd.		2
	1	Heiwa Corp.		10
	—	Hikari Tsushin, Inc.		5
	12	Hino Motors Ltd.		44
	—	Hitachi Information Systems Ltd.		4
	—	Hitachi Medical Corp.		5
	1	Hogy Medical Co., Ltd.		38
	8	Honda Motor Co., Ltd.		241
	—	Hosiden Corp.		3
	—	INES Corp.		3
	1	Izumiya Co., Ltd.		6
	2	Jaccs Co., Ltd.		4
	—	Japan Hotel and Resort, Inc.		3
	—	Japan Retail Fund Investment		5
	—	Japan Tobacco, Inc.		51
	—	Kagoshima Bank Ltd.		3
	—	Keihin Corp.		4
	—	Kenedix Realty Investment Corp.		3
	1	Kinden Corp.		8
	4	Komatsu Ltd.		75
	—	Kyocera Corp.		33
	—	Kyoei Steel Ltd.		3
	1	Maeda Road Construction Co., Ltd.		4
	2	Marudai Food Co., Ltd.		8
	—	MID REIT, Inc.		2
	—	Mimasu Semiconductor Industry Co., Ltd.		4
	4	Mitsubishi Corp.		93
	4	Mitsubishi Estate Co., Ltd.		56
	39	Mitsubishi UFJ Financial Group, Inc.		206
	3	Mitsui & Co., Ltd.		39
	—	Mitsui Sugar Co., Ltd.		2
	—	Mitsumi Electric Co., Ltd.		1
	1	Nabtesco Corp.		11
	—	NEC Mobiling Ltd.		2
	—	Nintendo Co., Ltd.		122
	1	Nippo Corp.		6
	—	Nippon Commercial Investment		2
	—	Nippon Residential		3
	—	Nippon Seiki Co., Ltd.		3
	—	Nippon Soda Co., Ltd.		2
	1	Nishimatsu Construction Co., Ltd.		2
	1	Nittetsu Mining Co., Ltd.		5
	—	Noevir		2
	1	Noritsu Koki Co., Ltd.		4
	—	NTT DoCoMo, Inc.		19
	7	Osaka Gas Co., Ltd.		23
	—	Osaka Securities Exchange Co., Ltd.		19
	4	Penta-Ocean Construction Co.		4
	—	Ricoh Leasing Co., Ltd.		4
	—	Round One Corp.		3
	—	Ryosan Co., Ltd.		2
	—	Ryoyo Electro Corp.		2
	1	San-In Godo Bank Ltd.		6
	1	Sanki Engineering Co., Ltd.		4
	1	Sanyo Special Steel Co., Ltd.		4
	2	Seino Holdings Corp.		15
	—	Shimachu Co., Ltd.		5
	2	Shin-Etsu Chemical Co., Ltd.		80
	7	Shionogi & Co., Ltd.		145
	1	Sintokogio Ltd.		4
	2	Softbank Corp.		57
	1	Sumitomo Mitsui Financial Group, Inc.		37
	1	T&D Holdings, Inc.		22
	—	Takata Corp.		4
	2	The Daiei, Inc. •		7
	—	The Okinawa Electric Power Co., Inc.		8
	1	The Yamanashi Chuo Bank Ltd.		4
	2	Toagosei Co., Ltd.		7
	—	Tohokushinsha Film Corp.		2
	1	Tokuyama Corp.		5
	13	Tokyo Gas Co., Ltd.		52
	1	Tokyo Steel Manufacturing Co., Ltd.		18
	—	Topre Corp.		2
	—	Torii Pharmaceutical Co., Ltd.		5
	10	Toshiba Corp.		59
	2	Toshiba TEC Corp.		8
	1	Toyo Kohan Co., Ltd.		4
	—	TS Technology Co., Ltd.		8
	—	TV Asahi Corp.		6
	—	Unipres Corp.		5
	—	Warabeya Nichiyo Co., Ltd.		4
	1	Yamada Denki Co., Ltd.		54
	2	Yodogawa Steel Works Ltd.		6
				2,339
		Jersey — 0.1%
	—	Rangold Resources Ltd.		11
		Luxembourg — 0.3%
	6	Colt Telecom Group S.A. •		12
	1	Gagfah S.A.		7
	1	Millicom International Cellular S.A. •		44
	—	Ternium S.A. ADR		4
				67
		Malaysia — 0.2%
	15	Air Asia BHD •		6

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 96.2% — (continued)
		Malaysia — 0.2% — (continued)
	8	Genting Berhad	$	16
	14	PLUS Expressways Berhad		14
				36
		Mexico — 0.2%
	1	America Movil S.A. de C.V. ADR		32
	8	Cemex S.A. CPO •		8
	3	Wal-Mart de Mexico		11
				51
		Netherlands — 3.9%
	—	Accell Group		3
	10	AerCap Holdings N.V. •		82
	—	BinckBank N.V.		3
	—	Draka Holding N.V.		5
	—	Gemalto N.V. •		12
	1	Heineken N.V.		55
	9	Koninklijke (Royal) KPN N.V.		154
	2	Koninklijke Philips Electronics N.V.		60
	1	OCE N.V.		4
	3	Plaza Centers N.V.		6
	5	Qiagen N.V. •		96
	4	SBM Offshore N.V.		69
	3	TNT N.V.		78
	6	Unilever N.V. CVA		199
	—	Unit 4 Agresso N.V. •		7
	—	Vastned Offices		5
				838
		New Zealand — 0.0%
	1	Nuplex Industries Ltd.		2
		Norway — 0.2%
	3	Aker Kvaerner		41
	—	Atea ASA		2
	—	Bonheur ASA		6
	2	Norwegian Property ASA		4
	1	Songa Offshore SE •		5
	—	Sparebanken Midt-Norge		4
	—	TGS Nopec Geophysical Co. ASA •		5
				67
		Peru — 0.1%
	—	Compania De Minas Buenaventur ADR		16
		Philippines — 0.0%
	77	Metro Pacific Investments Corp. •		5
		Poland — 0.1%
	—	Bank Pekao S.A.		12
		Portugal — 0.0%
	1	Redes Energeticas Nacionais		4
		Russia — 2.0%
	1	Mechel ADR		14
	—	Mobile Telesystems OJSC ADR		18
	13	OAO Gazprom Class S ADR		307
	2	OAO Rosneft Oil Co. §		18
	3	Vimpel-Communications ADR		52
				409
		Singapore — 0.5%
	5	Hi-P International Ltd.		2
	25	Olam International Ltd.		48
	11	Oversea-Chinese Banking Corp., Ltd.		61
				111
		South Africa — 1.5%
	2	ABSA Group Ltd.		35
	12	African Bank Investments Ltd.		49
	—	AngloGold Ltd. ADR		8
	2	Aspen Pharmacare Holdings Ltd.		13
	2	Barloworld Ltd.		11
	1	Harmony Gold Mining Co., Ltd. ADR		10
	2	Impala Platinum Holdings Ltd.		36
	1	Imperial Holdings Ltd.		12
	6	MTN Group Ltd.		95
	—	Naspers Ltd.		17
	—	Sasol Ltd.		17
				303
		South Korea — 0.9%
	—	Asia Cement Co., Ltd.		4
	—	Busan Bank •		4
	—	CJ Corp.		8
	1	Dae Duck Electronics		3
	—	Daehan Flour Mills Co., Ltd.		4
	1	Daewoo Heavy Industries & Machinery Ltd.		12
	1	Dongbu Hitek Co., Ltd.		3
	1	Dongyang Mechatronics Corp. •		2
	—	Global & Yuasa		1
	—	Haansoft, Inc.		2
	2	Halim Co., Ltd. •		4
	—	Handsome Co., Ltd.		3
	1	Hansol Paper Co., Ltd.		5
	1	Hanwha Chemical Corp.		5
	—	Hyundai Hysco		3
	—	Intops Co., Ltd.		3
	—	Jeonbuk Bank		2
	—	KB Financial Group, Inc.		11
	—	Kolon Industries, Inc.		5
	—	Korea Kumho Petrochemical Co., Ltd.		3
	—	Korea Telecom Corp.		11
	—	Korean Air Lines Co., Ltd.		12
	—	LG Dacom Corp.		6
	—	LG Electronics, Inc. •		18
	—	LG International •		4
	—	Lotte Shopping Co. •		6
	—	Meritz Fire & Marine Insurance		3
	1	ON*Media Corp. •		3
	—	Pacific Corp.		2
	—	Sambu Construction Co., Ltd.		2
	—	Samsung Electronics Co., Ltd.		91
	—	Shinhan Financial Group Co., Ltd.		16
	—	STX Engine Co., Ltd.		4
	—	Sungwoo Hitech Co., Ltd.		3
				268
		Spain — 4.1%
	1	Abertis Infraestructuras S.A.		17
	—	Aguas de Barcelona		5
	18	Banco Santander Central Hispano S.A.		284
	—	Construcciones y Auxiliar de		8
	—	Corp Financiera Alba		21
	2	Iberdrola S.A.		18
	1	Laboratorios Almiral S.A.		14
	—	Miquel y Costas & Miquel S.A.		3

The accompanying notes are an integral part of these financial statements.

9

The Hartford Diversified International Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 96.2% — (continued)
		Spain — 4.1% — (continued)
	—	Obrascon Huarte Lain S.A.	$	8
	—	Prosegur Compania de Seguridad S.A.		3
	4	Red Electrica Corporacion S.A.		228
	—	Tecnicas Reunidas S.A.		19
	9	Telefonica S.A.		238
	—	Viscofan S.A.		6
				872
		Sweden — 0.9%
	—	AF Ab Class B		6
	1	Assa Abloy Ab		24
	1	Boliden Ab		11
	1	Bure Equity Ab		7
	—	Cardo Ab		7
	—	Hexpol Ab •		4
	—	Investment Ab Latour		6
	2	Lundin Petroleum Ab •		14
	—	NCC Ab Class B		7
	2	Niscayah Group Ab		4
	4	Telefonaktiebolaget LM Ericsson		37
	2	Volvo Ab Class B		23
				150
		Switzerland — 7.8%
	2	ABB Ltd.		42
	—	Actelion Ltd. •		12
	1	Adecco S.A.		31
	—	AFG Arbonia-Forster Holding AG		3
	—	Basellandschaftliche Kantonalbank		6
	—	Bell Holding AG		3
	—	Berner Kantonalbank		6
	—	Clariant AG		4
	—	Compagnie Financiere		2
	3	Credit Suisse Group AG		146
	—	Implenia AG		4
	5	Julius Baer Group Ltd.		180
	—	Kardex		4
	—	Kuehne & Nagel International AG		27
	—	Luzerner Kantonalbank		7
	—	Micronas Semiconductor Holding AG •		2
	1	Mobilezone Holdings		4
	10	Nestle S.A.		464
	1	Roche Holding AG		206
	—	Romande Energie Holding S.A.		2
	—	Schindler Holding-Part Certificates		24
	—	Sonova Holding AG		22
	—	Swatch Group AG		70
	—	Swiss Life Holding AG		11
	—	Synthes, Inc.		15
	17	UBS AG		279
	—	Valora Holding AG		3
	1	Zurich Financial Services AG		127
				1,706
		Taiwan — 2.3%
	5	Acer, Inc.		11
	15	Advanced Semiconductor Engineering, Inc.		12
	14	Chinatrust Financial Holding Co., Ltd.		9
	30	Delta Electronics, Inc.		83
	15	Hon Hai Precision Industry Co., Ltd.		58
	10	Hon Hai Precision Industry Co., Ltd. GDR §		80
	9	MediaTek, Inc.		120
	9	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		83
	14	Yuanta Financial Holding Co.		9
				465
		Thailand — 0.4%
	9	Bangkok Bank plc		29
	115	Bank of Ayudhya plc		63
				92
		Turkey — 0.4%
	6	Turkcell Iletisim Hizmetleri A.S.		39
	2	Turkcell Iletisim Hizmetleri A.S. ADR		35
				74
		United Kingdom — 18.8%
	4	Admiral Group plc		65
	3	Anglo American plc •		116
	4	Antofagasta		48
	30	Arm Holdings plc		73
	5	Ashtead Group plc		7
	2	AstraZeneca plc		90
	3	AstraZeneca plc ADR		130
	1	Autonomy Corp. plc •		25
	7	BAE Systems plc		34
	3	Barclays Bank plc		18
	2	Barratt Developments plc		4
	15	BG Group plc		256
	2	BHP Billiton plc		62
	18	BP plc		173
	3	BP plc ADR		149
	7	British American Tobacco plc		212
	7	Burberry Group plc		57
	8	Carphone Warehouse Group plc		25
	8	Catlin Group Ltd.		41
	—	Clarkson plc		3
	1	Computacenter plc		7
	5	Croda International plc		56
	1	CSR plc •		4
	—	Daejan Holdings plc		7
	2	Davis Service Group plc		15
	2	Delta plc		6
	2	Devro plc		5
	1	Diploma plc		2
	2	eaga plc		4
	8	easyJet plc •		46
	2	Enterprise Inns plc		4
	3	Eurasian Natural Resources Corp.		42
	3	Fresnillo plc		42
	33	Friends Provident Group plc		44
	2	GlaxoSmithKline plc		45
	1	Goldshield Group plc		4
	31	HSBC Holding plc		344
	4	Imperial Tobacco Group plc		114
	19	Innovation Group plc		4
	2	Investec plc		13
	4	KCOM Group plc		3
	6	Kingfisher plc		23
	11	Lancashire Holdings Ltd.		93
	13	Logica plc		26
	10	Management Consulting Group plc		4
	26	Marks & Spencer Group plc		144

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount					Market Value ╪
COMMON STOCKS — 96.2% — (continued)
		United Kingdom — 18.8% — (continued)
	2	McBride plc			$	6
	7	Meggitt plc				29
	1	Micro Focus International				3
	1	Millennium & Copthorne Hotels plc				4
	2	Mitie Group plc				6
	—	Next plc				14
	3	Paragon Group Companies plc				8
	2	Persimmon plc				10
	1	Petrofac Ltd.				16
	26	Premier Foods plc				15
	2	Punch Taverns plc				3
	1	PureCircle Ltd.				3
	3	Reckitt Benckiser Group plc				143
	5	Regus plc				8
	4	Rentokil Initial plc				8
	10	Resolution plc •				15
	19	Rexam plc				85
	—	Rightmove				4
	6	Rio Tinto plc				276
	2	ROK plc				2
	10	Rolls-Royce Group plc				71
	1	RPC Group plc				2
	4	Senior plc				4
	2	Southern Cross Healthcare Ltd.				4
	3	Spice plc				3
	13	Standard Chartered plc				327
	12	Thomas Cook Group plc				40
	1	Travis Perkins plc				15
	1	Vedanta Resources plc				46
	34	Vodafone Group plc				74
	10	Xstrata plc				144
	5	Yell Group plc				4
						4,081
		United States — 1.0%
	—	ACE Ltd.				20
	—	Central European Media Enterprises Ltd. •				8
	—	Cott Corp. •				3
	1	Netease.com, Inc. •				54
	1	Noble Corp.				24
	2	Omega Navigation Enterprises				5
	1	Open Text Corp. •				18
	1	PartnerRe Ltd.				73
						205
		Total common stocks (cost $19,317)			$	20,442
PREFERRED STOCKS — 0.0%
		Germany — 0.0%
	—	Prosieben Sat.1 Media AG			$	5
		Total preferred stocks (cost $3)			$	5
EXCHANGE TRADED FUNDS — 0.9%
		United States — 0.9%
	3	iShares MSCI EAFE Index Fund			$	164
	1	SPDR S&P International Small Cap				24
		Total exchange traded funds (cost $183)			$	188
		Total long-term investments (cost $19,503)			$	20,635
SHORT-TERM INVESTMENTS — 2.3%
		Repurchase Agreements — 2.3%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $20, collateralized by GNMA 5.00%, 2039, value of $20)
$	20	0.08%, 10/30/2009			$	20
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $115, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $118)
	115	0.08%, 10/30/2009				115
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $128, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $131)
	128	0.08%, 10/30/2009				128
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1, collateralized by U.S. Treasury Note 2.75%, 2013, value of $1)
	1	0.05%, 10/30/2009				1
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $223, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $227)
	223	0.07%, 10/30/2009				223
						487
		Total short-term investments (cost $487)			$	487
		Total investments (cost $19,990)▲	99.4	%	$	21,122
		Other assets and liabilities	0.6	%		117
		Total net assets	100.0	%	$	21,239

Note: Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 95.2% of total net assets at October 31, 2009.

Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Diversified International Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $21,113 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,924
Unrealized Depreciation		(1,915	)
Net Unrealized Appreciation	$	9

†	The aggregate value of securities valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Fund’s Board of Directors at October 31, 2009, was $—, which represents —% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.
•	Currently non-income producing.
§	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2009, was $141, which represents 0.66% of total net assets.
§	Securities contain some restrictions as to public resale. These securities comply with Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933, and are determined to be liquid. At October 31, 2009, the market value of these securities amounted to $18 or 0.08% of total net assets.
⌂	The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period	Shares/
Acquired	Par		Security	Cost Basis
06/2008		5	ABC Learning Centres Ltd.	$	5

The aggregate value of these securities at October 31, 2009 was $— which represents —% of total net assets.

Forward Foreign Currency Contracts Outstanding at October 31, 2009

						Unrealized
	Market		Contract		Delivery	Appreciation/
Description	Value ╪		Amount		Date	(Depreciation)
Australian Dollar (Buy)	$	103	$	106	01/25/10	$	(3	)
British Pound (Buy)		3		3	11/02/09		—
British Pound (Buy)		11		11	11/03/09		—
British Pound (Buy)		17		17	11/04/09		—
British Pound (Sell)		2		2	11/02/09		—
British Pound (Sell)		9		9	11/03/09		—
Euro (Buy)		31		31	11/02/09		—
Euro (Buy)		7		7	11/03/09		—
Euro (Sell)		3		3	11/02/09		—
Euro (Buy)		28		28	11/04/09		—
Hong Kong Dollar (Sell)		9		9	11/02/09		—
Japanese Yen (Buy)		6		6	11/04/09		—
Swedish Krona (Sell)		11		11	11/02/09		—
Swedish Krona (Sell)		12		12	11/03/09		—
Swiss Franc (Sell)		24		24	11/02/09		—
						$	(3	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

Currency Concentration on Securities at October 31, 2009

	Percentage of
Description	Net Assets
Australian Dollar		1.4	%
Brazilian Real		1.2
British Pound		18.1
Canadian Dollar		1.9
Danish Kroner		0.6
Egyptian Pound		0.2
Euro		27.5
Hong Kong Dollar		5.4
Hungarian Forint		0.0
Indian Rupee		1.4
Indonesian New Rupiah		0.2
Israeli New Shekel		0.1
Japanese Yen		11.4
Malaysian Ringgit		0.2
Mexican Peso		0.0
New Zealand Dollar		0.0
Norwegian Krone		0.2
Philippine Peso		0.0
Polish New Zloty		0.1
Republic of Korea Won		0.9
Singapore Dollar		0.6
South African Rand		1.4
Swedish Krona		0.9
Swiss Franc		7.8
Taiwanese Dollar		1.5
Thai Bhat		0.4
Turkish New Lira		0.2
United States Dollar		15.8
Other Assets and Liabilities		0.6
Total		100.0	%

The accompanying notes are an integral part of these financial statements.

12

The Hartford Diversified International Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks
Automobiles & Components	$	802	$	2	$	800	$	—
Banks		2,510		475		2,035		—
Capital Goods		1,667		107		1,560		—
Commercial & Professional Services		155		7		148		—
Consumer Durables & Apparel		384		15		369		—
Consumer Services		177		24		153		—
Diversified Financials		906		213		693		—
Energy		1,926		774		1,152		—
Food & Staples Retailing		286		21		265		—
Food, Beverage & Tobacco		1,451		42		1,409		—
Health Care Equipment & Services		156		4		152		—
Household & Personal Products		234		33		201		—
Insurance		759		97		662		—
Materials		2,330		674		1,656		—
Media		65		8		57		—
Pharmaceuticals, Biotechnology & Life Sciences		1,412		280		1,132		—
Real Estate		492		32		460		—
Retailing		672		16		656		—
Semiconductors & Semiconductor Equipment		454		89		365		—
Software & Services		497		139		358		—
Technology Hardware & Equipment		587		88		499		—
Telecommunication Services		1,044		218		826		—
Transportation		570		87		483		—
Utilities		906		198		708		—
Total		20,442		3,643		16,799		—
Exchange Traded Funds		188		188		—		—
Preferred Stocks ‡		5		—		5		—
Short-Term Investments		487		—		487		—
Total	$	21,122	$	3,831	$	17,291	$	—
Other Financial Instruments *	$	—	$	—	$	—	$	—
Liabilities:
Other Financial Instruments *	$	3	$	—	$	3	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of				Change in						Balance as of
	October 31,		Realized Gain		Unrealized						October 31,
	2008		(Loss)		Appreciation			Net Sales			2009
Assets:
Common Stock	$	1	$	—	$	—	*	$	(1	)	$	—
Total	$	1	$	—	$	—		$	(1	)	$	—

^* Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $(1).

The accompanying notes are an integral part of these financial statements.

13

The Hartford Diversified International Fund

Statement of Assets and Liabilities

October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $19,990)	$	21,122
Cash		21
Foreign currency on deposit with custodian (cost $15)		15
Unrealized appreciation on forward foreign currency contracts		—
Receivables:
Investment securities sold		127
Fund shares sold		23
Dividends and interest		37
Other assets		91
Total assets		21,436
Liabilities:
Unrealized depreciation on forward foreign currency contracts		3
Payables:
Investment securities purchased		170
Investment management fees		3
Distribution fees		1
Accrued expenses		20
Total liabilities		197
Net assets	$	21,239
Summary of Net Assets:
Capital stock and paid-in-capital		26,585
Accumulated undistributed net investment income		154
Accumulated net realized loss on investments		(6,630	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		1,130
Net assets	$	21,239
Shares authorized		525,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$7.35/$7.78
Shares outstanding		1,188
Net assets	$	8,740
Class B: Net asset value per share	$	7.31
Shares outstanding		135
Net assets	$	989
Class C: Net asset value per share	$	7.31
Shares outstanding		154
Net assets	$	1,127
Class I: Net asset value per share	$	7.38
Shares outstanding		102
Net assets	$	755
Class R3: Net asset value per share	$	7.35
Shares outstanding		100
Net assets	$	735
Class R4: Net asset value per share	$	7.36
Shares outstanding		101
Net assets	$	745
Class R5: Net asset value per share	$	7.37
Shares outstanding		100
Net assets	$	740
Class Y: Net asset value per share	$	7.38
Shares outstanding		1,004
Net assets	$	7,408

The accompanying notes are an integral part of these financial statements.

14

The Hartford Diversified International Fund

Statement of Operations

For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	412
Interest		—
Less: Foreign tax withheld		(46	)
Total investment income		366
Expenses:
Investment management fees		134
Administrative services fees		3
Transfer agent fees		4
Distribution fees
Class A		9
Class B		7
Class C		7
Class R3		3
Class R4		2
Custodian fees		70
Accounting services fees		2
Registration and filing fees		121
Board of Directors’ fees		2
Audit fees		26
Other expenses		9
Total expenses (before waivers and fees paid indirectly)		399
Expense waivers		(191	)
Commission recapture		—
Custodian fee offset		—
Total waivers and fees paid indirectly		(191	)
Total expenses, net		208
Net Investment Income		158
Net Realized Loss on Investments:
Net realized loss on investments in securities		(3,546	)
Net realized gain on forward foreign currency contracts		21
Net realized gain on other foreign currency transactions		—
Net Realized Loss on Investments		(3,525	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		6,369
Net unrealized depreciation of forward foreign currency contracts		(17	)
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(2	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		6,350
Net Gain on Investments and Foreign Currency Transactions		2,825
Net Increase in Net Assets Resulting from Operations	$	2,983

The accompanying notes are an integral part of these financial statements.

15

The Hartford Diversified International Fund

Statement of Changes in Net Assets

(000’s Omitted)

				For the Period
	For the			June 30, 2008*
	Year Ended			through
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	158		$	27
Net realized loss on investments		(3,525	)		(3,115	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		6,350			(5,220	)
Net Increase (Decrease) In Net Assets Resulting From Operations		2,983			(8,308	)
Distributions to Shareholders:
From net investment income
Class A		(8	)		—
Class I		(3	)		—
Class R3		—			—
Class R4		(1	)		—
Class R5		(2	)		—
Class Y		(25	)		—
Total distributions		(39	)		—
Capital Share Transactions:
Class A		5,683			4,238
Class B		227			1,005
Class C		363			1,034
Class I		17			1,000
Class R3		—			1,000
Class R4		9			1,000
Class R5		2			1,000
Class Y		25			10,000
Net increase from capital share transactions		6,326			20,277
Net Increase In Net Assets		9,270			11,969
Net Assets:
Beginning of period		11,969			—
End of period	$	21,239		$	11,969
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	154		$	12

^* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

16

The Hartford Diversified International Fund

Notes to Financial Statements

October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Diversified International Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are

17

The Hartford Diversified International Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign

18

equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

•

Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.
	Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies

19

The Hartford Diversified International Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
g)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.
h)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
i)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
j)	Securities Purchased on a When-Issued or Delayed-Delivery Basis — Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of October 31, 2009, the Fund had no outstanding when-issued or delayed delivery securities.

20

k)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
l)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives			Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location			Statement of Assets and Liabilities Location
Foreign exchange contracts	Unrealized appreciation on forward	$	—	Unrealized depreciation on forward	$	3
	foreign currency contracts			foreign currency contracts

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—	$	21	$	—	$	21
Total	$	—	$	—	$	—	$	21	$	—	$	21

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts		—		—		—		(17	)		—	$	(17	)
Total	$	—	$	—	$	—	$	(17	)	$	—	$	(17	)

m) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend

21

The Hartford Diversified International Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended
	October 31, 2009
Ordinary Income	$	39

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	182
Accumulated Capital Losses *		(5,537	)
Unrealized Appreciation †		9
Total Accumulated Deficit	$	(5,346	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase accumulated undistributed net investment income by $23 and decrease accumulated net realized loss on investments by $23.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	2,149
2017		3,388
Total	$	5,537

f) Accounting for Uncertainty in Income Taxes – Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s

22

investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		1.0000	%
On next $500 million		0.9500	%
On next $4 billion		0.9000	%
On next $5 billion		0.8975	%
Over $10 billion		0.8950	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.65%	2.40%	2.40%	1.40%	1.90%	1.65%	1.40%	1.30%

d)

Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended
	October 31,			October 31,
	2009			2008
Class A Shares		1.65	%		1.57	%*
Class B Shares		2.39			2.30	*
Class C Shares		2.39			2.31	*
Class I Shares		1.29			1.29	*
Class R3 Shares		1.90			1.89	*
Class R4 Shares		1.65			1.64	*
Class R5 Shares		1.39			1.39	*
Class Y Shares		1.30			1.30	*

* From June 30, 2008 (commencement of operations), through October 31, 2008.

23

The Hartford Diversified International Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $23 and contingent deferred sales charges in an amount that rounds to zero from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares rounds to zero. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $3 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5. Affiliate Holdings:

As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class A		401
Class B		100
Class C		100
Class I		100
Class R3		100
Class R4		100
Class R5		100
Class Y		1,004

24

6. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	27,565
Sales Proceeds Excluding U.S. Government Obligations		21,236

7. Capital Share Transactions:

The following information is for the year ended October 31, 2009 and the period June 30, 2008 (commencement of operations) through October 31, 2008:

	For the Year Ended October 31, 2009											For the Period Ended October 31, 2008
			Shares					Shares						Shares					Shares
			Issued for					Issued		Net Increase				Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		784		1		(27	)		—		758		432		—		(2	)		—		430
Amount	$	5,838	$	8	$	(163	)	$	—	$	5,683	$	4,256	$	—	$	(18	)	$	—	$	4,238
Class B
Shares		39		—		(5	)		—		34		101		—		—			—		101
Amount	$	262	$	—	$	(35	)	$	—	$	227	$	1,005	$	—	$	—		$	—	$	1,005
Class C
Shares		60		—		(10	)		—		50		105		—		(1	)		—		104
Amount	$	419	$	—	$	(56	)	$	—	$	363	$	1,038	$	—	$	(4	)	$	—	$	1,034
Class I
Shares		2		—		—			—		2		100		—		—			—		100
Amount	$	15	$	2	$	—		$	—	$	17	$	1,000	$	—	$	—		$	—	$	1,000
Class R3
Shares		—		—		—			—		—		100		—		—			—		100
Amount	$	—	$	—	$	—		$	—	$	—	$	1,000	$	—	$	—		$	—	$	1,000
Class R4
Shares		2		—		(1	)		—		1		100		—		—			—		100
Amount	$	12	$	1	$	(4	)	$	—	$	9	$	1,000	$	—	$	—		$	—	$	1,000
Class R5
Shares		—		—		—			—		—		100		—		—			—		100
Amount	$	—	$	2	$	—		$	—	$	2	$	1,000	$	—	$	—		$	—	$	1,000
Class Y
Shares		—		4		—			—		4		1,000		—		—			—		1,000
Amount	$	—	$	25	$	—		$	—	$	25	$	10,000	$	—	$	—		$	—	$	10,000

8. Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

25

The Hartford Diversified International Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

9. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

10. Subsequent Events:

Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

26

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27

The Hartford Diversified International Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset							Net Realized																Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions							(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized		Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains		from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	5.88	$	0.06		$	—	$	1.43		$	1.49		$	(0.02	)	$	—	$	—	$	(0.02	)	$	1.47		$	7.35
B		5.87		0.02			—		1.42			1.44			—			—		—		—			1.44			7.31
C		5.87		0.02			—		1.42			1.44			—			—		—		—			1.44			7.31
I		5.89		0.10			—		1.41			1.51			(0.02	)		—		—		(0.02	)		1.49			7.38
R3		5.87		0.06			—		1.42			1.48			—			—		—		—			1.48			7.35
R4		5.88		0.07			—		1.42			1.49			(0.01	)		—		—		(0.01	)		1.48			7.36
R5		5.88		0.09			—		1.42			1.51			(0.02	)		—		—		(0.02	)		1.49			7.37
Y		5.89		0.10			—		1.42			1.52			(0.03	)		—		—		(0.03	)		1.49			7.38
From (commencement of operations) June 30, 2008, through October 31, 2008
A(f)		10.00		0.01			—		(4.13	)		(4.12	)		—			—		—		—			(4.12	)		5.88
B(f)		10.00		(0.01	)		—		(4.12	)		(4.13	)		—			—		—		—			(4.13	)		5.87
C(f)		10.00		(0.01	)		—		(4.12	)		(4.13	)		—			—		—		—			(4.13	)		5.87
I(f)		10.00		0.01			—		(4.12	)		(4.11	)		—			—		—		—			(4.11	)		5.89
R3(f)		10.00		—			—		(4.13	)		(4.13	)		—			—		—		—			(4.13	)		5.87
R4(f)		10.00		—			—		(4.12	)		(4.12	)		—			—		—		—			(4.12	)		5.88
R5(f)		10.00		0.01			—		(4.13	)		(4.12	)		—			—		—		—			(4.12	)		5.88
Y(f)		10.00		0.01			—		(4.12	)		(4.11	)		—			—		—		—			(4.11	)		5.89

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Commenced operations on June 30, 2008.
(g)	Not annualized.
(h)	Annualized.

28

- Ratios and Supplemental Data -

				Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
				Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
		Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)		Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
25.40	%	$	8,740		3.10	%		1.65	%		1.65	%		0.99	%		161	%
24.53			989		3.80			2.40			2.40			0.34			—
24.53			1,127		3.80			2.40			2.40			0.36			—
25.84			755		2.70			1.30			1.30			1.55			—
25.26			735		3.39			1.90			1.90			0.96			—
25.43			745		3.09			1.65			1.65			1.20			—
25.81			740		2.80			1.40			1.40			1.46			—
25.86			7,408		2.70			1.30			1.30			1.55			—
(41.20	)(g)		2,528		2.01	(h)		1.57	(h)		1.57	(h)		0.26	(h)		67
(41.30	)(g)		591		2.74	(h)		2.31	(h)		2.31	(h)		(0.48	) (h)		—
(41.30	)(g)		611		2.75	(h)		2.32	(h)		2.32	(h)		(0.49	) (h)		—
(41.10	)(g)		589		1.74	(h)		1.30	(h)		1.30	(h)		0.53	(h)		—
(41.30	)(g)		588		2.44	(h)		1.90	(h)		1.90	(h)		(0.07	) (h)		—
(41.20	)(g)		588		2.14	(h)		1.65	(h)		1.65	(h)		0.18	(h)		—
(41.20	)(g)		588		1.84	(h)		1.40	(h)		1.40	(h)		0.43	(h)		—
(41.10	)(g)		5,886		1.74	(h)		1.30	(h)		1.30	(h)		0.52	(h)		—

29

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Diversified International Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Diversified International Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

                    

Minneapolis, MN
December 15, 2009

30

The Hartford Diversified International Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

31

The Hartford Diversified International Fund

Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

32

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

33

The Hartford Diversified International Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	100.00	%
QDI†	100.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

The Fund intends to make an election under the Internal Revenue Code Section 853 to pass-through foreign taxes paid by the Fund to their shareholders in the amount of $37.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.018		N/A		N/A		0.018
Class I		0.024		N/A		N/A		0.024
Class R3		0.002		N/A		N/A		0.002
Class R4		0.012		N/A		N/A		0.012
Class R5		0.021		N/A		N/A		0.021
Class Y		0.025		N/A		N/A		0.025

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

34

The Hartford Diversified International Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,278.30	$	9.59	$	1,000.00	$	1,016.79	$	8.49		1.67	%		184		365
Class B	$	1,000.00	$	1,275.70	$	13.94	$	1,000.00	$	1,012.96	$	12.33		2.43			184		365
Class C	$	1,000.00	$	1,275.70	$	13.82	$	1,000.00	$	1,013.06	$	12.23		2.41			184		365
Class I	$	1,000.00	$	1,281.30	$	7.42	$	1,000.00	$	1,018.70	$	6.56		1.29			184		365
Class R3	$	1,000.00	$	1,278.30	$	10.85	$	1,000.00	$	1,015.68	$	9.60		1.89			184		365
Class R4	$	1,000.00	$	1,280.00	$	9.42	$	1,000.00	$	1,016.94	$	8.34		1.64			184		365
Class R5	$	1,000.00	$	1,279.50	$	7.99	$	1,000.00	$	1,018.20	$	7.07		1.39			184		365
Class Y	$	1,000.00	$	1,281.30	$	7.42	$	1,000.00	$	1,018.70	$	6.56		1.29			184		365

35

The Hartford Diversified International Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Diversified International Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

36

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over

37

The Hartford Diversified International Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

38

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-9 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford Dividend and Growth Fund

The Hartford Dividend and Growth Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	7
Statement of Assets and Liabilities at October 31, 2009	8
Statement of Operations for the Year Ended October 31, 2009	9
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	10
Notes to Financial Statements	11
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Proxy Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Federal Tax Information (Unaudited)	28
Expense Example (Unaudited)	29
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	30

The Hartford Dividend and Growth Fund inception 07/22/1996

(subadvised by Wellington Management Company, LLP) Investment objective — Seeks a high level of current income
consistent with growth of capital.

Performance Overview(1) 10/31/99 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			10
	Year			Year			Year
Dividend and Growth A#		12.17	%		2.86	%		3.14	%
Dividend and Growth A##		6.00	%		1.70	%		2.56	%
Dividend and Growth B#		11.22	%		1.97	%	NA		*
Dividend and Growth B##		6.22	%		1.64	%	NA		*
Dividend and Growth C#		11.37	%		2.10	%		2.42	%
Dividend and Growth C##		10.37	%		2.10	%		2.42	%
Dividend and Growth I#		12.52	%		3.07	%		3.25	%
Dividend and Growth R3#		11.84	%		2.84	%		3.41	%
Dividend and Growth R4#		12.27	%		3.06	%		3.52	%
Dividend and Growth R5#		12.55	%		3.22	%		3.61	%
Dividend and Growth Y#		12.73	%		3.30	%		3.64	%
Russell 1000 Value Index		4.78	%		-0.05	%		1.70	%
S&P 500 Index		9.78	%		0.33	%		-0.95	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	10 year returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Manager
Edward P. Bousa, CFA
Senior Vice President, Partner

How did the Fund perform?

The Class A shares of The Hartford Dividend and Growth Fund returned 12.17%, before sales charge, for the twelve-month period ended October 31, 2009, outperforming its benchmark, the S&P 500 Index, which returned 9.78% for the same period. The Fund also outperformed the 9.72% return of the average fund in the Lipper Equity Income Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Broad U.S. equity markets rose during the period, but this overall increase masks two significantly different market environments. From the beginning of November through early March stocks fell sharply, reflecting deepening economic worries and concerns over the U.S. government’s increasing involvement in the economy. From early March through the end of October stocks rallied as investors came to believe that a Depression-like scenario was less likely.

2

Overall equity market performance was positive for the period across all market capitalizations: large cap equities (+10%), mid caps (+18%), and small caps (+6%) all rose, as represented by the S&P 500, S&P 400 MidCap, and Russell 2000 indices respectively. During the twelve-month period nine of ten sectors within the S&P 500 Index posted positive returns, led by Consumer Discretionary (+21%), Information Technology (+32%), and Materials (+16%). Financials (-8%), Utilities (+2%), and Industrials (+3%) lagged on a relative basis.

The Fund’s outperformance relative (i.e. performance of the Fund as measured against the benchmark) to the S&P 500 Index was due to strong stock selection, particularly in Health Care, Energy, and Financials, which more than offset weak stock selection in the Information Technology, Consumer Discretionary, and Telecommunication Services sectors. Sector allocation detracted from benchmark-relative results, specifically the Fund’s underweight (i.e. the Fund’s sector position was less than the benchmark position) allocations to the strong-performing Information Technology and Consumer Discretionary sectors.

The Fund’s top contributors to benchmark-relative performance during the period were Schering-Plough (Health Care), Anadarko Petroleum (Energy), and Wells Fargo (Financials). Pharmaceutical company Schering-Plough benefited from a takeover offer from Merck, driving its share price higher. Shares of oil and gas exploration and production company Anadarko Petroleum rose due to multiple oil discoveries in the company’s high profile exploration portfolio. Shares of U.S. bank Wells Fargo rose after a capital raise helped to secure the company’s financial position. IBM (Information Technology) was also a top contributor to absolute (i.e. total return) performance.

Top detractors from benchmark-relative performance included Apple (Information Technology), Bank of America (Financials), and Capital One (Financials). Not holding consumer electronics company Apple hurt benchmark-relative performance as the stock performed well during the period despite slowing consumer trends. Shares of diversified banking company Bank of America fell significantly on weakness in their consumer-oriented loan portfolio and difficulties surrounding their acquisition of Merrill Lynch. Capital One, a diversified banking company with credit card, automobile, and commercial lending operations, announced disappointing quarterly results and forecast higher credit losses in 2009. Leading U.S. conglomerate General Electric (Industrials) was also a top detractor from absolute performance.

What is the outlook?

The market’s sharp rally off its March lows has narrowed or eliminated many previously-attractive disparities between market price and our assessment of fair value. The strength of the rally suggests that investors are pricing in not just the removal of the worst-case scenario, but a robust economic recovery. While recent economic releases point to an improvement from the dire outlook of early 2009, the U.S. economy is by no means out of the woods. Consumer and corporate debt levels remain high, unemployment persists near 10%, and the government’s unprecedented monetary and fiscal stimulus has raised the specter of inflation down the road.

Our investment discipline is focused on investing in areas of strong demand and avoiding areas of oversupply. At the end of the period, our largest overweights (i.e. the Fund’s sector position was greater than the benchmark position) were to the Energy, Industrials, and Health Care sectors, while we remain underweight to the Information Technology, Consumer Discretionary, and Consumer Staples sectors. We believe the Energy sector remains attractive based upon restricted supply at lower prices and a possible global economic rebound. Health Care also remains an attractive sector, due to both valuation and expected innovation, despite concerns regarding government reform.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		0.5	%
Banks (Financials)		4.5
Capital Goods (Industrials)		9.2
Commercial & Professional Services (Industrials)		1.7
Diversified Financials (Financials)		6.4
Energy (Energy)		16.6
Food & Staples Retailing (Consumer Staples)		2.2
Food, Beverage & Tobacco (Consumer Staples)		5.0
Health Care Equipment & Services (Health Care)		3.4
Household & Personal Products (Consumer Staples)		2.2
Insurance (Financials)		5.0
Materials (Materials)		3.1
Media (Consumer Discretionary)		2.7
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		10.5
Retailing (Consumer Discretionary)		2.5
Semiconductors & Semiconductor Equipment (Information Technology)		1.1
Software & Services (Information Technology)		3.4
Technology Hardware & Equipment (Information Technology)		5.7
Telecommunication Services (Services)		4.3
Transportation (Industrials)		1.7
Utilities (Utilities)		5.0
Short-Term Investments		3.5
Other Assets and Liabilities		(0.2	)
Total		100.0	%

3

The Hartford Dividend and Growth Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 96.7%
		Automobiles & Components — 0.5%
	753	Honda Motor Co., Ltd. ADR	$	23,330
		Banks — 4.5%
	841	PNC Financial Services Group, Inc.		41,173
	444	SunTrust Banks, Inc.		8,483
	1,572	US Bancorp		36,495
	1,714	Washington Mutual, Inc. Private Placement ⌂●†		221
	4,393	Wells Fargo & Co.		120,897
				207,269
		Capital Goods — 9.2%
	301	Caterpillar, Inc.		16,573
	1,386	Deere & Co.		63,114
	616	General Dynamics Corp.		38,604
	1,011	General Electric Co.		14,415
	1,176	Honeywell International, Inc.		42,189
	779	Illinois Tool Works, Inc.		35,790
	686	Lockheed Martin Corp.		47,156
	791	Parker-Hannifin Corp.		41,886
	1,212	Pentair, Inc.		35,261
	739	Raytheon Co.		33,480
	591	Siemens AG ADR		53,166
				421,634
		Commercial & Professional Services — 1.7%
	1,300	Pitney Bowes, Inc.		31,850
	1,599	Waste Management, Inc.		47,781
				79,631
		Diversified Financials — 6.4%
	1,266	Ameriprise Financial, Inc.		43,903
	3,119	Bank of America Corp.		45,480
	138	Goldman Sachs Group, Inc.		23,415
	2,128	JP Morgan Chase & Co.		88,895
	564	Morgan Stanley		18,119
	765	State Street Corp.		32,107
	2,463	UBS AG ADR		40,861
				292,780
		Energy — 16.6%
	1,376	Anadarko Petroleum Corp.		83,821
	1,214	Baker Hughes, Inc.		51,077
	990	BP plc ADR		56,037
	1,980	Chevron Corp.		151,572
	767	ConocoPhillips Holding Co.		38,498
	947	EnCana Corp. ADR		52,455
	1,534	Exxon Mobil Corp.		109,943
	1,838	Marathon Oil Corp.		58,761
	1,802	Total S.A. ADR		108,222
	1,236	XTO Energy, Inc.		51,357
				761,743
		Food & Staples Retailing — 2.2%
	599	Walgreen Co.		22,653
	1,559	Wal-Mart Stores, Inc.		77,436
				100,089
		Food, Beverage & Tobacco — 5.0%
	1,445	Nestle S.A. ADR		67,207
	1,068	PepsiCo, Inc.		64,661
	1,304	Philip Morris International, Inc.		61,776
	709	SABMiller plc ADR		18,528
	480	Unilever N.V. NY Shares ADR		14,818
				226,990
		Health Care Equipment & Services — 3.4%
	922	Cardinal Health, Inc.		26,127
	846	Covidien plc		35,642
	1,628	Medtronic, Inc.		58,112
	1,456	UnitedHealth Group, Inc.		37,783
				157,664
		Household & Personal Products — 2.2%
	623	Kimberly-Clark Corp.		38,078
	1,065	Procter & Gamble Co.		61,760
				99,838
		Insurance — 5.0%
	1,147	ACE Ltd.		58,887
	523	Aflac, Inc.		21,687
	789	Chubb Corp.		38,277
	935	Marsh & McLennan Cos., Inc.		21,923
	1,832	MetLife, Inc.		62,336
	536	Travelers Cos., Inc.		26,663
				229,773
		Materials — 3.1%
	801	Agrium U.S., Inc.		37,588
	1,056	Barrick Gold Corp.		37,942
	528	BHP Billiton Ltd. ADR		34,620
	1,533	International Paper Co.		34,199
				144,349
		Media — 2.7%
	2,980	Comcast Corp. Class A		43,211
	400	Comcast Corp. Special Class A		5,602
	308	McGraw-Hill Cos., Inc.		8,867
	1,303	Time Warner, Inc.		39,260
	987	Walt Disney Co.		27,003
				123,943
		Pharmaceuticals, Biotechnology & Life Sciences — 10.5%
	1,188	AstraZeneca plc ADR		53,367
	2,282	Bristol-Myers Squibb Co.		49,745
	2,493	Eli Lilly & Co.		84,794
	992	Johnson & Johnson		58,560
	2,229	Merck & Co., Inc.		68,946
	4,762	Pfizer, Inc.		81,103
	2,349	Schering-Plough Corp.		66,253
	410	Teva Pharmaceutical Industries Ltd. ADR		20,707
				483,475
		Retailing — 2.5%
	2,495	Buck Holdings L.P. ⌂●†		3,125
	1,140	Gap, Inc.		24,336
	1,330	Limited Brands, Inc.		23,406
	582	Lowe’s Co., Inc.		11,382
	2,433	Staples, Inc.		52,790
				115,039
		Semiconductors & Semiconductor Equipment — 1.1%
	2,183	Texas Instruments, Inc.		51,201
		Software & Services — 3.4%
	1,469	Accenture plc		54,486
	990	Automatic Data Processing, Inc.		39,382
	2,281	Microsoft Corp.		63,238
				157,106

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount					Market Value ╪
COMMON STOCKS — 96.7% — (continued)
		Technology Hardware & Equipment — 5.7%
	1,566	Cisco Systems, Inc. ●			$	35,783
	2,330	Corning, Inc.				34,046
	1,364	Hewlett-Packard Co.				64,740
	1,061	IBM Corp.				128,016
						262,585
		Telecommunication Services — 4.3%
	6,813	AT&T, Inc.				174,890
	736	Verizon Communications, Inc.				21,779
						196,669
		Transportation — 1.7%
	635	FedEx Corp.				46,173
	548	United Parcel Service, Inc. Class B				29,395
						75,568
		Utilities — 5.0%
	2,009	Dominion Resources, Inc.				68,480
	966	Exelon Corp.				45,385
	996	FPL Group, Inc.				48,894
	1,298	PG&E Corp.				53,063
	342	Veolia Environment ADR				11,156
						226,978
		Total common stocks (cost $4,178,478)			$	4,437,654
WARRANTS — 0.0%
		Banks — 0.0%
	214	Washington Mutual, Inc. Private Placement ⌂●†			$	—
		Total warrants (cost $—)			$	—
		Total long-term investments (cost $4,178,478)			$	4,437,654
SHORT-TERM INVESTMENTS — 3.5%
		Repurchase Agreements — 3.5%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $6,507, collateralized by GNMA 5.00%, 2039, value of $6,637)
$	6,507	0.08%, 10/30/2009			$	6,507
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $38,121, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - - 2047, value of $38,883)
	38,120	0.08%, 10/30/2009				38,120
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $42,465, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $43,314)
	42,465	0.08%, 10/30/2009				42,465
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $430, collateralized by U.S. Treasury Note 2.75%, 2013, value of $436)
	430	0.05%, 10/30/2009				430
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $73,578, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $75,050)
	73,578	0.07%, 10/30/2009				73,578
						161,100
		Total short-term investments (cost $161,100)			$	161,100
		Total investments (cost $4,339,578) ▲	100.2	%	$	4,598,754
		Other assets and liabilities	(0.2	)%		(9,508	)
		Total net assets	100.0	%	$	4,589,246

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 13.8% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $4,376,245 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	482,259
Unrealized Depreciation		(259,750	)
Net Unrealized Appreciation	$	222,509

†	The aggregate value of securities valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Fund’s Board of Directors at October 31, 2009, was $3,346, which represents 0.07% of total net assets.
●	Currently non-income producing.
⌂	The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period		Shares/
Acquired		Par		Security	Cost Basis
	06/2007		2,495	Buck Holdings L.P.	$	2,497
	04/2008		1,714	Washington Mutual, Inc. Private Placement		15,000

The accompanying notes are an integral part of these financial statements.

5

The Hartford Dividend and Growth Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Period		Shares/
Acquired		Par		Security	Cost Basis
	04/2008		214	Washington Mutual, Inc. Private Placement Warrants	$	—

	The aggregate value of these securities at October 31, 2009 was $3,346 which represents 0.07% of total net assets.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Dividend and Growth Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks ‡	$	4,437,654	$	4,434,308	$	—	$	3,346
Warrants ‡		—		—		—		—
Short-Term Investments		161,100		—		161,100		—
Total	$	4,598,754	$	4,434,308	$	161,100	$	3,346

‡ The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of		Change in					Balance as of
	October 31,		Unrealized					October 31,
	2008		Depreciation			Net Purchases		2009
Assets:
Common Stock	$	53	$	(5,904	)*	$	9,197	$	3,346
Total	$	53	$	(5,904	)	$	9,197	$	3,346

* Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $(5,904).

The accompanying notes are an integral part of these financial statements.

7

The Hartford Dividend and Growth Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $4,339,578)	$	4,598,754
Cash		109
Receivables:
Investment securities sold		8,979
Fund shares sold		10,174
Dividends and interest		8,393
Other assets		247
Total assets		4,626,656
Liabilities:
Payables:
Investment securities purchased		27,572
Fund shares redeemed		8,021
Investment management fees		478
Distribution fees		200
Accrued expenses		1,139
Total liabilities		37,410
Net assets	$	4,589,246
Summary of Net Assets:
Capital stock and paid-in-capital		5,041,297
Accumulated undistributed net investment income		5,747
Accumulated net realized loss on investments and foreign currency transactions		(716,974	)
Unrealized appreciation of investments		259,176
Net assets	$	4,589,246
Shares authorized		800,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	16.03/$16.96
Shares outstanding		164,446
Net assets	$	2,635,571
Class B: Net asset value per share	$	15.76
Shares outstanding		14,975
Net assets	$	236,026
Class C: Net asset value per share	$	15.72
Shares outstanding		18,223
Net assets	$	286,465
Class I: Net asset value per share	$	15.98
Shares outstanding		41,220
Net assets	$	658,690
Class R3: Net asset value per share	$	16.18
Shares outstanding		320
Net assets	$	5,171
Class R4: Net asset value per share	$	16.22
Shares outstanding		1,194
Net assets	$	19,372
Class R5: Net asset value per share	$	16.24
Shares outstanding		120
Net assets	$	1,947
Class Y: Net asset value per share	$	16.25
Shares outstanding		45,904
Net assets	$	746,004

The accompanying notes are an integral part of these financial statements.

8

The Hartford Dividend and Growth Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	103,767
Interest		216
Securities lending		29
Less: Foreign tax withheld		(1,177	)
Total investment income		102,835
Expenses:
Investment management fees		21,458
Administrative services fees		23
Transfer agent fees		6,732
Distribution fees
Class A		5,304
Class B		1,957
Class C		2,095
Class R3		11
Class R4		29
Custodian fees		11
Accounting services fees		546
Registration and filing fees		317
Board of Directors’ fees		84
Audit fees		115
Other expenses		1,006
Total expenses (before waivers and fees paid indirectly)		39,688
Transfer agent fee waivers		(298	)
Commission recapture		(116	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(414	)
Total expenses, net		39,274
Net Investment Income		63,561
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(445,265	)
Net realized loss on forward foreign currency contracts		(73	)
Net realized gain on other foreign currency transactions		58
Net Realized Loss on Investments and Foreign Currency Transactions		(445,280	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		818,038
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Appreciation of Investments		818,038
Net Gain on Investments and Foreign Currency Transactions		372,758
Net Increase in Net Assets Resulting from Operations	$	436,319

The accompanying notes are an integral part of these financial statements.

9

The Hartford Dividend and Growth Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	63,561		$	61,853
Net realized loss on investments and foreign currency transactions		(445,280	)		(108,309	)
Net unrealized appreciation (depreciation) of investments		818,038			(1,479,942	)
Net Increase (Decrease) In Net Assets Resulting From Operations		436,319			(1,526,398	)
Distributions to Shareholders:
From net investment income
Class A		(38,764	)		(46,956	)
Class B		(2,014	)		(2,208	)
Class C		(2,339	)		(2,645	)
Class I		(6,465	)		(858	)
Class R3		(30	)		(4	)
Class R4		(216	)		(101	)
Class R5		(23	)		(6	)
Class Y		(12,472	)		(8,699	)
From net realized gain on investments
Class A		—			(173,549	)
Class B		—			(21,507	)
Class C		—			(19,864	)
Class I		—			(129	)
Class R3		—			(9	)
Class R4		—			(106	)
Class R5		—			(10	)
Class Y		—			(14,212	)
Total distributions		(62,323	)		(290,863	)
Capital Share Transactions:
Class A		213,045	*		270,480
Class B		(2,912	)†		(31,123	)
Class C		45,365	‡		(6,590	)
Class I		438,869	§		202,564
Class R3		4,275	**		436
Class R4		9,227	††		9,375
Class R5		1,481	‡‡		258
Class Y		175,641	§§		444,967
Net increase from capital share transactions		884,991			890,367
Net Increase (Decrease) In Net Assets		1,258,987			(926,894	)
Net Assets:
Beginning of period		3,330,259			4,257,153
End of period	$	4,589,246		$	3,330,259
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	5,747		$	4,831

*	Includes merger activity in the amount of $304,392.
†	Includes merger activity in the amount of $42,346.
‡	Includes merger activity in the amount of $63,542.
§	Includes merger activity in the amount of $404.
**	Includes merger activity in the amount of $38.
††	Includes merger activity in the amount of $18.
‡‡	Includes merger activity in the amount of $8.
§§	Includes merger activity in the amount of $13,599.

The accompanying notes are an integral part of these financial statements.

10

The Hartford Dividend and Growth Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Dividend and Growth Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The

11

The Hartford Dividend and Growth Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable

12

inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.
	Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio

13

The Hartford Dividend and Growth Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
g)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding forward foreign currency contracts as of October 31, 2009.
h)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid quarterly. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
i)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
j)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.

14

k)	Additional Derivative Instrument(s) Information
	The volume of derivative activity was minimal during the year ended October 31, 2009.
	Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—	$	(73	)	$	—	$	(73	)
Total	$	—	$	—	$	—	$	(73	)	$	—	$	(73	)

l) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)	Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	62,323	$	81,893
Long-Term Capital Gains *		—		208,970

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

15

The Hartford Dividend and Growth Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	5,748
Accumulated Capital Losses *		(680,308	)
Unrealized Appreciation †		222,509
Total Accumulated Deficit	$	(452,051	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease undistributed net investment income by $322, increase accumulated net realized gain on investments by $280,855, and decrease paid-in-capital by $280,533.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2010	$	20,521
2015		95,054
2016		109,157
2017		455,576
Total	$	680,308

	As a result of current or past mergers in the Fund, certain provisions in the Internal Revenue Code may limit the future utilization of capital losses. As of October 31, 2009, the Fund had $280,530 in expired capital loss carryforwards.
f)	Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

16

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500	%
On next $500 million		0.6500	%
On next $4 billion		0.6000	%
On next $5 billion		0.5975	%
Over $10 billion		0.5950	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.016	%
On next $5 billion		0.014	%
Over $10 billion		0.012	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.25%	NA	NA	1.00%	1.50%	1.20%	0.90%	NA

d)

Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.16	%		1.08	%		1.09	%		1.13	%		1.16	%
Class B Shares		1.98			1.97			1.95			1.98			2.01
Class C Shares		1.92			1.83			1.82			1.86			1.88
Class I Shares		0.85			0.81			0.76			0.98	*
Class R3 Shares		1.47			1.50			1.40	†
Class R4 Shares		1.09			1.09			1.09	†
Class R5 Shares		0.80			0.79			0.82	†
Class Y Shares		0.69			0.68			0.68			0.70			0.72

*	From August 31, 2006 (commencement of operations), through October 31, 2006.
†	From December 22, 2006 (commencement of operations), through October 31, 2007.

17

The Hartford Dividend and Growth Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $9,717 and contingent deferred sales charges of $402 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $120. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions - Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $9. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $5,923 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

18

g) Payments from Affiliate — The total return in the accompanying financial highlights includes payment from affiliates. Had the payment from affiliates been excluded, the total return for the periods listed below would have been as follows:

	Impact from			Total Return
	Payment from			Excluding
	Affiliate for SEC			Payment from
	Settlement for the			Affiliate for the
	Year Ended			Year Ended
	October 31, 2007			October 31, 2007
Class A		0.03	%		16.17	%
Class B		0.03			15.19
Class C		0.03			15.39
Class I		0.03			16.64
Class Y		0.03			16.65

5. Affiliate Holdings:

As of October 31, 2009, The Hartford Checks and Balances Fund, an affiliated fund, had ownership of 30,911 Class Y shares of the Fund.

6. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	2,177,489
Sales Proceeds Excluding U.S. Government Obligations		1,326,063

19

The Hartford Dividend and Growth Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

7. Capital Share Transactions:

The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		30,549		2,720		(40,277	)		19,330		12,322			28,976		10,493		(27,322	)		—		12,147
Amount	$	429,482	$	37,971	$	(558,800	)	$	304,392	$	213,045		$	556,608	$	216,318	$	(502,446	)	$	—	$	270,480
Class B
Shares		1,753		144		(5,214	)		2,734		(583	)		1,813		1,117		(4,749	)		—		(1,819	)
Amount	$	23,733	$	1,952	$	(70,943	)	$	42,346	$	(2,912	)	$	34,327	$	22,868	$	(88,318	)	$	—	$	(31,123	)
Class C
Shares		2,756		158		(4,337	)		4,111		2,688			2,241		1,031		(3,824	)		—		(552	)
Amount	$	37,753	$	2,145	$	(58,075	)	$	63,542	$	45,365		$	41,699	$	21,027	$	(69,316	)	$	—	$	(6,590	)
Class I
Shares		33,036		442		(3,855	)		26		29,649			11,984		51		(546	)		—		11,489
Amount	$	486,500	$	6,336	$	(54,371	)	$	404	$	438,869		$	210,565	$	952	$	(8,953	)	$	—	$	202,564
Class R3
Shares		313		2		(28	)		2		289			30		—		(7	)		—		23
Amount	$	4,603	$	30	$	(396	)	$	38	$	4,275		$	569	$	13	$	(146	)	$	—	$	436
Class R4
Shares		782		15		(175	)		1		623			525		10		(49	)		—		486
Amount	$	11,571	$	216	$	(2,578	)	$	18	$	9,227		$	10,068	$	208	$	(901	)	$	—	$	9,375
Class R5
Shares		109		2		(13	)		1		99			14		1		(2	)		—		13
Amount	$	1,634	$	23	$	(184	)	$	8	$	1,481		$	279	$	16	$	(37	)	$	—	$	258
Class Y
Shares		14,601		855		(3,893	)		852		12,415			23,180		1,110		(1,697	)		—		22,593
Amount	$	204,099	$	12,209	$	(54,266	)	$	13,599	$	175,641		$	449,513	$	22,787	$	(27,333	)	$	—	$	444,967

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		952	$	13,512
For the Year Ended October 31, 2008		654	$	12,822

8. Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

9. Fund Merger

Reorganization of certain series of Hartford Mutual Funds, Inc. On May 6, 2009, the Board of Directors (“Board”) of the Company approved a Form of Agreement and Plan of Reorganization (“Reorganization Agreement”) that provides for the reorganization of a series of the Company, The Hartford Stock Fund, into the Fund (“Reorganization”). The Reorganization did not require shareholder approval by shareholders of The Hartford Stock Fund.

20

Under the terms of the Plan of Reorganization, The Hartford Stock Fund (“Target Fund”) assets were acquired by the Fund (“Acquiring Fund”) on October 2, 2009. The Fund acquired the assets of The Hartford Stock Fund in exchange for shares in the Fund, which were distributed pro rata to The Hartford Stock Fund shareholders on October 2, 2009, in complete liquidation of The Hartford Stock Fund.

This merger was accomplished by tax free exchange as detailed below:

									Net assets of
					Acquiring Fund		Net assets of		Acquiring
	Net assets of Target				shares issued to the		Acquiring Fund		Fund
	Fund on Merger		Target Fund shares		Target Fund’s		immediately before		immediately
	Date		exchanged		shareholders		merger		after merger
Class A	$	304,392		18,898		19,330	$	2,304,138	$	2,608,530
Class B		42,346		2,814		2,734		196,894		239,240
Class C		63,542		4,207		4,111		220,582		284,124
Class I		404		25		26		588,983		589,387
Class R3		38		2		2		4,261		4,299
Class R4		18		1		1		17,161		17,179
Class R5		8		—		1		1,538		1,546
Class Y		13,599		813		852		714,649		728,248
Total	$	424,347		26,760		27,057	$	4,048,206	$	4,472,553

The Hartford Stock Fund had the following unrealized appreciation (depreciation), accumulated net realized gains (losses) and capital stock as of October 2, 2009.

	Unrealized Appreciation		Accumulated Net
Fund	(Depreciation)		Realized Gains (Losses)			Capital Stock
Target Fund	$	11,295	$	(441,651	)	$	854,703

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

11. Subsequent Events:

Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

21

The Hartford Dividend and Growth Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized																	Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	14.56	$	0.26	$	—	$	1.47		$	1.73		$	(0.26	)	$	—		$	—	$	(0.26	)	$	1.47		$	16.03
B		14.32		0.14		—		1.44			1.58			(0.14	)		—			—		(0.14	)		1.44			15.76
C		14.28		0.15		—		1.45			1.60			(0.16	)		—			—		(0.16	)		1.44			15.72
I		14.52		0.33		—		1.44			1.77			(0.31	)		—			—		(0.31	)		1.46			15.98
R3		14.71		0.25		—		1.46			1.71			(0.24	)		—			—		(0.24	)		1.47			16.18
R4		14.73		0.28		—		1.48			1.76			(0.27	)		—			—		(0.27	)		1.49			16.22
R5		14.75		0.33		—		1.47			1.80			(0.31	)		—			—		(0.31	)		1.49			16.24
Y		14.75		0.35		—		1.48			1.83			(0.33	)		—			—		(0.33	)		1.50			16.25
For the Year Ended October 31, 2008
A		23.12		0.31		—		(7.32	)		(7.01	)		(0.31	)		(1.24	)		—		(1.55	)		(8.56	)		14.56
B		22.76		0.14		—		(7.21	)		(7.07	)		(0.13	)		(1.24	)		—		(1.37	)		(8.44	)		14.32
C		22.72		0.17		—		(7.21	)		(7.04	)		(0.16	)		(1.24	)		—		(1.40	)		(8.44	)		14.28
I		23.07		0.34		—		(7.27	)		(6.93	)		(0.38	)		(1.24	)		—		(1.62	)		(8.55	)		14.52
R3		23.37		0.23		—		(7.40	)		(7.17	)		(0.25	)		(1.24	)		—		(1.49	)		(8.66	)		14.71
R4		23.39		0.32		—		(7.42	)		(7.10	)		(0.32	)		(1.24	)		—		(1.56	)		(8.66	)		14.73
R5		23.41		0.35		—		(7.40	)		(7.05	)		(0.37	)		(1.24	)		—		(1.61	)		(8.66	)		14.75
Y		23.41		0.37		—		(7.40	)		(7.03	)		(0.39	)		(1.24	)		—		(1.63	)		(8.66	)		14.75
For the Year Ended October 31, 2007
A		21.48		0.29		0.01		2.95			3.25			(0.27	)		(1.34	)		—		(1.61	)		1.64			23.12
B		21.17		0.11		0.01		2.90			3.02			(0.09	)		(1.34	)		—		(1.43	)		1.59			22.76
C		21.13		0.13		0.01		2.91			3.05			(0.12	)		(1.34	)		—		(1.46	)		1.59			22.72
I		21.46		0.36		—		2.98			3.34			(0.39	)		(1.34	)		—		(1.73	)		1.61			23.07
R3(g)		21.14		0.15		—		2.25			2.40			(0.17	)		—			—		(0.17	)		2.23			23.37
R4(g)		21.14		0.21		—		2.26			2.47			(0.22	)		—			—		(0.22	)		2.25			23.39
R5(g)		21.14		0.26		—		2.26			2.52			(0.25	)		—			—		(0.25	)		2.27			23.41
Y		21.72		0.37		—		3.02			3.39			(0.36	)		(1.34	)		—		(1.70	)		1.69			23.41
For the Year Ended October 31, 2006 (j)
A		19.10		0.26		—		3.14			3.40			(0.26	)		(0.76	)		—		(1.02	)		2.38			21.48
B		18.84		0.09		—		3.10			3.19			(0.10	)		(0.76	)		—		(0.86	)		2.33			21.17
C		18.81		0.12		—		3.08			3.20			(0.12	)		(0.76	)		—		(0.88	)		2.32			21.13
I(k)		20.48		0.03		—		1.03			1.06			(0.08	)		—			—		(0.08	)		0.98			21.46
Y		19.30		0.35		—		3.18			3.53			(0.35	)		(0.76	)		—		(1.11	)		2.42			21.72
For the Year Ended October 31, 2005
A		17.79		0.23		—		1.51			1.74			(0.24	)		(0.19	)		—		(0.43	)		1.31			19.10
B		17.56		0.08		—		1.48			1.56			(0.09	)		(0.19	)		—		(0.28	)		1.28			18.84
C		17.53		0.10		—		1.48			1.58			(0.11	)		(0.19	)		—		(0.30	)		1.28			18.81
Y		17.97		0.32		—		1.53			1.85			(0.33	)		(0.19	)		—		(0.52	)		1.33			19.30

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	During the year ended October 31, 2009, The Hartford Dividend and Growth Fund incurred $236.4 million in sales associated with the transition of assets from The Hartford Stock Fund, which merged into the Fund on October 2, 2009. These sales are excluded from the portfolio turnover rate calculation.
(f)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(g)	Commenced operations on December 22, 2006.
(h)	Not annualized.
(i)	Annualized.
(j)	Per share amounts have been calculated using average shares outstanding method.
(k)	Commenced operations on August 31, 2006.

22

- Ratios and Supplemental Data -

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	12.17	%	$	2,635,571		1.17	%		1.17	%		1.17	%		1.88	%		33	%(e)
	11.22			236,026		2.14			1.99			1.99			1.10			—
	11.37			286,465		1.92			1.92			1.92			1.13			—
	12.52			658,690		0.85			0.85			0.85			1.96			—
	11.84			5,171		1.47			1.47			1.47			1.26			—
	12.27			19,372		1.09			1.09			1.09			1.85			—
	12.55			1,947		0.80			0.80			0.80			2.07			—
	12.73			746,004		0.69			0.69			0.69			2.30			—
	(32.24	)		2,214,358		1.09			1.09			1.09			1.62			36
	(32.85	)		222,732		1.97			1.97			1.97			0.73			—
	(32.80	)		221,895		1.83			1.83			1.83			0.87			—
	(32.02	)		167,989		0.82			0.82			0.82			1.77			—
	(32.53	)		455		1.58			1.50			1.50			1.16			—
	(32.25	)		8,410		1.09			1.09			1.09			1.63			—
	(32.06	)		310		0.80			0.80			0.80			1.94			—
	(31.99	)		494,110		0.69			0.69			0.69			2.01			—
	16.20	(f)		3,236,757		1.09			1.09			1.09			1.35			24
	15.22	(f)		395,552		1.95			1.95			1.95			0.50			—
	15.42	(f)		365,443		1.82			1.82			1.82			0.62			—
	16.67	(f)		1,899		0.77			0.77			0.77			1.50			—
	11.38	(h)		177		1.40	(i)		1.40	(i)		1.40	(i)		0.63	(i)		—
	11.70	(h)		1,994		1.09	(i)		1.09	(i)		1.09	(i)		0.72	(i)		—
	11.99	(h)		193		0.82	(i)		0.82	(i)		0.82	(i)		0.98	(i)		—
	16.68	(f)		255,138		0.69			0.69			0.69			1.72			—
	18.63			2,626,634		1.14			1.14			1.14			1.32			29
	17.63			365,678		1.99			1.99			1.99			0.48			—
	17.75			317,139		1.87			1.87			1.87			0.60			—
	5.20	(h)		11		1.08	(i)		0.98	(i)		0.98	(i)		0.59	(i)		—
	19.15			133,376		0.71			0.71			0.71			1.75			—
	9.87			2,109,617		1.17			1.17			1.17			1.25			26
	8.92			343,650		2.01			2.01			2.01			0.41			—
	9.08			280,967		1.89			1.89			1.89			0.54			—
	10.36			114,777		0.73			0.73			0.73			1.64			—

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders
of The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Dividend and Growth Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Dividend and Growth Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

24

The Hartford Dividend and Growth Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

The Hartford Dividend and Growth Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 - 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 - 2009.

26

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

The Hartford Dividend and Growth Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	100.00	%
QDI†	100.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.262		N/A		N/A		0.262
Class B		0.143		N/A		N/A		0.143
Class C		0.158		N/A		N/A		0.158
Class I		0.309		N/A		N/A		0.309
Class R3		0.235		N/A		N/A		0.235
Class R4		0.274		N/A		N/A		0.274
Class R5		0.313		N/A		N/A		0.313
Class Y		0.327		N/A		N/A		0.327

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

28

The Hartford Dividend and Growth Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,198.20	$	6.37	$	1,000.00	$	1,019.41	$	5.85		1.15	%		184		365
Class B	$	1,000.00	$	1,192.80	$	10.89	$	1,000.00	$	1,015.27	$	10.01		1.97			184		365
Class C	$	1,000.00	$	1,193.00	$	10.50	$	1,000.00	$	1,015.63	$	9.65		1.90			184		365
Class I	$	1,000.00	$	1,200.00	$	4.66	$	1,000.00	$	1,020.97	$	4.28		0.84			184		365
Class R3	$	1,000.00	$	1,196.40	$	8.08	$	1,000.00	$	1,017.85	$	7.43		1.46			184		365
Class R4	$	1,000.00	$	1,198.40	$	5.98	$	1,000.00	$	1,019.76	$	5.50		1.08			184		365
Class R5	$	1,000.00	$	1,199.80	$	4.38	$	1,000.00	$	1,021.22	$	4.02		0.79			184		365
Class Y	$	1,000.00	$	1,200.30	$	3.77	$	1,000.00	$	1,021.78	$	3.47		0.68			184		365

29

The Hartford Dividend and Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Dividend and Growth Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

30

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser��s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the

31

The Hartford Dividend and Growth Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

32

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

33

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-10 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford Equity Growth Allocation Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	24

The Hartford Equity Growth Allocation Fund inception 05/28/2004

(subadvised by Hartford Investment Management Company)

Investment objective — Seeks long-term capital appreciation.

Performance Overview(1) 5/28/04 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
Equity Growth Allocation A#		15.20	%		1.37	%		1.96	%
Equity Growth Allocation A##		8.87	%		0.23	%		0.90	%
Equity Growth Allocation B#		14.51	%		0.69	%		1.27	%
Equity Growth Allocation B##		9.51	%		0.33	%		1.11	%
Equity Growth Allocation C#		14.33	%		0.66	%		1.25	%
Equity Growth Allocation C##		13.33	%		0.66	%		1.25	%
Equity Growth Allocation I#		15.77	%		1.61	%		2.18	%
Equity Growth Allocation R3#		15.05	%		1.24	%		1.84	%
Equity Growth Allocation R4#		15.40	%		1.42	%		2.00	%
Equity Growth Allocation R5#		15.73	%		1.57	%		2.15	%
S&P 500 Index		9.78	%		0.33	%		0.59	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4 and R5 shares will vary from results seen above due to differences in the expenses charged to these classes.
(2)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class A performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Hugh Whelan, CFA	Edward C. Caputo, CFA
Managing Director	Vice President

How did the Fund perform?

The Class A shares of The Hartford Equity Growth Allocation Fund returned 15.20%, before sales charges, for the twelve-month period ended October 31, 2009. In comparison, its benchmark, the S&P 500 Index, returned 9.78% while the average return for the Lipper Multi-Cap Core category, a group of funds with investment strategies similar to those of the Fund, was 14.23%.

Why did the Fund perform this way?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market — high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. After a difficult first half of the year, investor risk aversion fell significantly and the year ending October 31, 2009 finished strong.

During the period, the S&P 500 rose 9.8%. Across the different market capitalizations, mid-cap and large-cap stocks outperformed small-cap stocks. Within U.S. equities, the growth investment style outperformed value. In contrast to last year, international stocks outperformed U.S. stocks. Specifically, Emerging Markets stock, measured by the MSCI Emerging Markets Stock Index, posted the strongest results, up 64.6%. In March investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter, with the S&P 500 rising 55% since the risk rally began in March. Within equities, investors

2

preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and Russell Mid-Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 stocks outperformed their higher quality peers.

The Fund’s strategic asset allocation decisions within equities contributed to the fund’s performance. Specifically, favorable allocations within the international markets into emerging markets, international small-cap, and international real estate investment trust (REITs) helped to offset an underweight (i.e. the Fund’s sector position was less than the benchmark position) to small and mid-cap stocks.

Beyond the asset allocation decision, we also add value by selecting the underlying mutual funds that will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s objectives and stated benchmark to see what it actually holds for securities and how it has behaved historically. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. During the year, our underlying fund selection enhanced relative performance (i.e. performance of the Fund as measured against the benchmark). No hard rebalance (i.e. a fund rebalancing to move the underlying fund investments to their target allocation percentages) was required for the reporting period.

During the period, the Fund has continued to utilize ETFs to obtain asset class exposures unavailable through The Hartford fund family. Specifically, the Fund has set target allocations to ETFs that provide U.S. and international real estate exposure.

What is the Outlook?

While the risk rally that began in early March has pushed equities and other high risk asset classes higher around the world, we believe that the appreciation of equities and higher risk fixed income asset classes will be more muted following their dramatic recovery in the 2nd and 3rd quarters. We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

We have positioned the Fund with an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to international equities, both large and small cap.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
SPDR DJ Wilshire International Real Estate ETF		2.6	%
SPDR DJ Wilshire REIT ETF		0.5
The Hartford Capital Appreciation Fund, Class Y		16.9
The Hartford Capital Appreciation II Fund, Class Y		2.0
The Hartford Disciplined Equity Fund, Class Y		6.0
The Hartford Dividend and Growth Fund, Class Y		1.3
The Hartford Equity Income Fund, Class Y		2.4
The Hartford Fundamental Growth Fund, Class Y		1.3
The Hartford Global Equity Fund, Class Y		0.0
The Hartford Global Growth Fund, Class Y		5.1
The Hartford Growth Fund, Class Y		1.9
The Hartford Growth Opportunities Fund, Class Y		7.8
The Hartford International Opportunities Fund, Class Y		9.5
The Hartford International Small Company Fund, Class Y		5.7
The Hartford MidCap Fund, Class Y		0.4
The Hartford MidCap Growth Fund, Class Y		0.3
The Hartford MidCap Value Fund, Class Y		0.3
The Hartford Select MidCap Value Fund, Class Y		2.0
The Hartford Select SmallCap Value Fund, Class Y		7.4
The Hartford Small Company Fund, Class Y		7.2
The Hartford Value Fund, Class Y		19.0
The Hartford Value Opportunities Fund, Class Y		0.4
Other Assets and Liabilities		0.0
Total		100.0	%

3

The Hartford Equity Growth Allocation Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES — 96.9%
EQUITY FUNDS - 96.9%
	1,203	The Hartford Capital Appreciation Fund, Class Y			$	36,373
	394	The Hartford Capital Appreciation II Fund, Class Y •				4,318
	1,213	The Hartford Disciplined Equity Fund, Class Y				13,053
	171	The Hartford Dividend and Growth Fund, Class Y				2,772
	476	The Hartford Equity Income Fund, Class Y				5,142
	288	The Hartford Fundamental Growth Fund, Class Y •				2,709
	11	The Hartford Global Equity Fund, Class Y				90
	820	The Hartford Global Growth Fund, Class Y •				10,919
	296	The Hartford Growth Fund, Class Y •				4,187
	782	The Hartford Growth Opportunities Fund, Class Y •				16,876
	1,563	The Hartford International Opportunities Fund, Class Y				20,426
	1,132	The Hartford International Small Company Fund, Class Y				12,330
	54	The Hartford MidCap Fund, Class Y •				959
	89	The Hartford MidCap Growth Fund, Class Y •				683
	81	The Hartford MidCap Value Fund, Class Y				712
	561	The Hartford Select MidCap Value Fund, Class Y				4,311
	1,994	The Hartford Select SmallCap Value Fund, Class Y				15,868
	1,038	The Hartford Small Company Fund, Class Y •				15,597
	4,293	The Hartford Value Fund, Class Y				40,996
	77	The Hartford Value Opportunities Fund, Class Y				810
		Total equity funds (cost $242,879)			$	209,131
		Total investments in affiliated investment companies (cost $242,879)			$	209,131
EXCHANGE TRADED FUNDS — 3.1%
	160	SPDR DJ Wilshire International Real Estate ETF			$	5,533
	24	SPDR DJ Wilshire REIT ETF .				1,050
		Total exchange traded funds (cost $6,404)			$	6,583
		Total long-term investments (cost $249,283)			$	215,714
		Total investments (cost $249,283) ▲	100.0	%	$	215,714
		Other assets and liabilities	—	%		48
		Total net assets	100.0	%	$	215,762

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $250,277 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	2,639
Unrealized Depreciation		(37,202	)
Net Unrealized Depreciation	$	(34,563	)

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Equity Growth Allocation Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	209,131	$	209,131	$	—	$	—
Exchange Traded Funds		6,583		6,583		—		—
Total	$	215,714	$	215,714	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Equity Growth Allocation Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $6,404)	$	6,583
Investments in underlying affiliated funds, at market value (cost $242,879)		209,131
Receivables:
Investment securities sold		286
Fund shares sold		337
Dividends and interest		—
Other assets		55
Total assets		216,392
Liabilities:
Payables:
Fund shares redeemed		533
Investment management fees		5
Distribution fees		19
Accrued expenses		73
Total liabilities		630
Net assets	$	215,762
Summary of Net Assets:
Capital stock and paid-in-capital		281,821
Accumulated undistributed net investment income		312
Accumulated net realized loss on investments		(32,802	)
Unrealized depreciation of investments		(33,569	)
Net assets	$	215,762
Shares authorized		400,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	9.35/ $9.89
Shares outstanding		13,219
Net assets	$	123,640
Class B: Net asset value per share	$	9.27
Shares outstanding		3,252
Net assets	$	30,159
Class C: Net asset value per share	$	9.23
Shares outstanding		5,439
Net assets	$	50,218
Class I: Net asset value per share	$	9.36
Shares outstanding		67
Net assets	$	626
Class R3: Net asset value per share	$	9.31
Shares outstanding		100
Net assets	$	933
Class R4: Net asset value per share	$	9.32
Shares outstanding		481
Net assets	$	4,482
Class R5: Net asset value per share	$	9.36
Shares outstanding		609
Net assets	$	5,704

The accompanying notes are an integral part of these financial statements.

6

The Hartford Equity Growth Allocation Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	259
Dividends from underlying affiliated funds		3,522
Interest		1
Total investment income		3,782
Expenses:
Investment management fees		293
Administrative services fees		11
Transfer agent fees		574
Distribution fees
Class A		277
Class B		268
Class C		466
Class R3		4
Class R4		9
Custodian fees		1
Accounting services fees		23
Registration and filing fees		84
Board of Directors’ fees		7
Audit fees		11
Other expenses		64
Total expenses (before waivers)		2,092
Expense waivers		(161	)
Transfer agent fee waivers		(35	)
Total waivers		(196	)
Total expenses, net		1,896
Net Investment Income		1,886
Net Realized Loss on Investments:
Net realized loss on investments in underlying affiliated funds		(32,555	)
Net realized loss on investments in securities		(13	)
Net Realized Loss on Investments		(32,568	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		60,407
Net Changes in Unrealized Appreciation of Investments		60,407
Net Gain on Investments		27,839
Net Increase in Net Assets Resulting from Operations	$	29,725

The accompanying notes are an integral part of these financial statements.

7

The Hartford Equity Growth Allocation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income (loss)	$	1,886		$	(667	)
Net realized gain (loss) on investments		(32,568	)		13,299
Net unrealized appreciation (depreciation) of investments		60,407			(145,028	)
Net Increase (Decrease) In Net Assets Resulting From Operations		29,725			(132,396	)
Distributions to Shareholders:
From net investment income
Class A		(1,018	)		(6,892	)
Class B		—			(1,544	)
Class C		(149	)		(2,397	)
Class I		(321	)		(7	)
Class R3		(5	)		(33	)
Class R4		(31	)		(40	)
Class R5		(51	)		(4	)
From net realized gain on investments
Class A		(1,143	)		(10,090	)
Class B		(288	)		(2,785	)
Class C		(459	)		(4,316	)
Class I		(7	)		(4	)
Class R3		(7	)		(55	)
Class R4		(28	)		(47	)
Class R5		(16	)		(4	)
Total distributions		(3,523	)		(28,218	)
Capital Share Transactions:
Class A		(4,007	)		34,133
Class B		(1,584	)		5,149
Class C		(177	)		9,733
Class I		(1,377	)		901
Class R3		134			283
Class R4		1,476			3,306
Class R5		3,276			2,210
Net increase (decrease) from capital share transactions		(2,259	)		55,715
Net Increase (Decrease) In Net Assets		23,943			(104,899	)
Net Assets:
Beginning of period		191,819			296,718
End of period	$	215,762		$	191,819
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	312		$	—

The accompanying notes are an integral part of these financial statements.

8

The Hartford Equity Growth Allocation Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Equity Growth Allocation Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange-traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a) Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.

9

The Hartford Equity Growth Allocation Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

	Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.
b)	Security Valuation - Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.
	The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.
	Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.
	Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

10

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Indexed Securities - The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.
d)	Fund Share Valuation and Dividend Distributions to Shareholders - Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
e)	Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
f)	Indemnifications - Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a) Federal Income Taxes - For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially

11

The Hartford Equity Growth Allocation Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

	all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) - Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings - The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	1,575	$	9,945
Long-Term Capital Gains *		1,948		18,273

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	312
Accumulated Capital Losses *		(31,808	)
Unrealized Depreciation †		(34,563	)
Total Accumulated Deficit	$	(66,059	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts - The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase accumulated undistributed net investment income by $1 and decrease accumulated net realized loss on investments by $1.

12

e) Capital Loss Carryforward - At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2017	$	31,808
Total	$	31,808

f) Accounting for Uncertainty in Income Taxes - Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a)

Investment Management Agreement - Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

b) Accounting Services Agreement - Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses - Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class I			Class R3			Class R4			Class R5
1.60%		2.35	%		2.35	%		1.35	%		1.85	%		1.55	%		1.25	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.

13

The Hartford Equity Growth Allocation Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

d)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares - HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $622 and contingent deferred sales charges of $93 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of only up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $56. These commissions are in turn paid to sales representatives of the broker/dealers.
e)	Other Related Party Transactions - Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $550 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	50,707
Sales Proceeds Excluding U.S. Government Obligations		54,809

14

6.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		3,193		291		(3,901	)		—		(417	)		3,894		1,191		(2,598	)		—		2,487
Amount	$	25,003	$	2,116	$	(31,126	)	$	—	$	(4,007	)	$	47,768	$	16,355	$	(29,990	)	$	—	$	34,133
Class B
Shares		394		39		(639	)		—		(206	)		629		301		(571	)		—		359
Amount	$	3,035	$	275	$	(4,894	)	$	—	$	(1,584	)	$	7,627	$	4,107	$	(6,585	)	$	—	$	5,149
Class C
Shares		2,806		78		(2,966	)		—		(82	)		1,479		432		(1,200	)		—		711
Amount	$	21,077	$	556	$	(21,810	)	$	—	$	(177	)	$	17,894	$	5,883	$	(14,044	)	$	—	$	9,733
Class I
Shares		2,667		42		(2,722	)		—		(13	)		82		—		(6	)		—		76
Amount	$	19,323	$	312	$	(21,012	)	$	—	$	(1,377	)	$	942	$	8	$	(49	)	$	—	$	901
Class R3
Shares		38		2		(25	)		—		15			29		7		(12	)		—		24
Amount	$	335	$	12	$	(213	)	$	—	$	134		$	341	$	88	$	(146	)	$	—	$	283
Class R4
Shares		288		8		(104	)		—		192			302		7		(49	)		—		260
Amount	$	2,219	$	59	$	(802	)	$	—	$	1,476		$	3,761	$	87	$	(542	)	$	—	$	3,306
Class R5
Shares		521		9		(105	)		—		425			196		1		(18	)		—		179
Amount	$	4,027	$	67	$	(818	)	$	—	$	3,276		$	2,367	$	8	$	(165	)	$	—	$	2,210

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		37	$	290
For the Year Ended October 31, 2008		32	$	385

7.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
8.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

15

The Hartford Equity Growth Allocation Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset								Net Realized																	Net Increase
	Value at								and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of			Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period			Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	8.29		$	0.08		$	—	$	1.14		$	1.22		$	(0.08	)	$	(0.08	)	$	—	$	(0.16	)	$	1.06		$	9.35
B		8.19			0.03			—		1.13			1.16			—			(0.08	)		—		(0.08	)		1.08			9.27
C		8.19			0.04			—		1.10			1.14			(0.02	)		(0.08	)		—		(0.10	)		1.04			9.23
I		8.31			0.89			—		0.36			1.25			(0.12	)		(0.08	)		—		(0.20	)		1.05			9.36
R3		8.25			0.06			—		1.14			1.20			(0.06	)		(0.08	)		—		(0.14	)		1.06			9.31
R4		8.27			0.07			—		1.15			1.22			(0.09	)		(0.08	)		—		(0.17	)		1.05			9.32
R5		8.31			0.10			—		1.15			1.25			(0.12	)		(0.08	)		—		(0.20	)		1.05			9.36
For the Year Ended October 31, 2008 (e)
A		15.55			0.01			—		(5.82	)		(5.81	)		(0.55	)		(0.90	)		—		(1.45	)		(7.26	)		8.29
B		15.40			(0.09	)		—		(5.76	)		(5.85	)		(0.46	)		(0.90	)		—		(1.36	)		(7.21	)		8.19
C		15.39			(0.08	)		—		(5.76	)		(5.84	)		(0.46	)		(0.90	)		—		(1.36	)		(7.20	)		8.19
I		15.59			(0.03	)		—		(5.75	)		(5.78	)		(0.60	)		(0.90	)		—		(1.50	)		(7.28	)		8.31
R3		15.52			(0.02	)		—		(5.80	)		(5.82	)		(0.55	)		(0.90	)		—		(1.45	)		(7.27	)		8.25
R4		15.56			(0.05	)		—		(5.75	)		(5.79	)		(0.60	)		(0.90	)		—		(1.50	)		(7.29	)		8.27
R5		15.60			(0.03	)		—		(5.76	)		(5.79	)		(0.60	)		(0.90	)		—		(1.50	)		(7.29	)		8.31
For the Year Ended October 31, 2007
A		13.21			0.03			—		2.83			2.86			(0.24	)		(0.28	)		—		(0.52	)		2.34			15.55
B		13.10			(0.07	)		—		2.81			2.74			(0.16	)		(0.28	)		—		(0.44	)		2.30			15.40
C		13.10			(0.07	)		—		2.80			2.73			(0.16	)		(0.28	)		—		(0.44	)		2.29			15.39
I		13.22			0.19			—		2.71			2.90			(0.25	)		(0.28	)		—		(0.53	)		2.37			15.59
R3(f)		13.24			(0.05	)		—		2.33			2.28			—			—			—		—			2.28			15.52
R4(f)		13.24			(0.02	)		—		2.34			2.32			—			—			—		—			2.32			15.56
R5(f)		13.24			(0.01	)		—		2.37			2.36			—			—			—		—			2.36			15.60
For the Year Ended October 31, 2006
A		11.46			0.02			—		1.83			1.85			(0.09	)		(0.01	)		—		(0.10	)		1.75			13.21
B		11.37	��		(0.12	)		—		1.88			1.76			(0.02	)		(0.01	)		—		(0.03	)		1.73			13.10
C		11.37			(0.12	)		—		1.88			1.76			(0.02	)		(0.01	)		—		(0.03	)		1.73			13.10
I(i)		12.59			(0.01	)		—		0.64			0.63			—			—			—		—			0.63			13.22
For the Year Ended October 31, 2005
A		10.38			(0.02	)		—		1.12			1.10			(0.02	)		—			—		(0.02	)		1.08			11.46
B		10.35			(0.08	)		—		1.10			1.02			—			—			—		—			1.02			11.37
C		10.35			(0.07	)		—		1.09			1.02			—			—			—		—			1.02			11.37

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Commenced operations on December 22, 2006.
(g)	Not annualized.
(h)	Annualized.
(i)	Commenced operations on August 31, 2006.

16

- Ratios and Supplemental Data -

			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
			Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
	Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)	Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
15.20%	$	123,640		0.79	%		0.72	%		0.72	%		1.03	%		26	%
14.51		30,159		1.68			1.34			1.34			0.41			—
14.33		50,218		1.53			1.47			1.47			0.56			—
15.77		626		0.28			0.28			0.28			9.91			—
15.05		933		0.96			0.96			0.96			0.76			—
15.40		4,482		0.65			0.65			0.65			0.82			—
15.73		5,704		0.34			0.34			0.34			1.26			—
(40.92)		113,006		0.69			0.68			0.68			0.05			10
(41.40)		28,322		1.52			1.49			1.49			(0.72	)		—
(41.35)		45,209		1.43			1.43			1.43			(0.66	)		—
(40.73)		668		0.30			0.30			0.30			(0.29	)		—
(41.10)		699		0.95			0.95			0.95			(0.13	)		—
(40.92)		2,389		0.64			0.64			0.64			(0.40	)		—
(40.78)		1,526		0.34			0.34			0.34			(0.26	)		—
22.39		173,379		0.69			0.69			0.69			(0.06	)		37
21.58		47,743		1.52			1.37			1.37			(0.72	)		—
21.50		74,047		1.42			1.37			1.37			(0.72	)		—
22.75		64		0.39			0.37			0.37			(0.15	)		—
17.22 (g)		952		0.97	(h)		0.96	(h)		0.96	(h)		(0.91	) (h)		—
17.52 (g)		456		0.71	(h)		0.69	(h)		0.69	(h)		(0.64	) (h)		—
17.82 (g)		77		0.42	(h)		0.38	(h)		0.38	(h)		(0.33	) (h)		—
16.18		116,198		0.79			0.72			0.72			(0.34	)		14
15.43		33,295		1.62			1.37			1.37			(0.93	)		—
15.43		51,936		1.51			1.37			1.37			(0.92	)		—
5.00 (g)		11		0.71	(h)		0.48	(h)		0.48	(h)		(0.45	) (h)		—
10.60		58,087		0.85			0.68			0.68			(0.43	)		9
9.88		20,155		1.64			1.33			1.33			(1.08	)		—
9.88		32,718		1.53			1.34			1.34			(1.08	)		—

17

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Equity Growth Allocation Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Equity Growth Allocation Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Equity Growth Allocation Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June��2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

The Hartford Equity Growth Allocation Fund

Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

20

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Equity Growth Allocation Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	100.00	%
QDI†	100.00	%
QII‡	5.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.
‡	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.072		N/A		0.083		0.155
Class B		N/A		N/A		0.083		0.083
Class C		0.020		N/A		0.083		0.103
Class I		0.119		N/A		0.083		0.202
Class R3		0.058		N/A		0.083		0.141
Class R4		0.090		N/A		0.083		0.173
Class R5		0.116		N/A		0.083		0.199

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Equity Growth Allocation Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,217.40	$	4.19	$	1,000.00	$	1,021.42	$	3.82		0.75	%		184		365
Class B	$	1,000.00	$	1,213.40	$	7.75	$	1,000.00	$	1,018.20	$	7.07		1.39			184		365
Class C	$	1,000.00	$	1,212.90	$	8.26	$	1,000.00	$	1,017.74	$	7.53		1.48			184		365
Class I	$	1,000.00	$	1,220.30	$	1.68	$	1,000.00	$	1,023.69	$	1.53		0.30			184		365
Class R3	$	1,000.00	$	1,217.00	$	5.42	$	1,000.00	$	1,020.32	$	4.94		0.97			184		365
Class R4	$	1,000.00	$	1,219.90	$	3.58	$	1,000.00	$	1,021.98	$	3.26		0.64			184		365
Class R5	$	1,000.00	$	1,220.30	$	1.90	$	1,000.00	$	1,023.49	$	1.73		0.34			184		365

23

The Hartford Equity Growth Allocation Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Equity Growth Allocation Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant

24

monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In

25

The Hartford Equity Growth Allocation Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-11 12/09 MUT 8759 Printed in U.S.A. ^© 2009 The Hartford, Hartford, CT 06117

The Hartford Equity Income Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	6
Statement of Assets and Liabilities at October 31, 2009	7
Statement of Operations for the Year Ended October 31, 2009	8
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	9
Notes to Financial Statements	10
Financial Highlights	20
Report of Independent Registered Public Accounting Firm	22
Directors and Officers (Unaudited)	23
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	25
Quarterly Portfolio Holdings Information (Unaudited)	25
Federal Tax Information (Unaudited)	26
Expense Example (Unaudited)	27
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	28

The Hartford Equity Income Fund inception 08/28/2003

(subadvised by Wellington Management Company, LLP)

Investment objective – Seeks a high level of current income consistent with
growth of capital.

Performance Overview(1) 8/28/03 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
Equity Income A#		6.62	%		2.75	%		4.55	%
Equity Income A##		0.75	%		1.60	%		3.59	%
Equity Income B#		5.91	%		1.92	%		3.71	%
Equity Income B##		0.91	%		1.57	%		3.71	%
Equity Income C#		5.85	%		2.02	%		3.82	%
Equity Income C##		4.85	%		2.02	%		3.82	%
Equity Income I#		6.98	%		2.95	%		4.71	%
Equity Income R3#		6.31	%		2.75	%		4.69	%
Equity Income R4#		6.58	%		2.93	%		4.84	%
Equity Income R5#		6.96	%		3.11	%		4.98	%
Equity Income Y#		7.22	%		3.20	%		5.06	%
Russell 1000 Value Index		4.78	%		-0.05	%		3.24	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Karen H. Grimes, CFA	Ian R. Link, CFA	W. Michael Reckmeyer, III, CFA
Senior Vice President	Vice President	Senior Vice President

How did the Fund perform?

The Class A shares of The Hartford Equity Income Fund returned 6.62%, before sales charge, for the twelve-month period ended October 31, 2009, outperforming its benchmark, the Russell 1000 Value Index, which returned 4.78% for the same period. The Fund underperformed the 9.72% return of the average fund in the Lipper Equity Income Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Broad U.S. equity markets rose during the period, but this overall increase masks two significantly different market environments. From the beginning of November through early March 2009, stocks fell sharply reflecting deepening economic worries and concerns over the U.S. government’s increasing involvement in the economy. From early March through the end of October 2009, stocks rallied as investors came to believe that a Depression-like scenario was less likely. Sector returns within the Russell 1000 Value Index diverged widely in this environment, with strength in Information Technology (+33%), Consumer Discretionary (+23%), and Materials (+18%) overshadowing weakness in Financials (-8%) and Industrials (-5%).

2

The Fund outperformed its benchmark due to stock selection as well as allocation among sectors, a fall-out of the bottom-up (i.e. stock by stock fundamental research) stock selection process. Selection was particularly strong within the Industrials, Energy, and Consumer Staples sectors. In addition, an underweight (i.e. the Fund’s sector position was less than the benchmark position) position in Financials and an overweight (i.e. the Fund’s sector position was greater than the benchmark position) position in Information Technology helped relative (i.e. performance of the Fund as measured against the benchmark) performance.

Among the top contributors to benchmark-relative returns were Citigroup (Financials), Microsoft (Information Technology), and Nordstrom (Consumer Discretionary). We did not own the downward-trending shares of Citigroup during the period, which benefited relative results as the company is a significant benchmark holding. Shares of global technology giant Microsoft gained on better-than-expected quarterly results, expectations of a strong software product cycle, and cost cutting discpline. Nordstrom, an upscale retailer, saw its shares rise as its fundamentals improved and investors’ economic outlook became less negative. Top absolute (i.e. total return) contributors for the period included banking firm Goldman Sachs (Financials) and global pharmaceutical company Merck (Health Care).

PNC Financial (Financials), Bank of America (Financials), and U.S. Bancorp (Financials), detracted most from relative returns. Shares of financial services firm PNC Financial fell on concerns regarding the value of assets held at recently-acquired National City. Shares of Bank of America declined on weakness in their consumer-oriented loan portfolio and due to difficulties surrounding their acquisition of Merrill Lynch. A mixed earnings report and fears of a dividend cut pushed shares of banking and financial services company U.S. Bancorp lower. Stocks that detracted most from absolute returns included leading U.S. conglomerate General Electric (Industrials).

What is the outlook?

The market’s sharp rally off its March lows has narrowed or eliminated many previously-attractive disparities between market price and our assessment of fair value. The strength of the rally suggests that investors are pricing in not just the removal of the worst-case scenario, but a robust economic recovery. While recent economic releases point to an improvement from the dire outlook of early 2009, the U.S. economy is by no means out of the woods. Consumer and corporate debt levels remain high, unemployment persists near 10%, and the government’s unprecedented monetary and fiscal stimulus has raised the specter of inflation down the road.

In this environment we continue to apply our time-tested philosophy focused on building a portfolio in which growth and the dividend yield are better than the market and valuations are lower than the market. Based on bottom-up stock decisions, we ended the period most overweight the Consumer Staples, Industrials, and Information Technology sectors; our largest underweights were in the Financials, Telecommunications Services, and Energy sectors.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Banks (Financials)		6.4	%
Capital Goods (Industrials)		11.6
Commercial & Professional Services (Industrials)		2.9
Consumer Durables & Apparel (Consumer Discretionary)		1.7
Consumer Services (Consumer Discretionary)		1.5
Diversified Financials (Financials)		8.5
Energy (Energy)		17.5
Food & Staples Retailing (Consumer Staples)		0.9
Food, Beverage & Tobacco (Consumer Staples)		7.1
Household & Personal Products (Consumer Staples)		1.9
Insurance (Financials)		7.3
Materials (Materials)		2.0
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		9.4
Retailing (Consumer Discretionary)		5.5
Semiconductors & Semiconductor Equipment (Information Technology)		3.0
Software & Services (Information Technology)		3.1
Telecommunication Services (Services)		3.2
Utilities (Utilities)		5.9
Short-Term Investments		0.8
Other Assets and Liabilities		(0.2	)
Total		100.0	%

3

The Hartford Equity Income Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 99.4%
		Banks — 6.4%
	343	PNC Financial Services Group, Inc.	$	16,783
	161	Toronto-Dominion Bank ADR		9,187
	890	Wells Fargo & Co.		24,487
				50,457
		Capital Goods — 11.6%
	199	3M Co.		14,670
	165	Caterpillar, Inc.		9,096
	150	Eaton Corp.		9,067
	815	General Electric Co.		11,626
	262	Illinois Tool Works, Inc.		12,008
	283	Ingersoll-Rand plc		8,940
	237	PACCAR, Inc.		8,855
	46	Schneider Electric S.A.		4,805
	273	Stanley Works		12,366
				91,433
		Commercial & Professional Services — 2.9%
	380	Republic Services, Inc.		9,836
	423	Waste Management, Inc.		12,642
				22,478
		Consumer Durables & Apparel — 1.7%
	72	Fortune Brands, Inc.		2,797
	256	Mattel, Inc.		4,846
	74	V.F. Corp.		5,236
				12,879
		Consumer Services — 1.5%
	208	McDonald’s Corp.		12,185
		Diversified Financials — 8.5%
	520	Bank of America Corp.		7,580
	293	Bank of New York Mellon Corp.		7,810
	101	Goldman Sachs Group, Inc.		17,221
	821	JP Morgan Chase & Co.		34,297
				66,908
		Energy — 17.5%
	179	Baker Hughes, Inc.		7,514
	289	BP plc ADR		16,380
	421	Chevron Corp.		32,200
	227	ConocoPhillips Holding Co.		11,384
	386	Exxon Mobil Corp.		27,695
	352	Marathon Oil Corp.		11,266
	252	Occidental Petroleum Corp.		19,084
	208	Total S.A. ADR		12,489
				138,012
		Food & Staples Retailing — 0.9%
	255	Sysco Corp.		6,745
		Food, Beverage & Tobacco — 7.1%
	479	Altria Group, Inc.		8,671
	127	General Mills, Inc.		8,385
	58	Lorillard, Inc.		4,492
	343	Nestle S.A. ADR		15,977
	156	PepsiCo, Inc.		9,422
	189	Philip Morris International, Inc.		8,942
				55,889
		Household & Personal Products — 1.9%
	241	Kimberly-Clark Corp.		14,711
		Insurance — 7.3%
	317	ACE Ltd.		16,277
	150	Aflac, Inc.		6,228
	236	Allstate Corp.		6,984
	266	Chubb Corp.		12,914
	297	Marsh & McLennan Cos., Inc.		6,965
	411	Unum Group		8,189
				57,557
		Materials — 2.0%
	270	E.I. DuPont de Nemours & Co.		8,588
	132	PPG Industries, Inc.		7,433
				16,021
		Pharmaceuticals, Biotechnology & Life Sciences — 9.4%
	149	GlaxoSmithKline plc ADR		6,137
	353	Johnson & Johnson		20,863
	768	Merck & Co., Inc.		23,751
	1,372	Pfizer, Inc.		23,360
				74,111
		Retailing — 5.5%
	384	Genuine Parts Co.		13,429
	759	Home Depot, Inc.		19,036
	192	Sherwin-Williams Co.		10,969
				43,434
		Semiconductors & Semiconductor Equipment — 3.0%
	634	Intel Corp.		12,110
	181	Maxim Integrated Products, Inc.		3,015
	364	Texas Instruments, Inc.		8,543
				23,668
		Software & Services — 3.1%
	871	Microsoft Corp.		24,147
		Telecommunication Services — 3.2%
	702	AT&T, Inc.		18,017
	253	Verizon Communications, Inc.		7,482
				25,499
		Utilities — 5.9%
	235	American Electric Power Co., Inc.		7,108
	309	Dominion Resources, Inc.		10,524
	91	Edison International		2,908
	79	Entergy Corp.		6,076
	51	Exelon Corp.		2,386
	261	FPL Group, Inc.		12,792
	222	Northeast Utilities		5,124
				46,918
		Total common stocks (cost $790,881)	$	783,052
		Total long-term investments (cost $790,881)	$	783,052
SHORT-TERM INVESTMENTS — 0.8%
		Repurchase Agreements — 0.8%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $269, collateralized by GNMA 5.00%, 2039, value of $275)
$	269	0.08%, 10/30/2009	$	269

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS — 0.8% — (continued)
		Repurchase Agreements — 0.8% — (continued)
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1,578, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $1,610)
$	1,578	0.08%, 10/30/2009			$	1,578
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1,758, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $1,793)
	1,758	0.08%, 10/30/2009				1,758
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $18, collateralized by U.S. Treasury Note 2.75%, 2013, value of $18)
	18	0.05%, 10/30/2009				18
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $3,046, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $3,107)
	3,046	0.07%, 10/30/2009				3,046
						6,669
		Total short-term investments (cost $6,669)			$	6,669
		Total investments (cost $797,550)5	100.2	%	$	789,721
		Other assets and liabilities	(0.2	)%		(1,202	)
		Total net assets	100.0	%	$	788,519

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 8.3% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.
5	At October 31, 2009, the cost of securities for federal income tax purposes was $803,013 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	62,559
Unrealized Depreciation		(75,851	)
Net Unrealized Depreciation	$	(13,292	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

5

The Hartford Equity Income Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks ‡	$	783,052	$	778,247	$	4,805	$	—
Short-Term Investments		6,669		—		6,669		—
Total	$	789,721	$	778,247	$	11,474	$	—

‡ The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Equity Income Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $797,550)	$	789,721
Cash		154
Receivables:
Fund shares sold		2,010
Dividends and interest		826
Other assets		79
Total assets		792,790
Liabilities:
Payables:
Investment securities purchased		1,598
Fund shares redeemed		2,344
Investment management fees		97
Distribution fees		41
Accrued expenses		191
Total liabilities		4,271
Net assets	$	788,519
Summary of Net Assets:
Capital stock and paid-in-capital		908,415
Accumulated undistributed net investment income		465
Accumulated net realized loss on investments and foreign currency transactions		(112,532	)
Unrealized depreciation of investments		(7,829	)
Net assets	$	788,519
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	10.74/$11.37
Shares outstanding		59,488
Net assets	$	639,106
Class B: Net asset value per share	$	10.72
Shares outstanding		3,179
Net assets	$	34,086
Class C: Net asset value per share	$	10.73
Shares outstanding		4,446
Net assets	$	47,708
Class I: Net asset value per share	$	10.72
Shares outstanding		555
Net assets	$	5,946
Class R3: Net asset value per share	$	10.78
Shares outstanding		47
Net assets	$	506
Class R4: Net asset value per share	$	10.78
Shares outstanding		135
Net assets	$	1,456
Class R5: Net asset value per share	$	10.79
Shares outstanding		1
Net assets	$	8
Class Y: Net asset value per share	$	10.81
Shares outstanding		5,523
Net assets	$	59,703

The accompanying notes are an integral part of these financial statements.

7

The Hartford Equity Income Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	26,317
Interest		24
Securities lending		1
Less: Foreign tax withheld		(372	)
Total investment income		25,970
Expenses:
Investment management fees		5,088
Administrative services fees		2
Transfer agent fees		1,329
Distribution fees
Class A		1,396
Class B		306
Class C		429
Class R3		1
Class R4		1
Custodian fees		8
Accounting services fees		97
Registration and filing fees		133
Board of Directors’ fees		19
Audit fees		27
Other expenses		217
Total expenses (before waivers and fees paid indirectly)		9,053
Expense waivers		(117	)
Transfer agent fee waivers		(24	)
Commission recapture		(45	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(186	)
Total expenses, net		8,867
Net Investment Income		17,103
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(98,816	)
Net realized loss on forward foreign currency contracts		(35	)
Net realized gain on other foreign currency transactions		24
Net Realized Loss on Investments and Foreign Currency Transactions		(98,827	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		133,341
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		11
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		133,352
Net Gain on Investments and Foreign Currency Transactions		34,525
Net Increase in Net Assets Resulting from Operations	$	51,628

The accompanying notes are an integral part of these financial statements.

8

The Hartford Equity Income Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	17,103		$	22,434
Net realized loss on investments and foreign currency transactions		(98,827	)		(13,793	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		133,352			(301,519	)
Net Increase (Decrease) In Net Assets Resulting From Operations		51,628			(292,878	)
Distributions to Shareholders:
From net investment income
Class A		(14,918	)		(17,009	)
Class B		(611	)		(667	)
Class C		(840	)		(972	)
Class I		(87	)		(26	)
Class R3		(5	)		(2	)
Class R4		(12	)		—
Class R5		—			—
Class Y		(1,696	)		(3,366	)
From net realized gain on investments
Class A		—			(19,859	)
Class B		—			(1,368	)
Class C		—			(1,893	)
Class I		—			(24	)
Class R3		—			(3	)
Class Y		—			(3,379	)
Total distributions		(18,169	)		(48,568	)
Capital Share Transactions:
Class A		47,718			62,259
Class B		676			(4,224	)
Class C		2,522			(7,425	)
Class I		4,014			910
Class R3		372			19
Class R4		1,247			—
Class R5		—			—
Class Y		(4,583	)		(22,304	)
Net increase from capital share transactions		51,966			29,235
Net Increase (Decrease) In Net Assets		85,425			(312,211	)
Net Assets:
Beginning of period		703,094			1,015,305
End of period	$	788,519		$	703,094
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	465		$	1,611

The accompanying notes are an integral part of these financial statements.

9

The Hartford Equity Income Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Equity Income Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.

2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income – Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation – The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are

10

significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund��s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 – Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.

Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.

11

The Hartford Equity Income Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

c)	Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account – Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements – A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending – The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
g)	Forward Foreign Currency Contracts – The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding forward foreign currency contracts as of October 31, 2009.

12

h)	Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid quarterly. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
i)	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
j)	Additional Derivative Instrument(s) Information
	The volume of derivative activity was minimal during the year ended October 31, 2009.
	Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—	$	(35	)	$	—	$	(35	)
Total	$	—	$	—	$	—	$	(35	)	$	—	$	(35	)

k) Indemnifications – Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

13

The Hartford Equity Income Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

3. Federal Income Taxes:

a)	Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	18,169	$	26,921
Long-Term Capital Gains *		—		21,647

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	465
Accumulated Capital Losses *		(107,069	)
Unrealized Depreciation †		(13,292	)
Total Accumulated Deficit	$	(119,896	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to

14

	decrease accumulated undistributed net investment income by $80, increase accumulated net realized gain on investments by $81, and decrease paid-in-capital by $1.
e)	Capital Loss Carryforward – At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	7,634
2017		99,435
Total	$	107,069

f) Accounting for Uncertainty in Income Taxes – Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a)

Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500	%
On next $500 million		0.7000	%
On next $4 billion		0.6500	%
On next $5 billion		0.6475	%
Over $10 billion		0.6450	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
1.25%		2.00	%		2.00	%		1.00	%		1.60	%		1.30	%		1.00	%		0.90	%

15

The Hartford Equity Income Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

d) Fees Paid Indirectly - The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.24	%		1.14	%		1.12	%		1.00	%		0.50	%
Class B Shares		1.91			2.00			1.96			1.84			1.38
Class C Shares		1.98			1.87			1.83			1.70			1.22
Class I Shares		0.96			0.84			0.81			0.80	*
Class R3 Shares		1.59			1.50			1.50	†
Class R4 Shares		1.20			1.13			1.18	†
Class R5 Shares		0.88			0.84			0.89	†
Class Y Shares		0.81			0.74			0.73			0.57			0.10

*	From August 31, 2006 (commencement of operations), through October 31, 2006.
†	From December 22, 2006 (commencement of operations), through October 31, 2007.

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $4,080 and contingent deferred sales charges of $81 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $7. These commissions are in turn paid to sales representatives of the broker/dealers.

16

f) Other Related Party Transactions - Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $1,296 for providing such services. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5. Affiliate Holdings:

As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R5		1

6. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	313,390
Sales Proceeds Excluding U.S. Government Obligations		249,912

17

The Hartford Equity Income Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

7. Capital Share Transactions:

The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		21,884		1,534		(18,382	)		—		5,036			11,842		2,683		(10,143	)		—		4,382
Amount	$	206,646	$	14,506	$	(173,434	)	$	—	$	47,718		$	151,313	$	36,274	$	(125,328	)	$	—	$	62,259
Class B
Shares		1,040		62		(1,030	)		—		72			428		142		(931	)		—		(361	)
Amount	$	9,665	$	586	$	(9,575	)	$	—	$	676		$	5,527	$	1,942	$	(11,693	)	$	—	$	(4,224	)
Class C
Shares		1,695		79		(1,534	)		—		240			467		188		(1,252	)		—		(597	)
Amount	$	15,982	$	736	$	(14,196	)	$	—	$	2,522		$	5,716	$	2,567	$	(15,708	)	$	—	$	(7,425	)
Class I
Shares		957		6		(548	)		—		415			93		3		(16	)		—		80
Amount	$	9,678	$	60	$	(5,724	)	$	—	$	4,014		$	1,039	$	48	$	(177	)	$	—	$	910
Class R3
Shares		41		—		(2	)		—		39			2		—		—			—		2
Amount	$	392	$	5	$	(25	)	$	—	$	372		$	23	$	4	$	(8	)	$	—	$	19
Class R4
Shares		145		1		(12	)		—		134			—		—		—			—		—
Amount	$	1,358	$	12	$	(123	)	$	—	$	1,247		$	—	$	—	$	—		$	—	$	—
Class R5
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	—	$	—	$	—		$	—	$	—		$	—	$	—	$	—		$	—	$	—
Class Y
Shares		1,160		178		(1,799	)		—		(461	)		794		498		(3,863	)		—		(2,571	)
Amount	$	10,646	$	1,696	$	(16,925	)	$	—	$	(4,583	)	$	10,513	$	6,745	$	(39,562	)	$	—	$	(22,304	)

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		40	$	372
For the Year Ended October 31, 2008		61	$	794

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

18

10.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

19

The Hartford Equity Income Fund

Financial Highlights

- Selected Per-Share Data (a)-
	Net Asset						Net Realized																	Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	10.35	$	0.24	$	—	$	0.41		$	0.65		$	(0.26	)	$	—		$	—	$	(0.26	)	$	0.39		$	10.74
B		10.33		0.18		—		0.40			0.58			(0.19	)		—			—		(0.19	)		0.39			10.72
C		10.34		0.17		—		0.41			0.58			(0.19	)		—			—		(0.19	)		0.39			10.73
I		10.33		0.22		—		0.46			0.68			(0.29	)		—			—		(0.29	)		0.39			10.72
R3		10.39		0.15		—		0.47			0.62			(0.23	)		—			—		(0.23	)		0.39			10.78
R4		10.40		0.18		—		0.47			0.65			(0.27	)		—			—		(0.27	)		0.38			10.78
R5		10.40		0.28		—		0.40			0.68			(0.29	)		—			—		(0.29	)		0.39			10.79
Y		10.40		0.29		—		0.42			0.71			(0.30	)		—			—		(0.30	)		0.41			10.81
For the Year Ended October 31, 2008
A		15.16		0.32		—		(4.42	)		(4.10	)		(0.31	)		(0.40	)		—		(0.71	)		(4.81	)		10.35
B		15.12		0.21		—		(4.41	)		(4.20	)		(0.19	)		(0.40	)		—		(0.59	)		(4.79	)		10.33
C		15.14		0.23		—		(4.42	)		(4.19	)		(0.21	)		(0.40	)		—		(0.61	)		(4.80	)		10.34
I		15.12		0.35		—		(4.39	)		(4.04	)		(0.35	)		(0.40	)		—		(0.75	)		(4.79	)		10.33
R3		15.21		0.27		—		(4.41	)		(4.14	)		(0.28	)		(0.40	)		—		(0.68	)		(4.82	)		10.39
R4		15.22		0.32		—		(4.43	)		(4.11	)		(0.31	)		(0.40	)		—		(0.71	)		(4.82	)		10.40
R5		15.22		0.36		—		(4.43	)		(4.07	)		(0.35	)		(0.40	)		—		(0.75	)		(4.82	)		10.40
Y		15.23		0.39		—		(4.46	)		(4.07	)		(0.36	)		(0.40	)		—		(0.76	)		(4.83	)		10.40
For the Year Ended October 31, 2007
A		14.00		0.27		—		1.69			1.96			(0.26	)		(0.54	)		—		(0.80	)		1.16			15.16
B		13.97		0.16		—		1.67			1.83			(0.14	)		(0.54	)		—		(0.68	)		1.15			15.12
C		13.99		0.18		—		1.67			1.85			(0.16	)		(0.54	)		—		(0.70	)		1.15			15.14
I		13.99		0.31		—		1.69			2.00			(0.33	)		(0.54	)		—		(0.87	)		1.13			15.12
R3(f)		13.97		0.17		—		1.24			1.41			(0.17	)		—			—		(0.17	)		1.24			15.21
R4(f)		13.97		0.23		—		1.22			1.45			(0.20	)		—			—		(0.20	)		1.25			15.22
R5(f)		13.97		0.27		—		1.21			1.48			(0.23	)		—			—		(0.23	)		1.25			15.22
Y		14.07		0.31		—		1.72			2.03			(0.33	)		(0.54	)		—		(0.87	)		1.16			15.23
For the Year Ended October 31, 2006
A		12.09		0.26		—		1.96			2.22			(0.28	)		(0.03	)		—		(0.31	)		1.91			14.00
B		12.07		0.16		—		1.94			2.10			(0.17	)		(0.03	)		—		(0.20	)		1.90			13.97
C		12.08		0.17		—		1.96			2.13			(0.19	)		(0.03	)		—		(0.22	)		1.91			13.99
I(i)		13.52		0.08		—		0.46			0.54			(0.07	)		—			—		(0.07	)		0.47			13.99
Y		12.15		0.30		—		1.98			2.28			(0.33	)		(0.03	)		—		(0.36	)		1.92			14.07
For the Year Ended October 31, 2005
A		11.28		0.27		—		0.82			1.09			(0.26	)		(0.02	)		—		(0.28	)		0.81			12.09
B		11.26		0.17		—		0.82			0.99			(0.16	)		(0.02	)		—		(0.18	)		0.81			12.07
C		11.27		0.20		—		0.81			1.01			(0.18	)		(0.02	)		—		(0.20	)		0.81			12.08
Y		11.33		0.32		—		0.83			1.15			(0.31	)		(0.02	)		—		(0.33	)		0.82			12.15

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Commenced operations on December 22, 2006.
(g)	Not annualized.
(h)	Annualized.
(i)	Commenced operations on August 31, 2006.

20

- Ratios and Supplemental Data -
			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
			Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
	Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)	Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
6.62%	$	639,106		1.26	%		1.25	%		1.25	%		2.51	%		37	%
5.91		34,086		2.19			1.92			1.92			1.86			—
5.85		47,708		1.98			1.98			1.98			1.79			—
6.98		5,946		0.96			0.96			0.96			2.28			—
6.31		506		1.63	��		1.60			1.60			1.62			—
6.58		1,456		1.21			1.21			1.21			1.84			—
6.96		8		0.89			0.89			0.89			2.88			—
7.22		59,703		0.81			0.81			0.81			3.00			—
(28.08)		563,703		1.19			1.14			1.14			2.49			53
(28.67)		32,097		2.06			2.00			2.00			1.63			—
(28.61)		43,493		1.92			1.87			1.87			1.76			—
(27.80)		1,449		0.90			0.85			0.85			2.80			—
(28.26)		78		1.55			1.50			1.50			2.14			—
(28.03)		8		1.18			1.13			1.13			2.50			—
(27.82)		8		0.90			0.85			0.85			2.78			—
(27.80)		62,258		0.80			0.75			0.75			2.90			—
14.68		758,905		1.22			1.12			1.12			1.93			20
13.69		52,424		2.07			1.97			1.97			1.09			—
13.80		72,690		1.94			1.84			1.84			1.23			—
14.96		907		0.92			0.82			0.82			2.18			—
10.11 (g)		95		1.60	(h)		1.50	(h)		1.50	(h)		1.51	(h)		—
10.44 (g)		11		1.28	(h)		1.18	(h)		1.18	(h)		1.84	(h)		—
10.67 (g)		11		0.99	(h)		0.89	(h)		0.89	(h)		2.13	(h)		—
15.12		130,262		0.83			0.73			0.73			2.30			—
18.70		529,664		1.30			1.00			1.00			2.02			24
17.67		43,198		2.14			1.84			1.84			1.19			—
17.88		61,572		2.01			1.71			1.71			1.33			—
4.05 (g)		106		1.37	(h)		0.80	(h)		0.80	(h)		1.32	(h)		—
19.18		7,593		0.88			0.58			0.58			2.26			—
9.74		379,604		1.34			0.51			0.51			2.41			23
8.84		33,989		2.18			1.38			1.38			1.53			—
9.00		53,435		2.03			1.23			1.23			1.70			—
10.22		784		0.91			0.11			0.11			2.79			—

21

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Equity Income Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Equity Income Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

22

The Hartford Equity Income Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

23

The Hartford Equity Income Fund

Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

24

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

25

The Hartford Equity Income Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	100.00	%
QDI†	100.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.257		N/A		N/A		0.257
Class B		0.191		N/A		N/A		0.191
Class C		0.187		N/A		N/A		0.187
Class I		0.288		N/A		N/A		0.288
Class R3		0.231		N/A		N/A		0.231
Class R4		0.265		N/A		N/A		0.265
Class R5		0.291		N/A		N/A		0.291
Class Y		0.297		N/A		N/A		0.297

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

26

The Hartford Equity Income Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,208.90	$	6.96	$	1,000.00	$	1,018.90	$	6.36		1.25	%		184		365
Class B	$	1,000.00	$	1,204.30	$	10.78	$	1,000.00	$	1,015.43	$	9.86		1.94			184		365
Class C	$	1,000.00	$	1,204.70	$	10.95	$	1,000.00	$	1,015.27	$	10.01		1.97			184		365
Class I	$	1,000.00	$	1,211.30	$	5.35	$	1,000.00	$	1,020.37	$	4.89		0.96			184		365
Class R3	$	1,000.00	$	1,206.70	$	8.90	$	1,000.00	$	1,017.14	$	8.13		1.60			184		365
Class R4	$	1,000.00	$	1,209.90	$	6.74	$	1,000.00	$	1,019.11	$	6.16		1.21			184		365
Class R5	$	1,000.00	$	1,211.20	$	4.85	$	1,000.00	$	1,020.82	$	4.43		0.87			184		365
Class Y	$	1,000.00	$	1,212.40	$	4.41	$	1,000.00	$	1,021.22	$	4.02		0.79			184		365

27

The Hartford Equity Income Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Equity Income Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

28

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

29

The Hartford Equity Income Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

30

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-12 12/09 MUT 8759 Printed in U.S.A. ^© 2009 The Hartford, Hartford, CT 06117

The Hartford Floating Rate Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Satements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	13
Statement of Assets and Liabilities at October 31, 2009	14
Statement of Operations for the Year Ended October 31, 2009	15
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	16
Notes to Financial Statements	17
Financial Highlights	28
Report of Independent Registered Public Accounting Firm	30
Directors and Officers (Unaudited)	31
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	33
Quarterly Portfolio Holdings Information (Unaudited)	33
Federal Tax Information (Unaudited)	34
Expense Example (Unaudited)	35
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	36

The Hartford Floating Rate Fund inception 04/29/2005

(subadvised by Hartford Investment Management Company) Investment objective — Seeks a high level of current income.

Performance Overview(1) 4/29/05 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S.dollar-denominated leveraged loan market.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			Since
	Year			Inception
Floating Rate A#		23.65	%		1.86	%
Floating Rate A##		19.94	%		1.17	%
Floating Rate B#		22.74	%		1.09	%
Floating Rate B##		17.74	%		0.74	%
Floating Rate C#		22.60	%		1.09	%
Floating Rate C##		21.60	%		1.09	%
Floating Rate I#		24.08	%		2.09	%
Floating Rate R3#		23.31	%		1.82	%
Floating Rate R4#		23.65	%		1.96	%
Floating Rate R5#		23.47	%		2.06	%
Floating Rate Y#		23.87	%		2.14	%
Credit Suisse Leveraged Loan Index		24.65	%		2.92	%

#	Without sales charge
##	With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Michael Bacevich	Frank Ossino
Managing Director	Senior Vice President

How did the Fund perform?

The Class A shares of The Hartford Floating Rate Fund returned 23.65%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmark, the Credit Suisse Leveraged Loan Index, returned 24.65%, while the average return of the Lipper Loan Participation Funds category, a group of funds with investment strategies similar to those of the Fund, was 23.90%.

Why did the Fund perform this way?

The last twelve-months (for the period ended October 31, 2009) in the leveraged loan market was easily the most volatile period on record. Following the failure of Lehman Brothers in September of 2008, the loan market and credit markets in general collapsed. The loan market (as represented by Credit Suisse Leveraged Loan Index) returned -28.75% for calendar year 2008, with most of the decline coming in the final three months of the year. In the face of continued uncertainty, the Fund’s cash allocation was increased to near 15% going into 2009.

However, 2009 brought changes for the better. The high yield bond and loan markets began 2009 with a rally that has continued for nearly the entire year, mostly driven by retail inflows in both asset classes. Specific to loans, scheduled amortization payments and cash proceeds from repayments resulted in increased demand as investors redeployed the cash back into the loan market. With no material new issuance in the market, and the absence of forced selling the technical picture shifted to the investors’ favor. This has resulted in the loan market posting a 40.7% year to date return as of October 31, 2009.

2

Over the last twelve-months, the Fund modestly underperformed its benchmark. As previously mentioned, the Fund had a sizable allocation to cash going into 2009, and, this was a significant drag on relative (i.e. performance of the Fund as measured against the benchmark) performance as the markets began to rally. The Fund also had a significant underweight (i.e. the Fund’s sector position was less than the benchmark position) to the Auto sector, which outperformed the loan market as a whole.

The Fund’s cash allocation was steadily reduced starting in March, however since liquidity concerns still plagued the overall market and the loan market specifically, the Fund added allocations to high yield bonds and investment grade bonds in lieu of continuing to hold a high allocation to cash. The purchases in these sectors were confined to quality, short-dated bonds where we expect repayment and refinancing should not be a problem. These positions did temper total returns since loans rallied more in 2009 than either of these asset classes. However, the allocations have improved the liquidity profile of the Fund as well as contributed to the Fund’s yield in a historically low LIBOR (London Interbank Offering Rate) environment.

Beginning in April 2009 as the overall market continued to show signs of improvement; the Fund started reducing exposure to traditionally defensive sectors such as Healthcare, Utilities, and Food, while increasing exposure to cyclical sectors including Chemicals, Housing, Forest Products, and Retail. These allocation shifts helped bolster performance over the last half of the period.

What is your outlook?

Signs continue to point to an economic recovery in the U.S., and we believe the worst is behind us. The number of issuers seeking amendment relief is slowing, and the ability to amend loans should continue to benefit the loan market as issuers are able to push off impending maturity dates.

Our longer-term (twelve-month) outlook is that the bank loan market will continue to generate positive returns, which we feel will be equally attributable to coupon and price appreciation. In addition, the potential for a rising rate environment continues to increase, which would benefit the yield generated by the bank loan asset class. With much of the loan markets easy returns behind us, future performance will once again be largely driven by credit selection. We still expect defaults to end the year around 10-12%, but we have revised our expectation for the next twelve months to 6-8%, and we think even that may be slightly conservative.

Distribution by Credit Quality
as of October 31, 2009

	Percentage of
	Long-Term
Rating	Holdings
BBB		5.8	%
BB		21.7
B		55.5
CCC		12.6
CC		0.1
C		0.2
D		2.4
Not Rated		1.7
Total		100.0	%

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry	Net Assets
Fixed Income Securities
Accommodation and Food Services		1.5	%
Administrative Waste Management and Remediation		2.8
Agriculture, Construction, Mining and Machinery		1.4
Agriculture, Forestry, Fishing and Hunting		0.1
Air Transportation		3.1
Apparel Manufacturing		0.3
Arts, Entertainment and Recreation		6.7
Beverage and Tobacco Product Manufacturing		0.9
Chemical Manufacturing		7.6
Computer and Electronic Product Manufacturing		1.5
Construction		0.3
Finance and Insurance		5.6
Food Manufacturing		4.4
Health Care and Social Assistance		10.4
Information		19.4
Mining		1.2
Miscellaneous Manufacturing		1.7
Motor Vehicle & Parts Manufacturing		4.0
Other Services		0.5
Paper Manufacturing		2.0
Petroleum and Coal Products Manufacturing		4.8
Primary Metal Manufacturing		0.2
Professional, Scientific and Technical Services		1.6
Real Estate and Rental and Leasing		1.7
Retail Trade		5.4
Services		0.5
Soap, Cleaning Compound and Toilet Manufacturing		1.1
Textile Mills		0.3
Textile Product Mills		0.5
Toy Manufacturing		0.1
Truck Transportation		0.4
Utilities		4.6
Other Securities
Media		0.0
Utilities		0.0
Short-Term Investments		9.7
Other Assets and Liabilities		(6.3	)
Total		100.0	%

3

The Hartford Floating Rate Fund

Schedule of Investments

October 31, 2009

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.4%
		Finance and Insurance - 0.4%
		Bayview Financial Acquisition Trust
$	2,600	2.39%, 05/28/2037 ⌂Δ	$	28
		Goldman Sachs Mortgage Securities Corp.
	16,838	1.74%, 02/01/2012 ⌂Δ		8,419
		Helios Finance L.P.
	5,000	2.59%, 10/20/2014 ■Δ		3,572
		Structured Asset Securities Corp.
	4,453	2.74%, 02/25/2037 Δ		13
		Wells Fargo Home Equity Trust
	2,302	2.49%, 03/25/2037 ⌂Δ		4
				12,036
		Total asset & commercial mortgage backed securities (cost $31,015)	$	12,036
CORPORATE BONDS: INVESTMENT GRADE - 2.9%
		Administrative Waste Management and Remediation - 0.3%
		Allied Waste North America, Inc.
$	10,000	7.88%, 04/15/2013 ‡	$	10,312
		Air Transportation - 0.1%
		Delta Air Lines, Inc.
	3,000	7.57%, 11/18/2010		3,000
		Beverage and Tobacco Product Manufacturing - 0.6%
		Anheuser-Busch InBev N.V.
	5,000	7.20%, 01/15/2014 ■		5,633
	10,000	7.75%, 01/15/2019 ■		11,653
				17,286
		Chemical Manufacturing - 0.5%
		Dow Chemical Co.
	14,000	7.60%, 05/15/2014 ‡		15,555
		Information - 0.5%
		Time Warner Cable, Inc.
	15,000	7.50%, 04/01/2014 ‡		17,266
		Mining - 0.8%
		Anglo American Capital plc
	9,970	9.38%, 04/08/2014 ■‡		11,644
		Rio Tinto Finance USA Ltd.
	11,660	8.95%, 05/01/2014 ‡		13,781
				25,425
		Petroleum and Coal Products Manufacturing - 0.1%
		Valero Energy Corp.
	3,688	9.38%, 03/15/2019 ‡		4,365
		Total corporate bonds: investment grade (cost $82,676)	$	93,209
CORPORATE BONDS: NON-INVESTMENT GRADE - 10.4%
		Accommodation and Food Services - 0.8%
		Ameristar Casinos, Inc.
$	4,485	9.25%, 06/01/2014 ■	$	4,664
		MGM Mirage, Inc.
	14,815	8.50%, 09/15/2010 ‡		14,704
		Wynn Las Vegas LLC
	5,000	6.63%, 12/01/2014 ‡		4,750
				24,118
		Agriculture, Forestry, Fishing and Hunting - 0.1%
		Dole Food Co., Inc.
	1,975	8.00%, 10/01/2016 ■		2,000
		Air Transportation - 0.4%
		Delta Air Lines, Inc.
	8,000	9.50%, 09/15/2014 ■		8,160
		United Air Lines, Inc.
	4,000	10.40%, 11/01/2016 ‡		4,080
				12,240
		Arts, Entertainment and Recreation - 0.4%
		FireKeepers Development Authority
	4,510	13.88%, 05/01/2015 ■		4,871
		Marquee Holdings, Inc.
	9,215	9.51%, 08/15/2014 ‡		7,660
				12,531
		Beverage and Tobacco Product Manufacturing - 0.1%
		Constellation Brands, Inc.
	2,850	8.38%, 12/15/2014 ‡		3,007
		Finance and Insurance - 0.7%
		Ford Motor Credit Co.
	10,000	8.00%, 06/01/2014 ‡		9,723
	5,000	12.00%, 05/15/2015 ‡		5,630
		LPL Holdings, Inc.
	7,185	10.75%, 12/15/2015 ■		7,275
				22,628
		Food Manufacturing - 0.4%
		Dean Foods Co.
	4,000	7.00%, 06/01/2016 ‡		3,880
		Smithfield Foods, Inc.
	10,000	10.00%, 07/15/2014 ■		10,500
				14,380
		Health Care and Social Assistance - 1.3%
		DaVita, Inc.
	15,650	6.63%, 03/15/2013 ‡		15,415
		DJO Finance LLC
	2,150	10.88%, 11/15/2014 ‡		2,241
		HCA, Inc.
	7,000	6.30%, 10/01/2012 ‡		6,860
	6,000	6.75%, 07/15/2013 ‡		5,835
	2,000	7.88%, 02/01/2011 ‡		2,040
		Invacare Corp.
	5,820	9.75%, 02/15/2015 ‡		6,155
		Warner Chilcott Corp.
	4,510	8.75%, 02/01/2015 ‡		4,668
				43,214
		Information - 3.4%
		Charter Communications Operating LLC
	3,000	10.00%, 04/30/2012 ■Ψ		3,045
		Cricket Communications, Inc.
	7,745	7.75%, 05/15/2016 ■		7,726
	5,600	9.38%, 11/01/2014 ‡		5,432
		CSC Holdings, Inc.
	17,265	8.50%, 04/15/2014 ■‡		18,236

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS: NON-INVESTMENT GRADE - 10.4% - (continued)
		Information - 3.4% - (continued)
		Frontier Communications Corp.
$	5,000	6.25%, 01/15/2013 ‡	$	4,938
	4,000	8.25%, 05/01/2014 ‡		4,100
		Intelsat Subsidiary Holding Co.
	1,000	8.50%, 01/15/2013 ‡		1,004
	5,000	8.88%, 01/15/2015 ■		5,018
		Level 3 Financing, Inc.
	2,000	4.60%, 02/15/2015 ‡Δ		1,455
		Mediacom Broadband LLC
	5,000	8.50%, 10/15/2015 ‡		5,050
		Mediacom LLC
	1,025	9.13%, 08/15/2019 ■		1,058
		MetroPCS Wireless, Inc.
	7,300	9.25%, 11/01/2014 ‡		7,355
		Qwest Corp.
	9,945	8.88%, 03/15/2012 ‡		10,467
		Sprint Capital Corp.
	5,000	8.38%, 03/15/2012 ‡		5,062
		Videotron Ltee
	10,909	6.88%, 01/15/2014 ‡		10,909
		Wind Acquisition Finance S.A.
	5,500	11.75%, 07/15/2017 ■		6,215
		Windstream Corp.
	10,500	8.13%, 08/01/2013 ‡		10,894
		XM Satellite Radio, Inc.
	2,000	11.25%, 06/15/2013 ■		2,100
				110,064
		Mining - 0.4%
		Freeport-McMoRan Copper & Gold, Inc.
	12,000	8.25%, 04/01/2015 ‡		12,870
		Motor Vehicle & Parts Manufacturing - 0.2%
		UCI Holdco, Inc.
	10,231	9.25%, 12/15/2013 ‡Δ		5,320
		Paper Manufacturing - 0.4%
		Georgia-Pacific LLC
	5,000	8.13%, 05/15/2011 ‡		5,200
	6,980	9.50%, 12/01/2011 ‡		7,538
				12,738
		Petroleum and Coal Products Manufacturing - 0.4%
		Inergy L.P.
	1,179	8.25%, 03/01/2016 ‡		1,197
	4,835	8.75%, 03/01/2015 ‡		4,941
		Western Refining, Inc.
	9,000	10.75%, 06/15/2014 ■Δ		8,325
				14,463
		Professional, Scientific and Technical Services - 0.4%
		Affinion Group, Inc.
	6,555	10.13%, 10/15/2013 ‡		6,719
	5,305	11.50%, 10/15/2015 ‡		5,544
				12,263
		Retail Trade - 1.0%
		Amerigas Partners L.P.
	10,375	7.13%, 05/20/2016		10,116
		Dollarama Group L.P.
	7,190	8.88%, 08/15/2012 ‡		7,509
		Supervalu, Inc.
	8,000	8.00%, 05/01/2016 ‡		8,140
		Yankee Acquisition Corp.
	8,000	8.50%, 02/15/2015 ‡		7,640
				33,405
		Total corporate bonds: non-investment grade (cost $317,323)	$	335,241
SENIOR FLOATING RATE INTERESTS: INVESTMENT GRADE♦ - 2.7%
		Food Manufacturing - 1.3%
		WM Wrigley Jr. Co.
$	40,535	6.50%, 10/06/2014 ±	$	40,996
		Health Care and Social Assistance - 1.1%
		Fresenius SE, Term Loan B
	11,631	6.75%, 09/10/2014 ±		11,695
		Fresenius SE, Term Loan B2
	6,730	6.75%, 09/10/2014 ±		6,768
		Life Technologies Corp.
	16,700	5.25%, 11/23/2015 ±		16,756
				35,219
		Motor Vehicle & Parts Manufacturing - 0.1%
		Lear Corp., DIP Term Loan
	4,216	0.00%, 08/10/2010 ±Ω		4,216
		Professional, Scientific and Technical Services - 0.2%
		Foster Wheeler LLC
	5,500	0.18%, 09/12/2011 ±		5,225
		Total senior floating rate interests: investment grade (cost $84,197)	$	85,656
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE♦ - 80.2%
		Accommodation and Food Services - 0.7%
		Las Vegas Sands Corp.
$	1,985	2.04%, 05/23/2013 ±	$	1,587
		Las Vegas Sands Corp., Delayed Draw Term Loan 1
	3,672	2.04%, 05/23/2014 ±		2,936
		Las Vegas Sands Corp., Term Loan B
	14,357	2.04%, 05/23/2014 ±		11,479
		Wynn Resorts Ltd.
	7,500	1.99%, 06/27/2014 ±		6,988
				22,990
		Administrative Waste Management and Remediation - 2.5%
		Acosta, Inc.
	20,005	2.50%, 07/29/2013 ±		18,942
		Affinion Group, Inc., Tranche B Term Loan
	21,732	2.74%, 10/17/2012 ±		20,782
		Affinion Group, Inc., Unsecured Term Loan
	17,031	9.19%, 05/17/2012 ±☼		15,328
		Brickman Group Holdings, Inc.
	12,754	2.28%, 01/23/2014 ±		11,964
		Energy Solutions, LLC, Add-On Letter of Credit
	1,514	0.25%, 06/07/2013 ±		1,499

The accompanying notes are an integral part of these financial statements.

5

The Hartford Floating Rate Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE♦ - 80.2% - (continued)
		Administrative Waste Management and Remediation - 2.5% - (continued)
		Fleetcor Technologies Operating Co. LLC,
		Tranche 1 Term Loan
$	7,813	2.50%, 04/30/2013 ±	$	7,344
		Fleetcor Technologies Operating Co. LLC,
		Tranche 2 Term Loan
	2,510	2.50%, 04/30/2013 ±		2,359
		Synagro Technologies, Inc.
	3,910	2.24%, 03/28/2014 ±		3,135
		United Site Services, Inc.
	1,800	0.00%, 06/29/2013 ±⌂•		315
				81,668
		Agriculture, Construction, Mining and Machinery - 1.4%
		Ashtead Group plc
	5,996	2.06%, 08/21/2011 ±		5,748
		Edwards Ltd.
	3,768	2.24%, 05/31/2014 ±		2,803
		Goodyear Engineered Products, Delayed
		Delivery Term Loan
	3,408	2.50%, 07/31/2014 ±☼		2,733
		Goodyear Engineered Products, First Lien
	24,216	2.50%, 07/31/2014 ±☼		19,418
		Goodyear Engineered Products, Second Lien
	4,000	6.00%, 07/31/2015 ±		2,360
		Lincoln Industries Corp.
	3,500	5.25%, 01/10/2015 ±⌂		2,590
		Lincoln Industries Corp., First Lien Delayed Draw
	889	2.79%, 07/11/2014 ±		800
		Lincoln Industries Corp., First Lien Term Loan
	2,305	2.52%, 07/11/2014 ±		2,075
		Nacco Material Handling Group
	9,656	2.74%, 03/22/2013 ±		7,507
				46,034
		Air Transportation - 2.6%
		Delta Air Lines, Inc.
	15,880	2.27%, 04/25/2012 ±		14,312
	3,980	3.53%, 04/30/2014 ±		3,300
	1,840	8.75%, 09/30/2013 ±		1,838
		MacQuarie Aircraft Leasing Finance S.A.
	17,697	1.74%, 11/29/2013 ±⌂☼		16,193
	9,792	4.24%, 11/29/2013 ±⌂		5,386
		United Air Lines, Inc.
	45,273	2.31%, 02/01/2014 ±☼		35,369
		US Airways Group, Inc.
	9,855	2.75%, 03/23/2014 ±		6,593
				82,991
		Apparel Manufacturing - 0.3%
		Hanesbrands, Inc.
	8,500	3.99%, 03/05/2014 ±		8,197
		Arts, Entertainment and Recreation - 6.3%
		24 Hour Fitness Worldwide, Inc.
	10,782	2.77%, 06/08/2012 ±		9,991
		Canwest MediaWorks L.P.
	4,903	0.00%, 07/10/2014 ±•		3,922
		Caribe Information Investment, Inc.
	11,725	2.51%, 03/29/2013 ±⌂		7,915
		Carmike Cinemas, Inc.
	5,003	3.85%, 05/19/2012 ±		4,815
	1,562	4.24%, 05/19/2012 ±		1,503
		Cedar Fair L.P.
	5,529	4.24%, 12/31/2014 ±		5,346
	5,286	4.27%, 12/31/2014 ±		5,110
		Cedar Fair L.P., Canadian Term Loan
	1,060	2.26%, 02/17/2014 ±		1,007
		Cedar Fair L.P., US Term Loan
	6,398	2.24%, 08/30/2012 ±☼		6,122
		Cengage
	5,801	2.75%, 07/05/2014 ±		5,018
		Cenveo, Inc., Delayed Draw Term Loan
	362	4.79%, 06/21/2013 ±		351
		Cenveo, Inc., Term Loan C
	17,906	4.79%, 06/21/2013 ±		17,354
		Dex Media West LLC, Inc.
	22,065	7.00%, 10/24/2014 ±☼Ψ		19,406
		F & W Publications, Inc., New Term Loan B
	1,463	0.00%, 08/05/2012 ±⌂•		636
		F & W Publications, Inc., Second Lien Term Loan
	4,500	0.00%, 08/05/2012 ±⌂•		225
		F & W Publications, Inc., Tranche B Term Loan
	6,950	0.00%, 08/05/2012 ±⌂•		3,023
		Gatehouse Media Operating, Inc., Delayed Draw Term Loan
	4,251	2.25%, 08/05/2014 ±		1,618
		Gatehouse Media Operating, Inc., Initial Term Loan
	14,391	2.25%, 08/05/2014 ±		5,478
		Golden Nugget, Inc.
	2,539	2.25%, 06/22/2014 ±		1,719
	1,445	2.26%, 06/22/2014 ±		978
	3,750	3.50%, 12/31/2014 ±⌂		1,500
		Greenwood Racing, Inc.
	10,684	2.50%, 11/14/2011 ±		10,417
		Marquee Holdings, Inc.
	7,637	5.30%, 06/13/2012 ±		6,836
		Penton Media, Inc.
	8,868	2.54%, 02/06/2013 ±		6,172
	4,000	5.28%, 02/06/2014 ±⌂		787
		Pittsburgh Casino
	4,000	9.25%, 01/24/2013 ±		3,675
		R.H. Donnelley, Inc., Term Loan D-1
	6,978	6.75%, 10/24/2014 ±Ψ		6,043
		R.H. Donnelley, Inc., Tranche D-2 Term Loan
	3,854	6.75%, 10/24/2014 ±Ψ		3,339
		Regal Cinemas, Inc.
	16,110	4.03%, 10/27/2013 ±		15,913
		Town Sports International Holdings, Inc.
	5,855	2.06%, 02/27/2014 ±		5,387
		Universal City Development Partners Ltd.
	4,313	6.00%, 11/15/2014 ±☼		4,312

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE♦ - 80.2% - (continued)
		Arts, Entertainment and Recreation - 6.3% - (continued)
		Venetian Macau Ltd.
$	38,535	5.79%, 05/25/2012 - 05/25/2013 ±☼	$	35,531
				201,449
		Beverage and Tobacco Product Manufacturing - 0.2%
		Van Houtte, Inc.
	2,000	5.50%, 12/09/2014 ±		1,648
		Van Houtte, Inc., First Lien Term Loan
	3,434	2.78%, 07/09/2014 ±		3,279
		Van Houtte, Inc., Second Lien Term Loan
	468	2.78%, 07/09/2014 ±		447
				5,374
		Chemical Manufacturing - 7.1%
		Arizona Chemical Co.
	6,455	2.49%, 02/27/2013 ±		6,084
	9,250	5.76%, 02/27/2014 ±		7,932
		Ashland, Inc.
	1,153	5.75%, 11/13/2013 ±		1,157
	3,682	6.65%, 05/13/2014 ±		3,744
		Brenntag Group
	10,000	4.25%, 12/23/2014 ±		9,500
		Cognis GMBH
	11,000	2.30%, 09/15/2013 ±		9,817
		Columbian Chemicals Co.
	9,854	6.31%, 03/15/2013 ±		8,351
		Hexion Specialty Chemicals
EUR 1,842		2.56%, 05/05/2013 ±		2,060
	5,445	2.75%, 05/05/2013 ±☼		4,233
		Hexion Specialty Chemicals, Tranche C-1 Term Loan
	40,762	2.56%, 05/15/2013 ±☼		32,377
		Hexion Specialty Chemicals, Tranche C-2 Term Loan
	8,856	2.56%, 05/15/2013 ±☼		7,034
		Hexion Specialty Chemicals, Tranche C-5 Term Loan
	978	2.56%, 05/05/2013 ±		751
		Huntsman International LLC
	21,268	1.99%, 04/19/2014 ±☼		19,279
	6,563	2.49%, 06/30/2016 ±		5,944
		Ineos Group
	20,723	7.50%, 12/16/2013 ±☼		17,636
	20,722	8.00%, 12/16/2014 ±☼		17,717
		Lyondell Chemical Co.
	34,281	5.80%, 02/03/2010 ±☼Ψ		32,325
	17,690	9.17%, 02/03/2010 ±☼Ψ		18,207
		Lyondell Chemical Co., Dutch RC
	149	3.74%, 12/20/2013 ±Ψ		84
		Lyondell Chemical Co., Dutch Tranche A
	342	3.74%, 12/20/2013 ±Ψ		194
		Lyondell Chemical Co., German B-1
	428	3.99%, 12/20/2014 ±Ψ		243
		Lyondell Chemical Co., German B-2
	428	3.99%, 12/20/2014 ±Ψ		243
		Lyondell Chemical Co., German B-3
	428	3.99%, 12/20/2014 ±Ψ		243
		Lyondell Chemical Co., Primary RC
	560	3.74%, 12/20/2013 ±Ψ		317
		Lyondell Chemical Co., Term Loan A
	1,066	3.74%, 12/20/2013 ±Ψ		604
		Lyondell Chemical Co., U.S. B-1
$	1,859	7.00%, 12/20/2014 ±Ψ		1,053
		Lyondell Chemical Co., U.S. B-2
	1,859	7.00%, 12/20/2014 ±Ψ		1,053
		Lyondell Chemical Co., U.S. B-3
	1,859	7.00%, 12/20/2014 ±Ψ		1,053
		MacDermid, Inc.
	13,405	2.24%, 04/11/2014 ±		11,394
		Texas Petrochemicals L.P., LC Facility Deposits
	2,451	2.88%, 06/27/2013 ±		2,163
		Texas Petrochemicals L.P., Term Loan B
	7,260	2.88%, 06/27/2013 ±		6,407
				229,199
		Computer and Electronic Product Manufacturing - 1.5%
		Freescale Semiconductor, Inc.
	58,772	2.00%, 11/28/2013 ±☼		47,622
		Construction - 0.3%
		Contech Construction Products
	3,539	2.25%, 01/31/2013 ±		3,103
		Custom Building Products
	4,585	9.00%, 10/20/2011 ±		4,493
	2,000	10.75%, 04/20/2012 ±		1,895
				9,491
		Finance and Insurance - 4.5%
		BNY Convergex Group LLC & EZE Castle Software, First Lien Term Loan
	12,214	3.25%, 08/30/2013 ±		11,741
		BNY Convergex Group LLC & EZE Castle Software, Incremental Term Loan
	2,192	3.25%, 09/30/2013 ±		2,107
		Buckeye Check Cashing, Inc.
	8,440	2.95%, 05/01/2012 ±⌂		3,770
		Crescent Resources LLC
	15,071	0.00%, 09/07/2012 ±Ω		5,463
		Dollar Financial Corp., Delayed Draw Term Loan
	4,262	3.04%, 10/30/2012 ±☼		4,017
		Dollar Financial Corp., Term Loan
	5,796	3.04%, 10/30/2012 ±☼		5,462
		HMSC Corp.
	3,851	2.53%, 04/03/2014 ±⌂		2,677
		Hub International Holdings, Inc.
	14,734	2.74%, 06/12/2014 - 06/14/2014 ±☼		12,911
	12,000	4.75%, 06/13/2014 ◊☼		11,825
		LNR Properties Corp.
	12,053	3.75%, 06/29/2009 - 06/29/2011 ±		9,564
		LPL Holdings, Inc.
	5,959	1.88%, 12/18/2014 ±		5,592
		MacAndrews Amg Holdings LLC
	8,105	6.03%, 04/17/2012 ±⌂		7,213
		Nuveen Investments, Inc.
	62,843	3.28%, 11/13/2014 ±☼		54,135
	2,550	12.50%, 07/31/2015 ±		2,596
		Sedgwick CMS Holdings, Inc.
	5,988	2.53%, 01/31/2013 ±		5,621
				144,694

The accompanying notes are an integral part of these financial statements.

7

The Hartford Floating Rate Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE♦ - 80.2% - (continued)
		Food Manufacturing - 2.7%
		American Seafoods Group, Term Loan B Add-On
$	1,481	4.03%, 09/30/2012 ±	$	1,429
		American Seafoods Group, Tranche B1 Term Loan
	7,659	3.75%, 09/30/2011 ±		7,386
		American Seafoods Group, Tranche B-2 Term Loan
	17,111	4.03%, 09/30/2012 ±		16,507
		Dole Food Co., Inc., LC Facility Deposits
	3,197	0.28%, 04/12/2013 ±		3,222
		Dole Food Co., Inc., Tranche B Term Loan
	6,232	7.97%, 04/12/2013 ±		6,281
		Dole Food Co., Inc., Tranche C Term Loan
	18,629	8.00%, 04/12/2013 ±		18,776
		Pinnacle Foods
	14,073	3.00%, 03/30/2014 ±		13,154
		Roundy’s Supermarkets, Inc.
	21,727	3.02%, 11/03/2011 ±☼		21,401
				88,156
		Health Care and Social Assistance - 8.0%
		AGA Medical Corp.
	5,175	2.27%, 04/26/2013 ±		4,476
		Carestream Health, Inc.
	6,339	2.24%, 04/30/2013 ±		5,890
		Community Health Systems, Inc.
	793	2.49%, 07/25/2014 ±		736
	15,537	2.61%, 07/25/2014 ±		14,402
		DaVita, Inc.
	1,538	1.75%, 10/05/2011 ±		1,483
		DJO Finance LLC
	2,578	3.26%, 04/07/2013 ±		2,475
		Generics International, Inc.
	2,948	3.78%, 11/19/2014 ±⌂		2,682
		Golden Gate National
	9,754	2.99%, 03/14/2011 ±☼		9,413
	2,000	7.99%, 09/30/2011 ±		1,800
		HCA, Inc.
	33,565	2.53%, 11/17/2013 ±		31,212
		HealthSouth Corp.
	7,748	2.55%, 03/10/2013 ±		7,410
		IASIS Healthcare Capital Corp.
	688	0.14%, 03/17/2014 ±		645
	17,862	5.53%, 06/13/2014 ±		15,898
		IASIS Healthcare Capital Corp., Delayed Draw Term Loan
	2,629	2.25%, 03/17/2014 ±		2,465
		IASIS Healthcare Capital Corp., Term Loan B
	7,598	2.24%, 03/17/2014 ±		7,123
		Invacare Corp.
	450	2.49%, 02/07/2013 ±		427
		Inverness Medical Innovation, Inc.
	4,852	2.26%, 06/27/2014 ±		4,556
	19,628	4.50%, 06/26/2015 ±☼		18,974
		Multiplan Corp.
	13,348	2.75%, 04/12/2013 ±		12,520
		National Mentor
	397	0.12%, 06/27/2013 ±		353
	6,393	2.29%, 06/27/2013 ±		5,698
		National Renal Institutes, Inc.
	9,955	5.00%, 03/31/2013 ±		8,561
		Orthofix Holdings, Inc.
	9,472	6.75%, 09/22/2013 ±		9,295
		Psychiatric Solutions, Inc.
	5,864	2.02%, 07/01/2012 ±		5,545
		Select Medical Corp., Extended Add-On
	2,315	4.16%, 08/22/2014 ±		2,272
		Select Medical Corp., Extended Term Loan
	10,663	4.16%, 08/22/2014 ±		10,463
		Sheridan Group, Inc.
	13,720	2.52%, 06/15/2014 ±		12,485
		Skilled Healthcare Group, Inc.
	4,839	2.28%, 06/15/2012 ±		4,541
		Surgical Care Affiliates LLC
	5,865	2.30%, 12/29/2014 ±		5,352
		United Surgical Partners International
	1,468	2.25%, 04/19/2014 ±		1,364
	7,769	2.27%, 04/19/2014 ±		7,218
		Vanguard Health Holdings Co. II LLC
	13,434	2.49%, 09/23/2011 ±		13,081
		Viant Holdings, Inc.
	7,142	2.54%, 06/25/2014 ±		6,964
		Warner Chilcott, Inc.
	6,102	3.25%, 10/30/2014 ◊☼		6,111
		Warner Chilcott, Inc., Delayed Draw
	2,136	3.50%, 04/30/2015 ◊☼		2,140
		Warner Chilcott, Inc., Term Loan B
	9,763	3.50%, 04/30/2015 ◊☼		9,777
		Youth & Family Centered Services, Inc.
	1,908	3.75%, 07/10/2013 ±		1,798
				257,605
		Information - 15.5%
		Alaska Communication Systems Holdings, Inc.
	2,737	1.75%, 02/01/2012 ±		2,611
		Alaska Communication Systems Holdings, Inc., Incremental Term Loan
	7,038	2.03%, 02/01/2012 ±		6,712
		Alaska Communication Systems Holdings, Inc., Term Loan
	181	2.03%, 02/01/2012 ±		172
		Bresnan Communications LLC
	2,000	4.50%, 03/29/2014 ±		1,882
		CDW Corp.
	20,963	3.00%, 10/10/2014 ◊☼		17,032
		Cebridge Communications LLC
	4,512	2.23%, 11/05/2013 ±		4,279
	10,000	4.79%, 05/05/2014 ±		9,739
		Charter Communications Operating LLC, Incremental Term Loan
	14,932	9.25%, 03/06/2014 ±☼Ψ		15,054
		Charter Communications Operating LLC, Term Loan
	43,329	6.25%, 03/06/2014 ±☼Ψ		39,389

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE♦ - 80.2% - (continued)
		Information - 15.5% - (continued)
		CMP Susquehanna Corp.
$	8,327	2.25%, 05/06/2013 ±	$	6,058
		Cumulus Media, Inc.
	10,931	4.24%, 06/07/2013 ±		8,881
		CW Media Holdings, Inc.
	7,840	3.25%, 02/15/2015 ±		7,146
		Emdeon Business Services LLC
	5,924	2.29%, 11/16/2013 ±		5,657
	13,330	5.29%, 05/16/2014 ±☼		12,847
		First Data Corp.
	40,489	3.00%, 09/24/2014 ±☼		34,803
		Gray Television, Inc.
	10,931	3.79%, 12/31/2014 ±		9,351
		Infor Global Solutions
	978	3.00%, 07/28/2012 ±		866
	5,000	6.49%, 03/02/2014 ±		3,387
		Infor Global Solutions, Delayed Draw Term Loan
	1,948	4.00%, 07/28/2012 ±		1,714
		Infor Global Solutions, US Term Loan
	3,733	4.00%, 07/28/2012 ±		3,285
		Intelsat Bermuda Ltd., Term Loan A3
	1,704	2.75%, 07/03/2012 ±		1,626
		Intelsat Bermuda Ltd., Term Loan B-2A
	9,736	2.75%, 01/03/2014 ±		9,159
		Intelsat Bermuda Ltd., Term Loan B-2B
	9,729	2.75%, 01/03/2014 ±		9,153
		Intelsat Bermuda Ltd., Term Loan B-2C
	9,729	2.75%, 01/03/2014 ±		9,153
		Intesat Ltd.
	3,395	2.75%, 07/03/2012 ±		3,274
	13,501	3.25%, 02/01/2014 ±		12,022
		Kronos, Inc.
	4,677	2.28%, 06/12/2014 ±		4,380
		LBI Media, Inc.
	8,886	1.74%, 05/01/2012 ±		7,109
		Level 3 Communications Corp.
	24,441	2.53%, 03/01/2014 ±☼		21,034
	2,720	8.50%, 03/13/2014 ±		2,883
		Mediacom Broadband LLC
	12,877	6.50%, 01/03/2016 ±		12,900
		Mediacom Broadband LLC, Term Loan D1
	3,381	1.98%, 01/31/2015 ±		3,080
		Mediacom Broadband LLC, Term Loan D2
	1,311	1.98%, 01/31/2015 ±		1,194
		Mediacom LLC
	1,620	1.48%, 09/30/2012 ±		1,527
	6,766	1.73%, 01/31/2015 ±		6,112
	7,000	5.50%, 03/31/2017 ±		7,004
		MetroPCS Wireless, Inc.
	19,935	2.66%, 11/04/2013 ±		18,640
		NEP Supershooters L.P.
	7,800	2.25%, 02/13/2014 ±		7,176
		Ntelos, Inc.
	15,300	5.75%, 08/07/2015 ±		15,338
		One Communications Corp.
	8,982	4.58%, 06/30/2012 ±		8,174
		PAETEC Holding Corp.
	2,122	2.74%, 02/28/2013 ±		2,005
		Raycom TV Broadcasting, Inc.
	14,229	1.75%, 06/25/2014 ±⌂		11,525
		RCN Corp.
	9,338	2.56%, 04/19/2014 ±		8,657
		Sinclair Broadcast Group, Inc.
	5,600	4.50%, 10/31/2015 ±☼		5,600
		Sirius Satellite Radio, Inc.
	13,680	2.25%, 12/20/2012 ±		12,599
		Telesat Canada, Delayed Draw Term Loan
	452	3.25%, 09/01/2014 ±		433
		Telesat Canada, Term Loan B
	5,927	3.25%, 09/01/2014 ±		5,677
		Time Warner Telecom Holdings, Inc.
	5	2.01%, 01/07/2013 ±		5
		TransFirst Holdings, Inc.
	15,216	3.04%, 06/12/2014 ±☼		13,365
	1,018	7.04%, 06/12/2015 ±		753
		UPC Financing Partnership
	18,122	3.75%, 12/31/2016 ±		17,369
		Verint Systems, Inc.
	10,318	3.50%, 05/23/2014 ±		9,390
		Virgin Media Dover LLC
	6,969	3.78%, 09/03/2012 ±		6,882
		West Corp.
	12,245	2.62%, 10/24/2013 ±		11,174
	17,786	4.12%, 07/15/2016 ±		16,619
	5,925	7.25%, 10/24/2013 ±☼		5,928
		WideOpenWest Finance LLC
	14,925	2.76%, 07/01/2014 ±		13,880
	5,674	7.30%, 06/29/2015 ±		4,341
				498,005
		Miscellaneous Manufacturing - 1.7%
		DAE Aviation Holdings, Inc.
	5,091	4.03%, 09/27/2014 ±		4,722
		DAE Aviation Holdings, Inc., Term Loan B1
	5,204	4.03%, 09/27/2014 ±		4,827
		Graham Packaging Co., Inc.
	39,404	6.75%, 04/15/2014 ±		39,338
		Vought Aircraft Industries, Inc.
	5,791	7.50%, 12/22/2010 ±		5,777
		WESCO Aircraft Hardware Corp.
	1,384	6.00%, 03/28/2014 ±☼		1,155
				55,819
		Motor Vehicle & Parts Manufacturing - 3.7%
		Accuride Corp.
	9,500	8.00%, 01/31/2012 ±☼Ψ		9,410
		AM General LLC
	657	0.24%, 09/30/2012 ±☼		603
	14,220	3.27%, 09/30/2013 ±☼		13,047
		Dana Holding Corp., Term Loan B2
	30,126	4.25%, 01/31/2015 ◊☼		26,185
		Ford Motor Co.
	11,954	3.25%, 12/16/2013 ±		10,621
		Lear Corp., Delayed Draw Term Loan B
	1,009	5.50%, 10/21/2014 ◊☼Ψ		1,016
		Lear Corp., Extended Term Loan B
	1,009	5.50%, 10/21/2014 ◊☼Ψ		1,016
		Lear Corp., Term Loan B
	16,287	0.00%, 04/25/2012 ◊Ω		15,652

The accompanying notes are an integral part of these financial statements.

9

The Hartford Floating Rate Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE♦ - 80.2% - (continued)
		Motor Vehicle & Parts Manufacturing - 3.7% - (continued)
		TRW Automotive, Inc.
$	41,113	6.25%, 05/09/2013 - 02/09/2014 ±☼	$	40,926
				118,476
		Other Services - 0.5%
		Rental Service Corp.
	18,838	3.82%, 11/27/2013 ±☼		16,926
		Paper Manufacturing - 1.6%
		Georgia-Pacific Corp.
	18,147	2.32%, 12/20/2012 ±		17,434
	3,704	2.33%, 12/20/2012 ±		3,558
		Georgia-Pacific LLC
	12,034	3.59%, 12/20/2014 ±		11,923
		Smurfit-Stone Container Enterprises, Inc.
	2,655	2.55%, 11/01/2011 ±☼Ψ		2,569
	8,005	3.07%, 11/01/2011 ±☼Ψ		7,745
	1,607	4.50%, 11/01/2011 ±☼Ψ		1,555
	975	10.00%, 01/28/2010 ±Ψ		975
		Smurfit-Stone Container Enterprises, Inc., New Term Loan B
	1,829	2.50%, 11/01/2011 ±☼Ψ		1,769
		Smurfit-Stone Container Enterprises, Inc., New Term Loan C
	3,447	2.50%, 11/01/2011 ±☼Ψ		3,335
		Smurfit-Stone Container Enterprises, Inc., New Term Loan C-1
	1,042	2.50%, 11/01/2011 ±☼Ψ		1,008
				51,871
		Petroleum and Coal Products Manufacturing - 4.3%
		Atlas Pipeline Partners L.P.
	14,978	6.75%, 07/27/2014 ±		14,566
		Big West Oil LLC, Delayed Draw Term Loan
	14,043	4.50%, 02/02/2015 ±☼Ψ		13,411
		Big West Oil LLC, Term Loan B
	11,170	6.50%, 05/14/2014 ±☼Ψ		10,667
		Calumet Lubricants Co., L.P.
	2,853	0.13%, 12/29/2014 ±		2,534
	21,237	4.31%, 01/03/2015 ±		18,861
		Coffeyville Resources
	26,070	8.50%, 12/21/2013 ±☼		25,982
		Dynegy Holdings, Inc., Letter of Credit
	19,599	3.75%, 03/30/2013 ±		18,772
		Dynegy Holdings, Inc., Term Loan
	1,378	4.00%, 03/30/2013 ±		1,320
		Turbo Beta Ltd.
	5,113	14.50%, 03/12/2018 ±⌂†		3,579
		Western Refining, Inc.
	29,469	8.25%, 05/30/2014 ±☼		28,598
				138,290
		Primary Metal Manufacturing - 0.2%
		John Maneely Co.
	8,641	3.51%, 12/08/2013 ±		7,880
		Professional, Scientific and Technical Services - 1.0%
		Advantage Sales & Marketing, Inc.
	15,491	2.29%, 03/29/2013 ±		14,639
		Brand Energy & Infrastructure Services
	6,186	2.39%, 02/07/2014 ±		5,663
	1,960	3.66%, 02/07/2014 ±		1,810
		Southern Graphic Systems, Delayed Draw Term Loan
	1,096	2.80%, 12/30/2011 ±		1,022
		Southern Graphic Systems, Term Loan
	4,449	2.50%, 12/30/2011 ±		4,226
		Tensar Corp.
	6,636	3.78%, 10/28/2012 ±		5,176
				32,536
		Real Estate and Rental and Leasing - 1.7%
		Realogy Corp.
	12,854	3.16%, 10/05/2013 ±☼		10,691
	53,729	3.29%, 10/10/2013 - 10/05/2014 ±☼		44,684
				55,375
		Retail Trade - 4.4%
		David’s Bridal, Inc.
	4,342	2.00%, 01/25/2014 ±		4,005
		Dollar General Corp.
	27,968	3.01%, 07/06/2014 ±☼		26,643
		Dollarama Group L.P.
	10,304	2.03%, 11/18/2011 ±		10,008
		Easton-Bell Sports, Inc.
	9,103	2.04%, 03/16/2012 ±		8,603
		Michaels Stores, Inc.
	40,765	2.52%, 10/31/2013 ±☼		36,392
		Rite Aid Corp.
	15,107	2.89%, 06/01/2014 ±		13,046
	9,937	3.00%, 06/04/2014 ±		9,285
	12,500	9.50%, 06/10/2015 ±☼		12,806
		Sports Authority, Inc.
	6,208	2.53%, 04/25/2013 ±		4,966
		Toys R Us, Inc.
	16,000	4.49%, 07/09/2012 ±☼		15,450
				141,204
		Services - 0.5%
		Clarke American Corp.
	18,563	2.77%, 02/28/2014 ±		15,517
		Sheridan Group, Inc.
	2,000	6.00%, 06/15/2015 ±		1,660
				17,177
		Soap, Cleaning Compound and Toilet Manufacturing - 1.1%
		Jarden Corp.
	8,836	3.53%, 01/24/2015 ±		8,767
		Jarden Corp., Term Loan B3
	3,215	1.75%, 01/24/2012 ±		3,133
		Philosophy, Inc.
	6,276	2.25%, 03/17/2014 ±		5,115
		Yankee Candle Co.
	18,256	2.25%, 02/06/2014 ±		16,972
				33,987
		Textile Mills - 0.3%
		Hanesbrands, Inc.
	9,983	5.03%, 09/05/2011 ±		9,994

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount ╬					Market Value ╪
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE♦ - 80.2% - (continued)
		Textile Product Mills - 0.5%
		Levi Strauss & Co.
$	16,878	2.50%, 03/09/2014 ±			$	15,500
		Toy Manufacturing - 0.1%
		Mega Bloks, Inc.
	4,872	9.75%, 07/26/2012 ±				2,696
		Truck Transportation - 0.4%
		Cardinal Logistics Management
	4,808	6.72%, 09/23/2013 ±⌂				2,164
		Jacobson Cos.
	3,910	2.75%, 06/19/2014 ±				3,314
		Kenan Advantage Group
	6,882	2.99%, 12/16/2011 ±				6,538
						12,016
		Utilities - 4.6%
		Astoria Generating Co. Acquisitions LLC
	5,294	2.09%, 02/23/2012 ±				5,116
	17,500	4.04%, 08/23/2013 ±				16,115
		BRSP LLC
	13,000	7.50%, 06/24/2014 ±				12,187
		Calpine Corp.
	48,660	3.17%, 03/29/2014 ±☼				44,697
		Kgen LLC
	1,375	0.15%, 02/10/2014 ±				1,252
	2,229	2.00%, 02/01/2014 ±				2,062
		NRG Energy, Inc.
	24,213	0.18%, 02/01/2013 ±				22,680
	4,545	2.02%, 02/01/2013 ±				4,257
		Reliant Energy, Inc.
	9,000	0.23%, 03/31/2014 ±				8,430
		Texas Competitive Electric Holdings Co. LLC, Delayed Draw Term Loan
	8,000	3.74%, 10/10/2014 ±				6,093
		Texas Competitive Electric Holdings Co. LLC, Term Loan B
	9,975	3.74%, 10/10/2014 ±☼				7,707
		TPF Generation Holdings LLC
	8,105	2.24%, 12/15/2013 ±				7,656
	6,314	4.50%, 12/21/2014 ±				5,379
		TPF Generation Holdings LLC, Letter of Credit
	2,986	0.18%, 12/15/2013 ±				2,810
		TPF Generation Holdings LLC, Revolver
	936	0.18%, 12/15/2011 ±				878
						147,319
		Total senior floating rate interests: non-investment grade (cost $2,679,849)			$	2,580,541
COMMON STOCKS - 0.0%
		Utilities - 0.0%
	4	Calpine Corp. •			$	43
		Total common stocks (cost $–)			$	43
WARRANTS - 0.0%
		Media - 0.0%
	19	Cumulus Media, Inc. ⌂			$	41
		Total warrants (cost $–)			$	41
		Total long-term investments (cost $3,195,060)			$	3,106,767
SHORT-TERM INVESTMENTS - 9.7%
		Investment Pools and Funds - 6.2%
	139,360	JP Morgan U.S. Government Money Market Fund			$	139,361
	–	State Street Bank U.S. Government Money Market Fund				—
	61,167	Wells Fargo Advantage Government Money Market Fund				61,167
						200,528
		Repurchase Agreements - 3.5%
		BNP Paribas Securities Corp. Repurchase Agreement (maturing on 11/02/2009 in the amount of $57,063, collateralized by U.S. Treasury Bond 5.25% - 7.88%, 2021 - 2029, value of $59,097)
$	57,063	0.06%, 10/30/2009				57,063
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $28,704, collateralized by U.S. Treasury Bond 5.00%, 2037, U.S. Treasury Note 3.13% - 4.63%, 2013 - 2017, value of $ 29,279)
	28,704	0.06%, 10/30/2009				28,704
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/02/2009 in the amount of $26,290, collateralized by U.S. Treasury Note 1.50%, 2010, value of $26,649)
	26,290	0.04%, 10/30/2009				26,290
						112,057
		Total short-term investments (cost $312,585)			$	312,585
		Total investments (cost $3,507,645) ▲	106.3	%	$	3,419,352
		Other assets and liabilities	(6.3	)%		(203,012	)
		Total net assets	100.0	%	$	3,216,340

Note: Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 4.8% of total net assets at October 31, 2009.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Floating Rate Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $3,513,123 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	71,663
Unrealized Depreciation		(165,434	)
Net Unrealized Depreciation	$	(93,771	)

†	The aggregate value of securities valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Fund’s Board of Directors at October 31, 2009, was $3,579, which represents 0.11% of total net assets.
•	Currently non-income producing. For long-term debt securities, items identified are in default as to payment of interest and/or principal.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2009.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2009, was $121,695, which represents 3.78% of total net assets.
☼	The cost of securities purchased on a when-issued or delayed delivery basis at October 31, 2009 was $330,127.
±	The interest rate disclosed for these securities represents the average coupon as of October 31, 2009.
◊	The interest rate disclosed for these securities represents an estimated average coupon as of October 31, 2009.
Ψ	The company is in bankruptcy. The investment held by the fund is current with respect to interest payments.
Ω	Debt security in default due to bankruptcy.
╬	All principal amounts are in U.S. dollars unless otherwise indicated.
	EUR — EURO
t	Senior loans in which the Fund invests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank’s certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.
⌂	The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period	Shares/
Acquired	Par		Security	Cost Basis
04/2007	$	2,600	Bayview Financial Acquisition Trust, 2.39%, 05/28/2037	$	2,600
04/2006-05/2008	$	8,440	Buckeye Check Cashing, Inc., 2.95%, 05/01/2012		8,197
03/2007-10/2009	$	4,808	Cardinal Logistics Management, 6.72%, 09/23/2013		4,713
03/2006-06/2007	$	11,725	Caribe Information Investment, Inc., 2.51%, 03/29/2013		11,741
07/2009		19	Cumulus Media, Inc. Warrants		—
03/2007	$	1,463	F & W Publications, Inc., New Term Loan B, 0.00%, 08/05/2012		1,462
03/2007-08/2007	$	4,500	F & W Publications, Inc., Second Lien Term Loan, 0.00%, 08/05/2012		4,491
02/2006-11/2006	$	6,950	F & W Publications, Inc., Tranche B Term Loan, 0.00%, 08/05/2012		6,953
11/2007	$	2,948	Generics International, Inc., 3.78%, 11/19/2014		2,918
06/2007	$	3,750	Golden Nugget, Inc., 3.50%, 12/31/2014		3,750
03/2007	$	16,838	Goldman Sachs Mortgage Securities Corp., 1.74%, 02/01/2012 - Reg D		16,838
04/2007	$	3,851	HMSC Corp., 2.53%, 04/03/2014		3,854
07/2007-09/2007	$	3,500	Lincoln Industries Corp., 5.25%, 01/10/2015		3,473
04/2007-01/2008	$	8,105	MacAndrews Amg Holdings LLC, 6.03%, 04/17/2012		7,993
03/2007-05/2007	$	17,697	MacQuarie Aircraft Leasing Finance S.A., 1.74%, 11/29/2013		17,697
03/2007-06/2009	$	9,792	MacQuarie Aircraft Leasing Finance S.A., 4.24%, 11/29/2013		6,842
02/2007-05/2007	$	4,000	Penton Media, Inc., 5.28%, 02/06/2014		4,042
02/2006-05/2007	$	14,229	Raycom TV Broadcasting, Inc., 1.75%, 06/25/2014		14,223
06/2008-05/2009	$	5,113	Turbo Beta Ltd., 14.50%, 03/12/2018		5,113
07/2006	$	1,800	United Site Services, Inc., 0.00%, 06/29/2013		1,782
03/2007	$	2,302	Wells Fargo Home Equity Trust, 2.49%, 03/25/2037		2,206

	The aggregate value of these securities at October 31, 2009 was $80,672 which represents 2.51% of total net assets.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

12

The Hartford Floating Rate Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009

(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	12,036	$	—	$	17	$	12,019
Common Stocks ‡		43		43		—		—
Corporate Bonds: Investment Grade		93,209		—		90,209		3,000
Corporate Bonds: Non-Investment Grade		335,241		—		331,161		4,080
Senior Floating Rate Interests: Investment Grade		85,656		—		85,656		—
Senior Floating Rate Interests: Non-Investment Grade		2,580,541		—		2,546,670		33,871
Warrants ‡		41		41		—		—
Short-Term Investments		312,585		200,528		112,057		—
Total	$	3,419,352	$	200,612	$	3,165,770	$	52,970

‡ The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

			Change in
	Balance as of		Unrealized						Transfers In		Balance as of
	October 31,		Appreciation			Net Purchases			and/or Out of		October 31,
	2008		(Depreciation)			(Sales)			Level 3		2009
Assets:
Asset & Commercial Mortgage Backed Securities		17,375		(5,227	)*		(129	)		—		12,019
Corporate Bonds and Senior Floating Rate Interests		1,400		3,121	†		11,028			25,402		40,951
Total	$	18,775	$	(2,106	)	$	10,899		$	25,402	$	52,970

*	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $(5,227).
†	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $2,927.

The accompanying notes are an integral part of these financial statements.

13

The Hartford Floating Rate Fund

Statement of Assets and Liabilities

October 31, 2009

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $3,507,645)	$	3,419,352
Cash		7,111
Receivables:
Investment securities sold		89,675
Fund shares sold		30,112
Dividends and interest		17,645
Other assets		823
Total assets		3,564,718
Liabilities:
Payables:
Investment securities purchased		332,731
Fund shares redeemed		9,773
Investment management fees		319
Dividends		4,907
Distribution fees		258
Accrued expenses		390
Total liabilities		348,378
Net assets	$	3,216,340
Summary of Net Assets:
Capital stock and paid-in-capital		3,901,482
Accumulated undistributed net investment income		91
Accumulated net realized loss on investments and foreign currency transactions		(596,940	)
Unrealized depreciation of investments and the translation of assets and liabilities denominated in foreign currency		(88,293	)
Net assets	$	3,216,340
Shares authorized		2,400,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	8.30/$8.56
Shares outstanding		153,938
Net assets	$	1,277,011
Class B: Net asset value per share	$	8.30
Shares outstanding		5,744
Net assets	$	47,635
Class C: Net asset value per share	$	8.29
Shares outstanding		145,375
Net assets	$	1,204,826
Class I: Net asset value per share	$	8.31
Shares outstanding		71,631
Net assets	$	594,705
Class R3: Net asset value per share	$	8.31
Shares outstanding		345
Net assets	$	2,863
Class R4: Net asset value per share	$	8.30
Shares outstanding		165
Net assets	$	1,367
Class R5: Net asset value per share	$	8.30
Shares outstanding		3
Net assets	$	26
Class Y: Net asset value per share	$	8.29
Shares outstanding		10,605
Net assets	$	87,907

The accompanying notes are an integral part of these financial statements.

14

The Hartford Floating Rate Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Dividends	$	67
Interest		147,334
Total investment income		147,401
Expenses:
Investment management fees		13,464
Administrative services fees		3
Transfer agent fees		1,955
Distribution fees
Class A		2,257
Class B		400
Class C		9,031
Class R3		6
Class R4		2
Custodian fees		13
Accounting services fees		396
Registration and filing fees		235
Board of Directors’ fees		49
Audit fees		52
Other expenses		403
Total expenses (before waivers and fees paid indirectly)		28,266
Expense waivers		(187	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(187	)
Total expenses, net		28,079
Net Investment Income		119,322
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized loss on investments in securities		(267,731	)
Net realized gain on swap contracts		1,109
Net realized loss on forward foreign currency contracts		(8	)
Net realized loss on other foreign currency transactions		(58	)
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(266,688	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		639,542
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Appreciation of Investments		639,542
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		372,854
Net Increase in Net Assets Resulting from Operations	$	492,176

The accompanying notes are an integral part of these financial statements.

15

The Hartford Floating Rate Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	119,322		$	177,819
Net realized loss on investments, other financial instruments and foreign currency transactions		(266,688	)		(277,685	)
Net unrealized appreciation (depreciation) of investments		639,542			(590,548	)
Net Increase (Decrease) In Net Assets Resulting From Operations		492,176			(690,414	)
Distributions to Shareholders:
From net investment income
Class A		(53,638	)		(76,620	)
Class B		(2,125	)		(2,991	)
Class C		(47,852	)		(71,154	)
Class I		(16,994	)		(16,773	)
Class R3		(66	)		(28	)
Class R4		(44	)		(24	)
Class R5		(2	)		(10	)
Class Y		(5,074	)		(6,697	)
Total distributions		(125,795	)		(174,297	)
Capital Share Transactions:
Class A		388,745			(918,574	)
Class B		930			(14,370	)
Class C		187,496			(608,974	)
Class I		374,025			(155,838	)
Class R3		2,082			436
Class R4		719			657
Class R5		(63	)		(76	)
Class Y		(20,269	)		26,618
Net increase (decrease) from capital share transactions		933,665			(1,670,121	)
Net Increase (Decrease) In Net Assets		1,300,046			(2,534,832	)
Net Assets:
Beginning of period		1,916,294			4,451,126
End of period	$	3,216,340		$	1,916,294
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	91		$	6,630

16

The Hartford Floating Rate Fund

Notes to Financial Statements

October 31, 2009

(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Floating Rate Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a non-diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 3.00%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income – Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Trade date for senior floating rate interests purchased in the primary market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary market is the date on which the transaction is entered into.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation – The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the

17

The Hartford Floating Rate Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Debt securities (other than short-term obligations and senior floating rate interests) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Senior floating rate interests generally trade in over-the-counter markets and are priced through an independent pricing service utilizing market quotations from loan dealers or financial institutions. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Fund’s Board of Directors.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty

18

cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the valuation date.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 – Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.
	Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.
c)	Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account – Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Hartford Investment Management Company (“Hartford Investment

19

The Hartford Floating Rate Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	Management”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements – A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Forward Foreign Currency Contracts – The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding forward foreign currency contracts as of October 31, 2009.
g)	Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income are declared daily and paid monthly. Dividends are paid on shares beginning on the business day after the day when the funds used to purchase the shares are collected by the transfer agent for the Fund. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
h)	Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities,

20

	commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
i)	Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery securities as of October 31, 2009.
j)	Credit Risk – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a Fund which holds securities with higher credit risk may fluctuate more than with less aggressive bond funds.
k)	Senior Floating Rate Interests – The Fund, as shown in the Schedule of Investments, may invest in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income which would result in a reduction of income to the Fund and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.
l)	Prepayment Risks – Most senior floating rate interests and certain debt securities allow for prepayment of principal without penalty. Senior floating rate interests and securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. In addition, with respect to securities, rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment risk is a major risk of mortgage-backed securities and certain asset-backed securities. Accordingly, the potential for the value of a senior floating rate interest or debt security to increase in response to interest rate declines is limited. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.
	Senior floating rate interests or debt securities purchased to replace a prepaid loan or a debt security may have lower yields than the yield on the prepaid loan or debt security. Senior floating rate interests generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for the Borrower to repay, prepayments of senior floating rate interests may occur. As a result, the actual remaining maturity of senior floating rate interests held may be substantially less than the stated maturities shown in the Schedule of Investments.
m)	Credit Default Swaps – The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into event linked swaps, including credit default swap contracts. The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a credit event, such as payment default or bankruptcy.

21

The Hartford Floating Rate Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	Under a credit default swap, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities) or by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. The Fund will generally not buy protection on issuers that are not currently held by the Fund. The Fund had no outstanding credit default swaps as of October 31, 2009.
n)	Interest Rate Swaps – The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap contracts. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate benchmark (i.e. LIBOR, etc.), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When the interest rate swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.
	If an interest rate swap agreement provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayment rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that amount is positive. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty or by posting collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. As of October 31, 2009, the Fund had no outstanding interest rate swaps.
o)	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
p)	Additional Derivative Instrument(s) Information
	The volume of derivative activity was minimal during the year ended October 31, 2009.
	Realized Gain/Loss on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—	$	(8	)	$	—	$	(8	)
Credit contracts		—		—		—		—			1,109		1,109
Total	$	—	$	—	$	—	$	(8	)	$	1,109	$	1,101

22

q) Indemnifications – Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)	Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	124,577	$	179,028

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	5,348
Accumulated Capital Losses *		(591,462	)
Unrealized Depreciation †		(93,771	)
Total Accumulated Deficit	$	(679,885	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to

23

The Hartford Floating Rate Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	decrease accumulated undistributed net investment income by $66 and increase accumulated net realized gain on investments by $66.
e)	Capital Loss Carryforward – At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2014	$	1,227
2015		48,277
2016		270,204
2017		271,754
Total	$	591,462

f) Accounting for Uncertainty in Income Taxes – Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a)

Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.6500	%
On next $4.5 billion		0.6000	%
On next $5 billion		0.5800	%
Over $10 billion		0.5700	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has permanently limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows: :

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.00%	1.75%	1.75%	0.75%	1.25%	1.00%	0.85%	0.75%

24

d)	Fees Paid Indirectly – The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2009, this amount is included in the Statement of Operations.
	The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.00	%		0.99	%		0.96	%		0.50	%		0.29	%*
Class B Shares		1.75			1.75			1.75			1.35			1.04	*
Class C Shares		1.75			1.75			1.74			1.28			1.02	*
Class I Shares		0.74			0.74			0.71			0.43	†
Class R3 Shares		1.25			1.25			1.24	‡
Class R4 Shares		1.00			1.00			1.00	‡
Class R5 Shares		0.85			0.85			0.85	‡
Class Y Shares		0.68			0.69			0.68			0.15			0.01	*

*	From April 29, 2005 (commencement of operations), through October 31, 2005.
†	From August 31, 2006 (commencement of operations), through October 31, 2006.
‡	From December 22, 2006 (commencement of operations), through October 31, 2007.

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $2,292 and contingent deferred sales charges of $527 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $83. These commissions are in turn paid to sales representatives of the broker/dealers.

25

The Hartford Floating Rate Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

f)

Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $5. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $1,933 for providing such services. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	2,272,034
Sales Proceeds Excluding U.S. Government Obligations		1,128,240

6.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
			Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Shares Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		138,780		4,835		(91,865	)		—		51,750			42,614		5,242		(149,657	)		—		(101,801	)
Amount	$	1,023,678	$	36,108	$	(671,041	)	$	—	$	388,745		$	388,034	$	47,024	$	(1,353,632	)	$	—	$	(918,574	)
Class B
Shares		1,362		177		(1,465	)		—		74			1,045		190		(2,862	)		—		(1,627	)
Amount	$	10,042	$	1,295	$	(10,407	)	$	—	$	930		$	9,526	$	1,692	$	(25,588	)	$	—	$	(14,370	)
Class C
Shares		52,419		4,241		(34,239	)		—		22,421			22,066		5,084		(95,489	)		—		(68,339	)
Amount	$	397,823	$	31,106	$	(241,433	)	$	—	$	187,496		$	202,059	$	45,465	$	(856,498	)	$	—	$	(608,974	)
Class I
Shares		66,941		1,663		(20,946	)		—		47,658			22,355		1,270		(41,211	)		—		(17,586	)
Amount	$	519,084	$	12,554	$	(157,613	)	$	—	$	374,025		$	201,916	$	11,319	$	(369,073	)	$	—	$	(155,838	)
Class R3
Shares		317		9		(57	)		—		269			49		3		(5	)		—		47
Amount	$	2,435	$	66	$	(419	)	$	—	$	2,082		$	451	$	29	$	(44	)	$	—	$	436
Class R4
Shares		121		6		(34	)		—		93			85		3		(17	)		—		71
Amount	$	926	$	44	$	(251	)	$	—	$	719		$	782	$	25	$	(150	)	$	—	$	657
Class R5
Shares		—		—		(10	)		—		(10	)		1		1		(10	)		—		(8	)
Amount	$	5	$	2	$	(70	)	$	—	$	(63	)	$	6	$	9	$	(91	)	$	—	$	(76	)
Class Y
Shares		3,244		638		(7,066	)		—		(3,184	)		3,794		635		(1,350	)		—		3,079
Amount	$	23,981	$	4,618	$	(48,868	)	$	—	$	(20,269	)	$	32,823	$	5,625	$	(11,830	)	$	—	$	26,618

26

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		89	$	654
For the Year Ended October 31, 2008		65	$	561

7.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
8.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.
9.	Pending Legal Proceedings:
	In July 2007, the Fund and more than 60 other lenders (known collectively as the “Transeastern Lenders”) accepted the payoff of a guarantee from Tousa, Inc. (“Tousa”), a Florida homebuilder. In order to fund the payoff, Tousa borrowed money from certain new lenders and secured the loan by granting liens to the new lenders on the assets of certain Tousa subsidiaries (the “Subsidiaries”). Tousa entered bankruptcy in January of 2008. In July, 2008, a committee of creditors of the Subsidiaries (the “Committee”) brought suit against the Transeastern Lenders, alleging that the Subsidiaries had received no benefit in return for the liens on their assets, that the Subsidiaries were co-borrowers on the loan from the new lenders, and that the Transeastern Lenders received the value of the liens when the Transeastern Lenders accepted the payoff. The Subsidiaries sought the avoidance of their liens and the return of the value of those liens to the bankruptcy estate. On October 13, 2009, the bankruptcy court in the Southern District of Florida ruled in favor of the Committee, avoided the liens, and ordered the Transeastern Lenders to return the payoff amount to the bankruptcy estate. The Transeastern Lenders, together with the Fund, have appealed the decision. If the bankruptcy court’s decision is upheld on appeal, the Fund would be liable for $3.02 million. Management of the Fund believes resolution of this matter will not have a material impact on the Fund’s financial statements.
10.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

27

The Hartford Floating Rate Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized																Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions							(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized		Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains		from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	7.13	$	0.42	$	—	$	1.19		$	1.61		$	(0.44	)	$	—	$	—	$	(0.44	)	$	1.17		$	8.30
B		7.13		0.37		—		1.19			1.56			(0.39	)		—		—		(0.39	)		1.17			8.30
C		7.13		0.36		—		1.19			1.55			(0.39	)		—		—		(0.39	)		1.16			8.29
I		7.13		0.43		—		1.21			1.64			(0.46	)		—		—		(0.46	)		1.18			8.31
R3		7.14		0.40		—		1.19			1.59			(0.42	)		—		—		(0.42	)		1.17			8.31
R4		7.13		0.42		—		1.19			1.61			(0.44	)		—		—		(0.44	)		1.17			8.30
R5		7.15		0.48		—		1.12			1.60			(0.45	)		—		—		(0.45	)		1.15			8.30
Y		7.13		0.45		—		1.17			1.62			(0.46	)		—		—		(0.46	)		1.16			8.29
For the Year Ended October 31, 2008
A		9.79		0.55		—		(2.68	)		(2.13	)		(0.53	)		—		—		(0.53	)		(2.66	)		7.13
B		9.79		0.47		—		(2.67	)		(2.20	)		(0.46	)		—		—		(0.46	)		(2.66	)		7.13
C		9.78		0.47		—		(2.66	)		(2.19	)		(0.46	)		—		—		(0.46	)		(2.65	)		7.13
I		9.79		0.57		—		(2.68	)		(2.11	)		(0.55	)		—		—		(0.55	)		(2.66	)		7.13
R3		9.79		0.52		—		(2.66	)		(2.14	)		(0.51	)		—		—		(0.51	)		(2.65	)		7.14
R4		9.78		0.54		—		(2.66	)		(2.12	)		(0.53	)		—		—		(0.53	)		(2.65	)		7.13
R5		9.81		0.56		—		(2.68	)		(2.12	)		(0.54	)		—		—		(0.54	)		(2.66	)		7.15
Y		9.78		0.57		—		(2.66	)		(2.09	)		(0.56	)		—		—		(0.56	)		(2.65	)		7.13
For the Year Ended October 31, 2007
A		10.11		0.66		—		(0.31	)		0.35			(0.67	)		—		—		(0.67	)		(0.32	)		9.79
B		10.11		0.58		—		(0.31	)		0.27			(0.59	)		—		—		(0.59	)		(0.32	)		9.79
C		10.11		0.59		—		(0.32	)		0.27			(0.60	)		—		—		(0.60	)		(0.33	)		9.78
I		10.11		0.70		—		(0.32	)		0.38			(0.70	)		—		—		(0.70	)		(0.32	)		9.79
R3(e)		10.09		0.54		—		(0.31	)		0.23			(0.53	)		—		—		(0.53	)		(0.30	)		9.79
R4(e)		10.09		0.56		—		(0.32	)		0.24			(0.55	)		—		—		(0.55	)		(0.31	)		9.78
R5(e)		10.09		0.58		—		(0.29	)		0.29			(0.57	)		—		—		(0.57	)		(0.28	)		9.81
Y		10.11		0.69		—		(0.32	)		0.37			(0.70	)		—		—		(0.70	)		(0.33	)		9.78
For the Year Ended October 31, 2006
A		10.09		0.62		—		0.02			0.64			(0.62	)		—		—		(0.62	)		0.02			10.11
B		10.08		0.54		—		0.03			0.57			(0.54	)		—		—		(0.54	)		0.03			10.11
C		10.08		0.55		—		0.03			0.58			(0.55	)		—		—		(0.55	)		0.03			10.11
I(h)		10.11		0.12		—		—			0.12			(0.12	)		—		—		(0.12	)		—			10.11
Y		10.08		0.66		—		0.02			0.68			(0.65	)		—		—		(0.65	)		0.03			10.11
From (commencement of operations) April 29, 2005, through October 31, 2005
A(i)		10.00		0.22		—		0.08			0.30			(0.21	)		—		—		(0.21	)		0.09			10.09
B(i)		10.00		0.19		—		0.08			0.27			(0.19	)		—		—		(0.19	)		0.08			10.08
C(i)		10.00		0.18		—		0.09			0.27			(0.19	)		—		—		(0.19	)		0.08			10.08
Y(i)		10.00		0.23		—		0.08			0.31			(0.23	)		—		—		(0.23	)		0.08			10.08

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Commenced operations on December 22, 2006.
(f)	Not annualized.
(g)	Annualized.
(h)	Commenced operations on August 31, 2006.
(i)	Commenced operations on April 29, 2005.

28

- Ratios and Supplemental Data -

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	23.65	%	$	1,277,011		1.00	%		1.00	%		1.00	%		5.69	%		55	%
	22.60			47,635		1.84			1.75			1.75			5.00			—
	22.60			1,204,826		1.76			1.75			1.75			4.99			—
	23.93			594,705		0.74			0.74			0.74			5.94			—
	23.17			2,863		1.41			1.25			1.25			5.36			—
	23.50			1,367		1.10			1.00			1.00			5.70			—
	23.32			26		0.97			0.85			0.85			5.99			—
	23.87			87,907		0.68			0.68			0.68			6.12			—
	(22.71	)		728,882		0.99			0.99			0.99			6.02			18
	(23.30	)		40,440		1.81			1.75			1.75			5.23			—
	(23.24	)		876,501		1.75			1.75			1.75			5.25			—
	(22.51	)		171,007		0.74			0.74			0.74			6.28			—
	(22.80	)		544		1.45			1.25			1.25			5.63			—
	(22.63	)		515		1.15			1.00			1.00			5.71			—
	(22.55	)		90		0.86			0.85			0.85			6.24			—
	(22.39	)		98,315		0.69			0.69			0.69			6.23			—
	3.54			1,996,644		0.96			0.96			0.96			6.61			62
	2.72			71,403		1.80			1.75			1.75			5.84			—
	2.67			1,870,911		1.74			1.74			1.74			5.86			—
	3.84			406,906		0.71			0.71			0.71			6.88			—
	2.31	(f)		285		1.75	(g)		1.25	(g)		1.25	(g)		6.59	(g)		—
	2.42	(f)		10		1.18	(g)		1.00	(g)		1.00	(g)		6.58	(g)		—
	2.90	(f)		205		0.86	(g)		0.85	(g)		0.85	(g)		6.81	(g)		—
	3.73			104,762		0.68			0.68			0.68			6.92			—
	6.56			1,500,394		0.98			0.50			0.50			6.71			33
	5.79			42,182		1.83			1.35			1.35			5.84			—
	5.86			828,910		1.77			1.28			1.28			5.93			—
	1.21	(f)		61,805		0.74	(g)		0.43	(g)		0.43	(g)		7.99	(g)		—
	7.00			50,896		0.65			0.15			0.15			6.89			—
	3.06	(f)		169,485		1.03	(g)		0.29	(g)		0.29	(g)		5.68	(g)		15
	2.66	(f)		5,659		1.89	(g)		1.04	(g)		1.04	(g)		4.91	(g)		—
	2.67	(f)		92,710		1.79	(g)		1.02	(g)		1.02	(g)		5.03	(g)		—
	3.10	(f)		10,062		0.73	(g)		0.01	(g)		0.01	(g)		6.06	(g)		—

29

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Floating Rate Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian, agent banks and brokers or by other appropriate auditing procedures where replies from agent banks or brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Floating Rate Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

               

Minneapolis, MN
December 15, 2009

30

The Hartford Floating Rate Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

31

The Hartford Floating Rate Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

32

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov . The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

33

The Hartford Floating Rate Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

QII* 100.00 %

* Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.441		N/A		N/A		0.441
Class B		0.387		N/A		N/A		0.387
Class C		0.387		N/A		N/A		0.387
Class I		0.458		N/A		N/A		0.458
Class R3		0.423		N/A		N/A		0.423
Class R4		0.441		N/A		N/A		0.441
Class R5		0.451		N/A		N/A		0.451
Class Y		0.463		N/A		N/A		0.463

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

34

The Hartford Floating Rate Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,171.20	$	5.42	$	1,000.00	$	1,020.21	$	5.04		0.99	%		184		365
Class B	$	1,000.00	$	1,168.50	$	9.57	$	1,000.00	$	1,016.38	$	8.89		1.75			184		365
Class C	$	1,000.00	$	1,167.10	$	9.56	$	1,000.00	$	1,016.38	$	8.89		1.75			184		365
Class I	$	1,000.00	$	1,174.00	$	4.00	$	1,000.00	$	1,021.53	$	3.72		0.73			184		365
Class R3	$	1,000.00	$	1,171.20	$	6.84	$	1,000.00	$	1,018.90	$	6.36		1.25			184		365
Class R4	$	1,000.00	$	1,172.80	$	5.48	$	1,000.00	$	1,020.16	$	5.09		1.00			184		365
Class R5	$	1,000.00	$	1,171.90	$	4.65	$	1,000.00	$	1,020.92	$	4.33		0.85			184		365
Class Y	$	1,000.00	$	1,173.20	$	3.45	$	1,000.00	$	1,022.03	$	3.21		0.63			184		365

35

The Hartford Floating Rate Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Floating Rate Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

36

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets

37

The Hartford Floating Rate Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

38

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-13 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford Fundamental Growth Fund

The Hartford Fundamental Growth Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	6
Statement of Assets and Liabilities at October 31, 2009	7
Statement of Operations for the Year Ended October 31, 2009	8
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	9
Notes to Financial Statements	10
Financial Highlights	20
Report of Independent Registered Public Accounting Firm	22
Directors and Officers (Unaudited)	23
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	25
Quarterly Portfolio Holdings Information (Unaudited)	25
Federal Tax Information (Unaudited)	26
Expense Example (Unaudited)	27
Approval of Investment Management and Investment Sub-Advisory Agreement (Unaudited)	28

The Hartford Fundamental Growth Fund inception 05/24/2001
(subadvised by Wellington Management Company, LLP)	Investment objective – Seeks long-term capital appreciation.

Performance Overview(1) 5/24/01 - 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
Fundamental Growth A#		19.95	%		2.48	%		0.39	%
Fundamental Growth A##		13.35	%		1.33	%		-0.28	%
Fundamental Growth B#		19.22	%		1.75	%	NA		*
Fundamental Growth B##		14.22	%		1.39	%	NA		*
Fundamental Growth C#		19.08	%		1.72	%		-0.34	%
Fundamental Growth C##		18.08	%		1.72	%		-0.34	%
Fundamental Growth Y#		20.49	%		2.98	%		0.86	%
Russell 1000 Growth Index		17.51	%		1.27	%		-1.50	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	Inception returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Manager
Francis J. Boggan, CFA
Senior Vice President, Partner

How did the Fund perform?

The Class A shares of The Hartford Fundamental Growth Fund returned 19.95%, before sales charge, for the twelve-month period ended October 31, 2009, outperforming its benchmark, the Russell 1000 Growth Index, which returned 17.51% for the same period. The Fund also outperformed the 15.35% return of the average fund in the Lipper Large-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

After posting steep losses in 2008 and the first part of 2009 amid increasing signs of a deeper and more protracted recession, U.S. equities staged a sharp rebound beginning in March as favorable news from a few large financial institutions signaled to investors that the troubled Financials sector might be starting to stabilize. Adding fuel to the recovery was the U.S. Treasury Department’s updated plan to clean up bank balance sheets.

In this environment, mid-cap stocks (+18%) outperformed small (+6%) and large cap stocks (+10%), as measured by the S&P MidCap 400, Russell 2000 and S&P 500 indexes, respectively. Growth stocks (+18%) significantly outperformed Value stocks (+5%), as measured by the Russell 1000 Growth and Russell 1000 Value Indexes, respectively. Within the Russell 1000 Growth Index, all ten of the broad economic sectors posted positive returns. Information Technology (+31%) and Consumer Discretionary (+25%) had the strongest returns while Health Care (+7%) and Utilities (+8%) lagged the most.

2

The Fund outperformed the benchmark during the period due to positive sector allocation, a result of bottom-up (i.e. stock by stock fundamental research) stock selection, and stock selection within several sectors. Overweight (i.e. the Fund’s sector position was greater than the benchmark position) allocations to Information Technology, Health Care, and Telecommunication Services positively contributed to relative (i.e. performance of the Fund as measured against the benchmark) returns. Stock selection was strongest in Energy, Industrials, and Financials.

Top contributors to relative and absolute (i.e. total return) performance included Flowserve (Industrials), Alliance Data Systems (Information Technology), and Nordstrom (Consumer Discretionary). Shares of Flowserve, a manufacturer of flow control systems for the power, oil & gas, and chemical industries, rallied as the company began to receive an increase in orders from large customers. Integrated marketing, transaction processing, and credit services provider Alliance Data Systems benefitted from increased confidence that consumer spending is stabilizing. Luxury retailer Nordstrom’s shares rebounded as its fundamentals improved and investors’ economic outlook became less negative. Apple (Information Technology) was among the top absolute contributors to performance.

The three largest detractors from benchmark-relative performance were NII Holdings (Telecommunication Services), JPMorgan Chase (Financials), and Covidien (Financials). In the first half of the period the Fund eliminated its position in NII Holdings, a wireless communication services provider in Mexico, Brazil, Argentina and Peru, amid concerns over the effects of a global economic slowdown on Latin American economies; not holding the position as the price appreciated later in the period hurt benchmark-relative returns. Shares of global diversified bank JPMorgan Chase declined due to the company’s exposures to consumer and large corporate credit. Covidien continues to transition into a stand-alone global healthcare products company following its spinout from Tyco, providing health care products for use in clinical and home settings. Its stock price suffered during the period due to concerns that restructuring would result in below-consensus earnings, as well as fears that foreign exchange volatility would hurt earnings. The Fund eliminated its position in the stock early in the period. Another notable detractor from absolute returns was Genzyme (Health Care).

What is the outlook?

It is increasingly clear that the U.S. is emerging from a deep recession. The rate of increase in unemployment has slowed, industrial production leading indicators are pointing to an expansion, and the housing market has shown some signs of stabilization. The U.S. government continues to reshape the financial playing field through stimulus packages, massive loans to impaired private sector companies, and other programs, all taken with an eye towards thawing the credit markets and placing a floor on housing price declines and a ceiling on housing inventory.

The Fund seeks to add value through bottom-up security selection, with a goal of creating a diversified portfolio of high-quality growth companies with attractive valuations. Investment decisions are based primarily on independent, bottom-up, fundamental research. As of the end of the period, the Fund was most overweight Information Technology, Industrials, and Energy and most underweight (i.e. the Fund’s sector position was less than the benchmark position) Consumer Staples, Materials, and Utilities relative to the Fund’s benchmark.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Basic Materials (Materials)		0.7	%
Capital Goods (Industrials)		9.1
Consumer Durables & Apparel (Consumer Discretionary)		2.1
Consumer Services (Consumer Discretionary)		1.9
Diversified Financials (Financials)		1.9
Energy (Energy)		5.8
Food & Staples Retailing (Consumer Staples)		4.2
Food, Beverage & Tobacco (Consumer Staples)		2.3
Health Care Equipment & Services (Health Care)		5.3
Household & Personal Products (Consumer Staples)		3.5
Insurance (Financials)		4.2
Materials (Materials)		1.0
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		11.6
Retailing (Consumer Discretionary)		6.0
Semiconductors & Semiconductor Equipment (Information Technology)		2.9
Software & Services (Information Technology)		16.2
Technology Hardware & Equipment (Information Technology)		18.0
Transportation (Industrials)		2.4
Short-Term Investments		0.4
Other Assets and Liabilities		0.5
Total		100.0	%

3

The Hartford Fundamental Growth Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.1%
		Basic Materials - 0.7%
	2	Rio Tinto plc ADR	$	356
		Capital Goods - 9.1%
	23	Deere & Co.		1,061
	8	Flowserve Corp.		806
	14	Fluor Corp.		617
	31	Honeywell International, Inc.		1,109
	9	Precision Castparts Corp.		860
	20	WESCO International, Inc. •		506
				4,959
		Consumer Durables & Apparel - 2.1%
	20	Coach, Inc.		653
	46	D.R. Horton, Inc.		503
				1,156
		Consumer Services - 1.9%
	5	Apollo Group, Inc. Class A •		297
	13	McDonald’s Corp.		738
				1,035
		Diversified Financials - 1.9%
	21	Ameriprise Financial, Inc.		711
	2	Goldman Sachs Group, Inc.		289
				1,000
		Energy - 5.8%
	14	Apache Corp.		1,346
	26	Noble Corp.		1,047
	11	Petroleo Brasileiro S.A. ADR		513
	5	Ultra Petroleum Corp. •		233
				3,139
		Food & Staples Retailing - 4.2%
	29	CVS/Caremark Corp.		1,020
	25	Wal-Mart Stores, Inc.		1,232
				2,252
		Food, Beverage & Tobacco - 2.3%
	20	PepsiCo, Inc.		1,217
		Health Care Equipment & Services - 5.3%
	18	Covidien plc		750
	8	Express Scripts, Inc. •		631
	25	St. Jude Medical, Inc. •		835
	26	UnitedHealth Group, Inc.		670
				2,886
		Household & Personal Products - 3.5%
	9	Colgate-Palmolive Co.		723
	20	Procter & Gamble Co.		1,149
				1,872
		Insurance - 4.2%
	22	Aflac, Inc.		896
	11	Allstate Corp.		337
	62	Assured Guaranty Ltd.		1,025
				2,258
		Materials - 1.0%
	16	Barrick Gold Corp.		564
		Pharmaceuticals, Biotechnology & Life Sciences - 11.6%
	22	Abbott Laboratories		1,128
	4	Amgen, Inc. •		220
	25	AstraZeneca plc ADR		1,123
	15	Celgene Corp. •		786
	9	Cephalon, Inc. •		475
	61	Pfizer, Inc.		1,039
	15	Teva Pharmaceutical Industries Ltd. ADR		777
	17	Thermo Fisher Scientific, Inc. •		743
				6,291
		Retailing - 6.0%
	24	Best Buy Co., Inc.		928
	7	Kohl’s Corp. •		423
	25	Lowe’s Co., Inc.		489
	16	Nordstrom, Inc.		499
	21	Staples, Inc.		456
	15	The Buckle, Inc.		447
				3,242
		Semiconductors & Semiconductor Equipment - 2.9%
	35	Intel Corp.		669
	72	Micron Technology, Inc. •		491
	18	Texas Instruments, Inc.		417
				1,577
		Software & Services - 16.2%
	15	Accenture plc		545
	9	Alliance Data Systems Corp. •		467
	37	eBay, Inc. •		833
	3	Google, Inc. •		1,405
	14	Longtop Financial Technologies Ltd. •		376
	78	Microsoft Corp.		2,174
	52	Oracle Corp.		1,087
	24	VeriSign, Inc. •		545
	10	Visa, Inc.		773
	29	Western Union Co.		529
				8,734
		Technology Hardware & Equipment - 18.0%
	10	Apple, Inc. •		1,809
	78	Cisco Systems, Inc. •		1,776
	50	Corning, Inc.		729
	52	EMC Corp. •		852
	33	Hewlett-Packard Co.		1,585
	14	IBM Corp.		1,725
	21	Qualcomm, Inc.		857
	6	Research In Motion Ltd. •		358
				9,691
		Transportation - 2.4%
	19	Norfolk Southern Corp.		862
	8	United Parcel Service, Inc. Class B		408
				1,270
		Total common stocks (cost $47,432)	$	53,499
		Total long-term investments (cost $47,432)	$	53,499

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 0.4%
		Repurchase Agreements - 0.4%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $9, collateralized by GNMA 5.00%, 2039, value of $9)
$	8	0.08%, 10/30/2009			$	8
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $50, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $51)
	50	0.08%, 10/30/2009				50
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $56, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $57)
	56	0.08%, 10/30/2009				56
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1, collateralized by U.S. Treasury Note 2.75%, 2013, value of $1)
	1	0.05%, 10/30/2009				1
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $97, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $99)
	97	0.07%, 10/30/2009				97
						212
		Total short-term investments (cost $212)			$	212
		Total investments (cost $47,644) ▲	99.5	%	$	53,711
		Other assets and liabilities	0.5	%		250
		Total net assets	100.0	%	$	53,961

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 7.5% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $49,453 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	6,664
Unrealized Depreciation		(2,406	)
Net Unrealized Appreciation	$	4,258

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Fundamental Growth Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks ‡	$	53,499	$	53,499	$	—	$	—
Short-Term Investments		212		—		212		—
Total	$	53,711	$	53,499	$	212	$	—

‡ The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Fundamental Growth Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $47,644)	$	53,711
Cash		—
Foreign currency on deposit with custodian (cost $—)		—
Receivables:
Investment securities sold		798
Fund shares sold		55
Dividends and interest		61
Other assets		26
Total assets		54,651
Liabilities:
Payables:
Investment securities purchased		617
Fund shares redeemed		39
Investment management fees		8
Distribution fees		3
Accrued expenses		23
Total liabilities		690
Net assets	$	53,961
Summary of Net Assets:
Capital stock and paid-in-capital		65,526
Accumulated undistributed net investment income		41
Accumulated net realized loss on investments		(17,673	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		6,067
Net assets	$	53,961
Shares authorized		300,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	9.08/$9.61
Shares outstanding		3,075
Net assets	$	27,915
Class B: Net asset value per share	$	8.56
Shares outstanding		461
Net assets	$	3,943
Class C: Net asset value per share	$	8.55
Shares outstanding		948
Net assets	$	8,103
Class Y: Net asset value per share	$	9.41
Shares outstanding		1,488
Net assets	$	14,000

The accompanying notes are an integral part of these financial statements.

7

The Hartford Fundamental Growth Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	735
Interest		2
Securities lending		11
Less: Foreign tax withheld		(2	)
Total investment income		746
Expenses:
Investment management fees		405
Transfer agent fees		130
Distribution fees
Class A		58
Class B		47
Class C		74
Custodian fees		9
Accounting services fees		5
Registration and filing fees		42
Board of Directors’ fees		3
Audit fees		7
Other expenses		21
Total expenses (before waivers and fees paid indirectly)		801
Expense waivers		(72	)
Transfer agent fee waivers		(25	)
Commission recapture		(1	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(98	)
Total expenses, net		703
Net Investment Income		43
Net Realized Loss on Investments:
Net realized loss on investments in securities		(11,257	)
Net Realized Loss on Investments		(11,257	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		18,932
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Appreciation of Investments		18,932
Net Gain on Investments		7,675
Net Increase in Net Assets Resulting from Operations	$	7,718

The accompanying notes are an integral part of these financial statements.

8

The Hartford Fundamental Growth Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income (loss)	$	43		$	(195	)
Net realized loss on investments		(11,257	)		(6,345	)
Net unrealized appreciation (depreciation) of investments		18,932			(20,038	)
Net Increase (Decrease) In Net Assets Resulting From Operations		7,718			(26,578	)
Distributions to Shareholders:
From net realized gain on investments
Class A		—			(4,325	)
Class B		—			(1,393	)
Class C		—			(1,555	)
Class Y		—			(42	)
Total distributions		—			(7,315	)
Capital Share Transactions:
Class A		(338	)		4,220
Class B		(2,948	)		(339	)
Class C		(1,358	)		1,595
Class Y		1,496			11,577
Net increase (decrease) from capital share transactions		(3,148	)		17,053
Net Increase (Decrease) In Net Assets		4,570			(16,840	)
Net Assets:
Beginning of period		49,391			66,231
End of period	$	53,961		$	49,391
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	41		$	—

The accompanying notes are an integral part of these financial statements.

9

The Hartford Fundamental Growth Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Fundamental Growth Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income – Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation – The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading

10

restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 – Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

11

The Hartford Fundamental Growth Fund
Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.

Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.

c)	Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account – Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements – A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending – The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.

12

g)	Forward Foreign Currency Contracts – The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding forward foreign currency contracts as of October 31, 2009.
h)	Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
i)	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
j)	Indemnifications – Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

13

The Hartford Fundamental Growth Fund
Notes to Financial Statements – (continued)
October 31, 2009

(000’s Omitted)

b)

Net Investment Income (Loss), Realized Gains and (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c)

Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	—	$	6,221
Long-Term Capital Gains *		—		1,094

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	42
Accumulated Capital Losses *		(15,864	)
Unrealized Appreciation †		4,257
Total Accumulated Deficit	$	(11,565	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated undistributed net investment income by $2 and increase accumulated net realized gain on investments by $2.

e)

Capital Loss Carryforward – At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	4,938
2017		10,926
Total	$	15,864

14

f) Accounting for Uncertainty in Income Taxes – Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a)

Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

	Annual Fee
On first $500 million		0.8500	%
On next $500 million		0.8000	%
On next $4 billion		0.7500	%
On next $5 billion		0.7475	%
Over $10 billion		0.7450	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
All Asset Levels		0.01	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class Y
1.45%		2.20	%		2.20	%		1.05	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

15

The Hartford Fundamental Growth Fund
Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.39	%		1.45	%		1.47	%		1.48	%		1.57	%
Class B Shares		1.95			2.18			2.22			2.23			2.32
Class C Shares		2.17			2.20			2.20			2.23			2.32
Class Y Shares		1.03			0.96			1.02			1.05			1.13

e)	Distribution and Service Plan for Class A, B and C Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $26 and contingent deferred sales charges of $6 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B and C shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the Distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $2. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $110 for providing such services. These fees are accrued daily and paid monthly.

16

g) Payments from Affiliate – The total return in the accompanying financial highlights includes payment from affiliates. Had the payment from affiliates been excluded, the total return for the periods listed below would have been as follows:

	Impact from			Total Return
	Payment from			Excluding
	Affiliate for SEC			Payment from
	Settlement for the			Affiliate for the
	Year Ended			Year Ended
	October 31, 2007			October 31, 2007
Class A		0.28	%		26.24	%
Class B		0.29			25.34
Class C		0.29			25.32
Class Y		0.28			26.83

5.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	52,872
Sales Proceeds Excluding U.S. Government Obligations		54,583

6.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009													For the Year Ended October 31, 2008
			Shares						Shares							Shares					Shares
			Issued for						Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares				from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed				Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		839		—		(933	)			—		(94	)		755		357		(799	)		—		313
Amount	$	6,509	$	—	$	(6,847	)		$	—	$	(338	)	$	8,345	$	4,174	$	(8,299	)	$	—	$	4,220
Class B
Shares		62		—		(472	)			—		(410	)		77		118		(243	)		—		(48	)
Amount	$	437	$	—	$	(3,385	)	��	$	—	$	(2,948	)	$	819	$	1,320	$	(2,478	)	$	—	$	(339	)
Class C
Shares		159		—		(363	)			—		(204	)		210		126		(206	)		—		130
Amount	$	1,136	$	—	$	(2,494	)		$	—	$	(1,358	)	$	2,279	$	1,405	$	(2,089	)	$	—	$	1,595
Class Y
Shares		937		—		(840	)			—		97			1,387		4		(27	)		—		1,364
Amount	$	6,973	$	—	$	(5,477	)		$	—	$	1,496		$	11,816	$	41	$	(280	)	$	—	$	11,577

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		213	$	1,666
For the Year Ended October 31, 2008		5	$	58

17

The Hartford Fundamental Growth Fund
Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

7.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
8.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.
9.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

18

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19

The Hartford Fundamental Growth Fund

Financial Highlights

- Selected Per-Share Data – (a)

	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	7.57	$	0.01		$	—	$	1.50		$	1.51		$	—		$	—		$	—	$	—		$	1.51		$	9.08
B		7.18		(0.03	)		—		1.41			1.38			—			—			—		—			1.38			8.56
C		7.18		(0.05	)		—		1.42			1.37			—			—			—		—			1.37			8.55
Y		7.82		0.05			—		1.54			1.59			—			—			—		—			1.59			9.41
For the Year Ended October 31, 2008
A		13.95		(0.01	)		—		(4.85	)		(4.86	)		—			(1.52	)		—		(1.52	)		(6.38	)		7.57
B		13.40		(0.09	)		—		(4.61	)		(4.70	)		—			(1.52	)		—		(1.52	)		(6.22	)		7.18
C		13.41		(0.09	)		—		(4.62	)		(4.71	)		—			(1.52	)		—		(1.52	)		(6.23	)		7.18
Y		14.27		—			—		(4.93	)		(4.93	)		—			(1.52	)		—		(1.52	)		(6.45	)		7.82
For the Year Ended October 31, 2007
A		11.02		(0.04	)		0.04		2.93			2.93			—			—			—		—			2.93			13.95
B		10.66		(0.14	)		0.04		2.84			2.74			—			—			—		—			2.74			13.40
C		10.67		(0.13	)		0.04		2.83			2.74			—			—			—		—			2.74			13.41
Y		11.22		0.02			0.04		2.99			3.05			—			—			—		—			3.05			14.27
For the Year Ended October 31, 2006
A		10.26		0.02			—		0.81			0.83			(0.07	)		—			—		(0.07	)		0.76			11.02
B		9.94		(0.06	)		—		0.78			0.72			—			—			—		—			0.72			10.66
C		9.94		(0.07	)		—		0.80			0.73			—			—			—		—			0.73			10.67
Y		10.44		0.04			—		0.85			0.89			(0.11	)		—			—		(0.11	)		0.78			11.22
For the Year Ended October 31, 2005
A		9.14		0.08			—		1.04			1.12			—			—			—		—			1.12			10.26
B		8.92		(0.01	)		—		1.03			1.02			—			—			—		—			1.02			9.94
C		8.92		(0.01	)		—		1.03			1.02			—			—			—		—			1.02			9.94
Y		9.28		0.13			—		1.06			1.19			(0.03	)		—			—		(0.03	)		1.16			10.44

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.

20

- Ratios and Supplemental Data -

			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
			Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
	Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)	Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
19.95%	$	27,915		1.63	%		1.40	%		1.40	%		0.15	%		113	%
19.22		3,943		2.58			1.95			1.95			(0.33	)		—
19.08		8,103		2.36			2.17			2.17			(0.61	)		—
20.34		14,000		1.04			1.04			1.04			0.56			—
(38.66)		23,989		1.48			1.45			1.45			(0.06	)		110
(39.11)		6,254		2.30			2.19			2.19			(0.80	)		—
(39.16)		8,276		2.21			2.20			2.20			(0.81	)		—
(38.24)		10,872		0.96			0.96			0.96			0.36			—
26.59 (e)		39,831		1.50			1.47			1.47			(0.30	)		159
25.70 (e)		12,307		2.30			2.22			2.22			(1.04	)		—
25.68 (e)		13,703		2.22			2.20			2.20			(1.04	)		—
27.18 (e)		390		1.02			1.02			1.02			0.17			—
8.07		40,215		1.68			1.50			1.50			0.14			123
7.24		13,162		2.47			2.25			2.25			(0.61	)		—
7.34		13,065		2.39			2.25			2.25			(0.61	)		—
8.57		487		1.18			1.07			1.07			0.56			—
12.31		50,067		1.65			1.60			1.60			0.68			112
11.44		15,156		2.45			2.35			2.35			(0.09	)		—
11.44		16,737		2.36			2.35			2.35			(0.05	)		—
12.86		473		1.16			1.16			1.16			1.27			—

21

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Fundamental Growth Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Fundamental Growth Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

22

The Hartford Fundamental Growth Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

23

The Hartford Fundamental Growth Fund
Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

24

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

25

The Hartford Fundamental Growth Fund

Federal Tax Information (Unaudited)

The Fund made no capital gain or income distributions for the fiscal year ended October 31, 2009.

26

The Hartford Fundamental Growth Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,225.40	$	8.08	$	1,000.00	$	1,017.95	$	7.32		1.44	%		184		365
Class B	$	1,000.00	$	1,222.90	$	10.98	$	1,000.00	$	1,015.32	$	9.96		1.96			184		365
Class C	$	1,000.00	$	1,221.40	$	12.37	$	1,000.00	$	1,014.06	$	11.22		2.21			184		365
Class Y	$	1,000.00	$	1,228.50	$	5.79	$	1,000.00	$	1,020.01	$	5.24		1.03			184		365

27

The Hartford Fundamental Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Fundamental Growth Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act. With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

28

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

29

The Hartford Fundamental Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

30

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-14 12/09 MUT 8759 Printed in U.S.A. ^© 2009 The Hartford, Hartford, CT 06117

The Hartford Global Enhanced Dividend Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	5
Investment Valuation Hierarchy Level Summary at October 31, 2009	11
Statement of Assets and Liabilities at October 31, 2009	12
Statement of Operations for the Year Ended October 31, 2009	13
Statement of Changes in Net Assets for the Year Ended October 31, 2009 and the Period November 28, 2007 (commencement of operations) through October 31, 2008	14
Notes to Financial Statements	15
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	28
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Federal Tax Information (Unaudited)	32
Expense Example (Unaudited)	33
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	34

The Hartford Global Enhanced Dividend Fund inception 11/28/2007
(subadvised by Hartford Investment Management Company)	Investment objective — Seeks a high level of current income. Capital appreciation is a secondary objective.

Performance Overview(1) 11/28/07 - 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

MSCI World Value Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance (excluding the U.S. and Canada) of the value securities within the MSCI EAFE Index.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4) (as of 10/31/09)

	1			Since
	Year			Inception
Global Enhanced Dividend A#		7.90	%		-15.11	%
Global Enhanced Dividend A##		1.96	%		-17.57	%
Global Enhanced Dividend B#		7.12	%		-15.75	%
Global Enhanced Dividend B##		2.12	%		-17.32	%
Global Enhanced Dividend C#		7.12	%		-15.75	%
Global Enhanced Dividend C##		6.12	%		-15.75	%
Global Enhanced Dividend I#		8.33	%		-14.85	%
Global Enhanced Dividend R3#		7.42	%		-15.46	%
Global Enhanced Dividend R4#		7.74	%		-15.23	%
Global Enhanced Dividend R5#		8.22	%		-14.93	%
Global Enhanced Dividend Y#		8.33	%		-14.85	%
MSCI World Value Index		18.54	%		-15.43	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Manager
Paul Bukowski
Vice President

How did the Fund perform?

The Class A shares of The Hartford Global Enhanced Dividend Fund returned 7.90%, before sales charge, for the twelve-month period ended October 31, 2009, underperforming its benchmark, the MSCI World Value Index, which returned 18.54% for the same period.

Why did the Fund perform this way?

The Fund’s benchmark relative (i.e. performance of the Fund as measured against the benchmark) underperformance came from two sources. The first source was the rally in growth stocks in early 2009. The Fund did not participate in the rally since most of the Fund’s holdings (dividend yielding stocks) have moderate rather than high growth prospects. The second source of underperformance was the high-beta, low-profitability, low-quality stock rally which began in March. The Fund seeks to invest only in high-quality, profitable stocks. Offsetting these two negative impacts is the more recent flight to quality, which had investors looking for higher-quality, profitable, strong yielding companies, which is more indicative of the Fund’s holdings.

During the period, unfavorable security selection in the Energy, Financials, and Consumer Discretionary sectors were partially offset by strong security selection in the Health Care sector. With

2

regard to sector allocation, the Fund’s overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Utilities added to performance, while the Fund’s underweight (i.e. the Fund’s sector position was less than the benchmark position) to Financials and Consumer Discretionary detracted from performance. From a country perspective, the Fund benefited from stock selection within Japan, while stock selection within the United States detracted from performance.

Among the largest contributors to relative performance were overweight allocations in Seagate Technologies (Technology) and Oshkosh Corp. (Industrials). Seagate posted strong results as its cost cutting initiatives boosted its bottom line while it continued to raise its estimated 2010 revenues. Oshkosh posted good earnings driven by strong government sales, and, the company is well positioned to take advantage of increased government infrastructure spending.

Among the largest detractors to relative performance were underweight allocations in ING Groep N.V. (Financials) and Sterlite Industries (Materials). ING has performed strongly since March of this year, even beating earnings expectations in the latest quarter. Sterlite posted good second quarter results and had strong returns similar to their peers in the Copper industry.

What is the outlook?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market as high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. In March, investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter. We believe that going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

The Fund’s current top holdings include British Petroleum (Energy) and Total S.A. (Energy). Both companies have attractive dividend yields relative to their industry and have strong business fundamentals. The Fund invests in companies that have compelling yields along with sound fundamentals. The Fund’s systematic approach weighs more than 80 fundamental characteristics across four broad categories, including business behavior, management behavior, valuation and investor behavior.

Diversification by Industry — Long Positions
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		2.4	%
Banks (Financials)		13.4
Basic Materials (Materials)		0.6
Capital Goods (Industrials)		10.8
Commercial & Professional Services (Industrials)		2.5
Consumer Durables & Apparel (Consumer Discretionary)		2.6
Consumer Services (Consumer Discretionary)		2.3
Diversified Financials (Financials)		6.8
Energy (Energy)		20.4
Food & Staples Retailing (Consumer Staples)		1.0
Food, Beverage & Tobacco (Consumer Staples)		6.6
Health Care Equipment & Services (Health Care)		2.3
Household & Personal Products (Consumer Staples)		0.9
Insurance (Financials)		6.2
Materials (Materials)		7.4
Media (Consumer Discretionary)		1.8
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		7.5
Real Estate (Financials)		5.1
Retailing (Consumer Discretionary)		2.5
Semiconductors & Semiconductor Equipment (Information Technology)		3.1
Software & Services (Information Technology)		2.6
Technology Hardware & Equipment (Information Technology)		5.6
Telecommunication Services (Services)		10.7
Transportation (Industrials)		1.5
Utilities (Utilities)		8.7
Short-Term Investments		1.5
Total Long Positions		136.8
Short Positions		(36.9	)
Other Assets and Liabilities		0.1
Total		100.0	%

3

Diversification by Industry — Securities Sold Short
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		0.3	%
Banks (Financials)		0.2
Capital Goods (Industrials)		3.1
Commercial & Professional Services (Industrials)		0.9
Consumer Durables & Apparel (Consumer Discretionary)		1.0
Consumer Services (Consumer Discretionary)		1.4
Consumer Staples (Industrials)		0.3
Diversified Financials (Financials)		0.2
Energy (Energy)		4.9
Food & Staples Retailing (Consumer Staples)		0.5
Food, Beverage & Tobacco (Consumer Staples)		1.9
Health Care Equipment & Services (Health Care)		0.3
Household & Personal Products (Consumer Staples)		0.1
Insurance (Financials)		0.2
Materials (Materials)		2.8
Media (Consumer Discretionary)		1.5
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		2.1
Real Estate (Financials)		0.2
Retailing (Consumer Discretionary)		1.5
Semiconductors & Semiconductor Equipment (Information Technology)		1.9
Services (Consumer Discretionary)		0.1
Software & Services (Information Technology)		2.1
Technology Hardware & Equipment (Information Technology)		2.8
Telecommunication Services (Services)		3.9
Transportation (Industrials)		0.3
Utilities (Utilities)		2.4
Total		36.9	%

Diversification by Country — Long Positions
as of October 31, 2009

	Percentage of
Country	Net Assets
Australia		2.3	%
Canada		6.9
Chile		1.7
China		0.6
Finland		0.8
France		6.0
Germany		1.6
Greece		0.5
Hong Kong		0.9
India		0.7
Indonesia		0.2
Israel		0.2
Italy		0.9
Japan		9.4
Luxembourg		0.6
Mexico		0.9
Netherlands		1.5
New Zealand		0.5
Norway		0.1
Philippines		0.4
Portugal		0.2
South Korea		0.7
Spain		0.7
Switzerland		0.9
Taiwan		1.3
United Kingdom		11.2
United States		83.6
Short-Term Investments		1.5
Total Long Positions		136.8
Short Positions		(36.9	)
Other Assets and Liabilities		0.1
Total		100.0	%

Diversification by Country — Securities Sold Short
as of October 31, 2009

	Percentage of
Country	Net Assets
Canada		1.1	%
India		0.5
Ireland		0.4
Japan		0.1
Mexico		0.5
Russia		0.2
United States		34.1
Total		36.9	%

4

The Hartford Global Enhanced Dividend Fund
Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
LONG POSITIONS - 136.8%
COMMON STOCKS - 135.3%
		Automobiles & Components - 2.4%
	2	Honda Motor Co., Ltd. ADR ‡	$	65
	4	Nissan Motor Co., Ltd. ADR •‡		60
	1	Thor Industries, Inc. ‡		15
	—	Toyota Motor Corp ADR ‡		38
				178
		Banks - 13.4%
	1	Banco Bilboa Vizcaya — SP ADR ‡		25
	1	Banco de Chile ADR ‡		47
	—	Banco Santander Chili S.A. ADR ‡		25
	2	Banco Santander S.A. ADR ‡		30
	—	Bank of Hawaii Corp. ‡		15
	1	Bank of Montreal ‡		43
	1	BB&T Corp.		31
	1	Canadian Imperial Bank of Commerce ‡		32
	—	Cullen/Frost Bankers, Inc. ‡		5
	1	First Niagara Financial Group, Inc. ‡		10
	—	FirstMerit Corp. ‡		8
	2	FNB Corp. ‡		18
	—	Hancock Holding Co. ‡		6
	1	HSBC Holdings plc ADR ‡		54
	1	Hudson City Bancorp, Inc. ‡		9
	—	Iberiabank Corp. ‡		5
	40	Mitsubishi UFJ Financial Group, Inc. ADR ‡		212
	8	Mizuho Financial Group, Inc. ADR ‡		30
	2	National Bank of Greece S.A. ADR ‡		17
	1	Royal Bank of Canada ‡		67
	—	Shinhan Financial Group Co., Ltd. ADR ‡		14
	1	Sterling Bancshares, Inc. ‡		4
	—	SunTrust Banks, Inc. ‡		4
	1	Toronto-Dominion Bank ADR ‡		77
	—	Trustmark Corp. ‡		6
	3	US Bancorp ‡		61
	1	Wells Fargo & Co. ‡		25
	1	Westpac Banking Corp. ADR ‡		97
				977
		Basic Materials - 0.6%
	2	RPM International, Inc. ‡		42
		Capital Goods - 10.8%
	1	3M Co. ‡		98
	1	ABB Ltd. ADR ‡		22
	4	Aircastle Ltd. ‡		28
	1	Boeing Co. ‡		45
	1	Caterpillar, Inc. ‡		70
	—	Crane Co. ‡		9
	1	Eaton Corp. ‡		41
	1	Emerson Electric Co. ‡		56
	2	General Electric Co. ‡		26
	—	Honeywell International, Inc. ‡		17
	1	Hubbell, Inc. Class B ‡		25
	—	Illinois Tool Works, Inc. ‡		8
	1	Ingersoll-Rand plc ‡		28
	3	Insteel Industries, Inc. ‡		30
	3	Masco Corp. ‡		33
	—	Northrop Grumman Corp. ‡		19
	1	Oshkosh Corp. ‡		39
	1	Rockwell Automation, Inc. ‡		46
	1	Siemens AG ADR ‡		54
	—	Stanley Works ‡		16
	7	Tomkins plc ADR ‡		71
				781
		Commercial & Professional Services - 2.5%
	1	Avery Dennison Corp. ‡		30
	1	Corporate Executive Board Co. ‡		29
	2	Pitney Bowes, Inc. ‡		40
	2	R.R. Donnelley & Sons Co. ‡		37
	2	Steelcase, Inc. ‡		12
	1	Waste Management, Inc. ‡		31
				179
		Consumer Durables & Apparel - 2.6%
	4	Jones Apparel Group, Inc. ‡		70
	—	National Presto Industries, Inc. ‡		8
	1	Panasonic Corp. ‡		17
	—	Polaris Industries, Inc. ‡		10
	1	Sony Corp. ADR ‡		37
	1	Tupperware Brands Corp. ‡		28
	—	V.F. Corp. ‡		23
				193
		Consumer Services - 2.3%
	2	McDonald’s Corp. ‡		143
	1	Starwood Hotels & Resorts ‡		24
				167
		Diversified Financials - 6.8%
	1	American Express Co. ‡		19
	—	Ameriprise Financial, Inc. ‡		16
	2	Apollo Investment Corp. ‡		17
	2	Bank of America Corp. ‡		35
	1	Bank of New York Mellon Corp. ‡		16
	—	BlackRock, Inc. ‡		56
	—	Credit Suisse Group ADR ‡		17
	—	Eaton Vance Corp. ‡		13
	—	Franklin Resources, Inc. ‡		10
	1	JP Morgan Chase & Co. ‡		40
	2	Morgan Stanley ‡		58
	2	NYSE Euronext ‡		58
	2	Orix Corp. ADR ‡		71
	1	Prospect Capital Corp. ‡		6
	2	SEI Investments Co. ‡		27
	1	Waddell and Reed Financial, Inc. Class A ‡		39
				498
		Energy - 20.4%
	4	BP plc ADR ‡		246
	1	Chevron Corp. ‡		77
	—	CNOOC Ltd. ADR ‡		63
	1	ConocoPhillips Holding Co. ‡		29
	3	DHT Maritime, Inc. ‡		12
	—	Diamond Offshore Drilling, Inc. ‡		37
	—	EnCana Corp. ADR ‡		20
	3	Enerplus Resources Fund ‡		69
	1	Eni S.p.A. ADR ‡		65
	1	Exxon Mobil Corp. ‡		78
	—	Frontline Ltd. ‡		7
	3	General Maritime Corp. ‡		22
	—	Knightsbridge Tankers Ltd. ADR ‡		4
	2	Marathon Oil Corp. ‡		61

The accompanying notes are an integral part of these financial statements.

5

The Hartford Global Enhanced Dividend Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
LONG POSITIONS - 136.8% - (continued)
COMMON STOCKS - 135.3% - (continued)
		Energy - 20.4% - (continued)
	1	Overseas Shipholding Group, Inc. ‡	$	33
	1	Patterson-UTI Energy, Inc. ‡		17
	2	Pengrowth Energy Trust ‡		17
	—	PetroChina Co., Ltd. ADR ‡		42
	6	Precision Drilling Trust ‡		36
	2	Royal Dutch Shell plc ADR ‡		137
	4	Ship Finance International Ltd. ‡		47
	2	Spectra Energy Corp. ‡		40
	2	Sunoco, Inc. ‡		64
	4	Total S.A. ADR ‡		232
	1	Williams Cos., Inc. ‡		21
	2	WSP Holdings Ltd. ‡		10
				1,486
		Food & Staples Retailing - 1.0%
	2	Supervalu, Inc. ‡		39
	1	Sysco Corp. ‡		33
				72
		Food, Beverage & Tobacco - 6.6%
	1	Coca-Cola Co. ‡		53
	1	H.J. Heinz Co. ‡		28
	1	Kraft Foods, Inc. ‡		32
	1	Lorillard, Inc. ‡		48
	—	PepsiCo, Inc. ‡		17
	2	Philip Morris International, Inc. ‡		84
	2	Reynolds American, Inc. ‡		81
	3	Unilever N.V. NY Shares ADR ‡		106
	1	Universal Corp. ‡		26
				475
		Health Care Equipment & Services - 2.3%
	—	Becton, Dickinson & Co.		23
	5	Brookdale Senior Living, Inc. ‡		85
	1	Computer Programs and Systems, Inc. ‡		23
	—	Fresenius Medical Care AG ADR ‡		13
	—	Landauer, Inc. ‡		6
	—	Teleflex, Inc. ‡		17
				167
		Household & Personal Products - 0.9%
	—	Clorox Co. ‡		16
	1	Kimberly-Clark Corp.		48
				64
		Insurance - 6.2%
	1	Aflac, Inc. ‡		35
	2	Allstate Corp. ‡		44
	1	Arthur J. Gallagher & Co. ‡		27
	3	Axa ADR ‡		67
	—	Axis Capital Holdings Ltd. ‡		10
	1	Brown & Brown, Inc. ‡		16
	1	Chubb Corp. ‡		34
	2	Fidelity National Financial, Inc. ‡		32
	2	Manualife Financial Corp. ‡		31
	3	Old Republic International Corp. ‡		37
	3	Prudential Financial, Inc. ‡		53
	1	Sun Life Financial ‡		27
	—	Travelers Cos., Inc. ‡		15
	1	Unitrin, Inc. ‡		27
				455
		Materials - 7.4%
	1	ArcelorMittal ADR ‡		41
	1	BHP Billiton Ltd. ADR ‡		76
	1	Cemex S.A. de C.V. ADR •‡		10
	1	Compass Minerals Group, Inc. ‡		42
	5	Dow Chemical Co. ‡		116
	2	E.I. DuPont de Nemours & Co. ‡		52
	—	Lubrizol Corp. ‡		30
	1	MeadWestvaco Corp. ‡		20
	—	Nucor Corp. ‡		18
	1	Olin Corp. ‡		19
	2	Southern Copper Corp. ‡		62
	1	Syngenta AG ADR ‡		31
	—	Weyerhaeuser Co. ‡		12
	1	Worthington Industries, Inc. ‡		16
				545
		Media - 1.8%
	1	A.H. Belo Corp. Class A ‡		6
	1	CBS Corp. Class B ‡		17
	1	McGraw-Hill Cos., Inc. ‡		16
	—	Meredith Corp. ‡		10
	1	Sham Communications, Inc. ‡		24
	2	Time Warner, Inc. ‡		59
				132
		Pharmaceuticals, Biotechnology & Life Sciences - 7.5%
	1	Abbott Laboratories ‡		37
	2	AstraZeneca plc ADR ‡		99
	5	Biovail Corp. ‡		62
	4	Bristol-Myers Squibb Co. ‡		86
	4	Eli Lilly & Co. ‡		131
	—	Johnson & Johnson ‡		25
	3	Sanofi-Aventis S.A. ADR ‡		108
				548
		Real Estate - 5.1%
	2	Annaly Capital Management, Inc. ‡		35
	2	Anworth Mortgage Asset Corp. ‡		14
	3	Apartment Investment & Management Co. ‡		37
	1	Brookfield Properties Corp. ‡		7
	1	Capstead Mortgage Corp. ‡		7
	2	Duke Realty, Inc. ‡		18
	—	Entertainment Properties Trust ‡		8
	—	HCP, Inc. ‡		8
	—	Health Care, Inc. ‡		16
	1	Hospitality Properties Trust ‡		23
	5	HRPT Properties Trust ‡		36
	—	Inland Real Estate Corp. ‡		3
	2	Medical Properties Trust, Inc. ‡		16
	1	MFA Mortgage Investments, Inc. ‡		9
	1	Nationwide Health Properties, Inc. ‡		40
	3	Northstar Realty Finance Corp. ‡		10
	3	Resource Capital Corp. ‡		13
	5	UDR, Inc. ‡		71
				371
		Retailing - 2.5%
	1	Asbury Automotive Group •‡		11
	—	Barnes & Noble, Inc. ‡		5
	2	Foot Locker, Inc. ‡		16

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount						Market Value ╪
LONG POSITIONS - 136.8% - (continued)
COMMON STOCKS - 135.3% - (continued)
		Retailing - - 2.5% - (continued)
	—	Genuine Parts Co. ‡				$	15
	—	Home Depot, Inc. ‡					7
	—	J.C. Penney Co., Inc. ‡					10
	1	Limited Brands, Inc. ‡					24
	1	Macy’s, Inc. ‡					22
	3	OfficeMax, Inc. ‡					38
	1	The Buckle, Inc. ‡					22
	1	Williams-Sonoma, Inc. ‡					15
							185
		Semiconductors & Semiconductor Equipment - 3.1%
	1	Analog Devices, Inc. ‡					17
	8	Himax Techologies, Inc. ADR ‡					21
	2	Intel Corp. ‡					46
	2	Intersil Corp. ‡					30
	1	Linear Technology Corp. ‡					14
	1	Microchip Technology, Inc. ‡					30
	7	Taiwan Semiconductor Manufacturing Co., Ltd. ADR ‡					71
							229
		Software & Services - 2.6%
	—	Automatic Data Processing, Inc. ‡					16
	2	infoGROUP, Inc. ‡					11
	1	Infosys Technologies Ltd. ADR ‡					48
	13	iPass, Inc. ‡					17
	2	Paychex, Inc. ‡					63
	1	S.p.A. ADR ‡					39
							194
		Technology Hardware & Equipment - 5.6%
	3	Canon, Inc. ADR ‡					127
	1	Fujifilm Holdings Corp. ‡					18
	—	Hitachi Ltd. ‡					15
	2	Jabil Circuit, Inc. ‡					32
	1	Molex, Inc. ‡					21
	4	Nokia Corp. ‡					55
	10	Seagate Technology ‡					141
							409
		Telecommunication Services - 10.7%
	2	Alaska Communication Systems Holdings, Inc. ‡					15
	5	AT&T, Inc. ‡					121
	3	CenturyTel, Inc. ‡					96
	2	Deutsche Telekom AG ADR ‡					25
	1	France Telecom S.A. ADR ‡					30
	7	Frontier Communications Corp. ‡					47
	2	Hellenic Telecommunications Organization S.A. ADR ‡					20
	1	Hutchison Telecom International Ltd. ADR ‡					4
	1	Hutchison Telecommunications ADR ‡					4
	—	P.T. Telekomunikasi Indonesia ADR ‡					14
	1	Partner Communications Co., Ltd. ADR ‡					13
	1	Philippine Long Distance Telephone Co. ADR ‡					27
	1	Portugal Telecom S.A. ADR ‡					14
	9	Qwest Communications International, Inc. ‡					31
	2	SK Telecom Co., Ltd. ADR ‡					36
	4	Telecom Corp. of New Zealand Ltd. ADR ‡					35
	2	Telefonos de Mexico S.A. ADR Class L ‡					26
	2	Verizon Communications, Inc. ‡			��		71
	6	Vodafone Group plc ADR ‡					137
	2	Windstream Corp. ‡					16
							782
		Transportation - 1.5%
	2	Eagle Bulk Shipping, Inc. ‡					7
	1	Genco Shipping & Trading Ltd. ‡					27
	1	Grupo Aeroportuario del Pacifico SAB de CV ADR ‡					29
	3	Lan Airlines S.A. ADR ‡					41
							104
		Utilities - 8.7%
	1	AGL Resources, Inc. ‡					35
	1	Allete, Inc. ‡					26
	2	Ameren Corp. ‡					37
	1	American Electric Power Co., Inc. ‡					31
	3	CenterPoint Energy, Inc. ‡					37
	—	CIA Saneamento Basico De Estado de Sao Paulo ‡					10
	1	Consolidated Edison, Inc. ‡					49
	1	DTE Energy Co. ‡					36
	—	National Grid plc ‡					13
	1	OGE Energy Corp. ‡					43
	1	Oneok, Inc. ‡					19
	2	Pepco Holdings, Inc. ‡					27
	2	Pinnacle West Capital Corp. ‡					65
	1	Progress Energy, Inc. ‡					46
	1	SCANA Corp. ‡					30
	3	Southern Co. ‡					92
	2	TECO Energy, Inc. ‡					24
	1	Vectren Corp. ‡					22
							642
		Total common stocks (cost $10,217)				$	9,875
		Total long-term investments (cost $10,217)				$	9,875
SHORT-TERM INVESTMENTS - 1.5%
		Investment Pools and Funds - 1.5%
	107	State Street Bank U.S. Government Money Market Fund				$	107
		Total short-term investments (cost $107)				$	107
		Total long positions (cost $10,324) ▲	136.8	%		$	9,982
		Securities sold short (proceeds $2,578) ▲	(36.9	)%			(2,689	)
		Other assets and liabilities	0.1	%			1
		Total net assets	100.0	%		$	7,294

The accompanying notes are an integral part of these financial statements.

7

The Hartford Global Enhanced Dividend Fund
Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
SECURITIES SOLD SHORT - 36.9%
COMMON STOCK - 36.9%
		Automobiles & Components - 0.3%
	1	Dana Holding Corp.•	$	8
	1	Tenneco Automotive, Inc.•		16
				24
		Banks - 0.2%
	1	Signature Bank•		17
		Capital Goods - 3.1%
	—	Astec Industries, Inc.•		5
	1	BE Aerospace, Inc.•		18
	—	Ceradyne, Inc.•		6
	1	Colfax Corp.•		7
	—	Enpro Industries, Inc.•		8
	—	ESCO Technologies, Inc.•		13
	1	Flow International Corp.•		3
	1	Gardner Denver Machinery, Inc.•		25
	1	Hexcel Corp.•		7
	—	Kadant, Inc.•		5
	2	McDermott International, Inc.•		38
	—	Mitsui & Co., Ltd. ADR		11
	—	Moog, Inc. Class A•		5
	1	Polypore International, Inc.•		6
	—	RBS Bearings, Inc.•		7
	1	Spirit Aerosystems Holdings, Inc.•		17
	—	Stanley, Inc.•		9
	1	Tecumseh Products Co. Class A•		7
	1	Titan International, Inc.		9
	—	Titan Machinery, Inc.•		5
	—	TransDigm Group, Inc.		14
	1	Trimas Corp.•		5
				230
		Commercial & Professional Services - 0.9%
	1	Consolidated Graphics, Inc.•		16
	1	Navigant Consulting, Inc.•		10
	2	Spherion Corp.•		11
	—	Stericycle, Inc.•		12
	1	Waste Connections, Inc.•		19
				68
		Consumer Durables & Apparel - 1.0%
	1	Gildan Activewear, Inc.•		11
	1	Hanesbrands, Inc.•		23
	—	Jakks Pacific, Inc.•		7
	1	Mohawk Industries, Inc.•		24
	—	Universal Electronics, Inc.•		8
				73
		Consumer Services - 1.4%
	2	Gaylord Entertainment Co.•		25
	1	Grand Canyon Education, Inc.•		10
	2	Lakes Entertainment, Inc.•		5
	1	Scientific Games Corp. Class A•		20
	1	Sonic Corp.•		7
	1	Starbucks Corp.•		14
	1	Texas Roadhouse, Inc.•		9
	—	Universal Technical Institute, Inc.•		8
				98
		Consumer Staples - 0.3%
	—	Seaboard Corp.		18
		Diversified Financials - 0.2%
	—	Nasdaq OMX Group, Inc.•		6
	—	Riskmetrics Group, Inc.•		7
				13
		Energy - 4.9%
	—	Arena Resources, Inc.•		7
	—	Bill Barrett Corp.•		9
	—	Bristow Group, Inc.•		5
	1	Bronco Drilling Co., Inc.•		7
	—	Carrizo Oil & Gas, Inc.•		8
	1	Continental Resources, Inc.•		32
	1	Denbury Resources, Inc.•		18
	3	Exco Resources, Inc.		44
	1	Forest Oil Corp.•		23
	—	Goodrich Petroleum Corp.•		8
	4	Hercules Offshore, Inc.•		21
	1	Hess Corp.		33
	1	Key Energy Services, Inc.•		7
	4	Parker Drilling Co.•		22
	1	Petrohawk Energy Corp.•		27
	—	Plains Exploration & Production Co.•		6
	2	Sandridge Energy, Inc.•		17
	1	Suncor Energy, Inc.		35
	1	TETRA Technologies, Inc.•		10
	—	Ultra Petroleum Corp.•		22
				361
		Food & Staples Retailing - 0.5%
	1	United Natural Foods, Inc.•		33
		Food, Beverage & Tobacco - 1.9%
	1	Chiquita Brands International, Inc.•		18
	—	Dean Foods Co.•		6
	1	Dr. Pepper Snapple Group•		40
	1	Hain Celestial Group, Inc.•		20
	—	Hansen National Corp.•		9
	2	Omega Protein Corp.•		7
	2	Smithfield Foods, Inc.•		33
				133
		Health Care Equipment & Services - 0.3%
	1	Boston Scientific Corp.•		8
	—	Hologic, Inc.•		7
	—	NuVasive, Inc.•		6
				21
		Household & Personal Products - 0.1%
	—	Energizer Holdings, Inc.•		6
		Insurance - 0.2%
	3	Conseco, Inc.•		13
		Materials - 2.8%
	—	Agnico Eagle Mines Ltd.		12
	1	Buckeye Technologies, Inc.•		12
	—	Deltic Timber Corp.		10
	—	FMC Corp.		25
	8	Graphic Packaging Holding Co.•		18
	—	Haynes International, Inc.•		14
	2	Headwaters, Inc.•		9
	1	Intrepid Potash, Inc.•		31

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
SECURITIES SOLD SHORT - 36.9% - (continued)
COMMON STOCK - 36.9% - (continued)
		Materials - - 2.8% - (continued)
	1	Rockwood Holdings, Inc.•	$	11
	1	RTI International Metals, Inc.•		19
	16	Smurfit-Stone Container Corp.•		10
	2	Sterlite Industries Ltd.		34
				205
		Media - 1.5%
	2	CTC Media, Inc.•		32
	1	DISH Network Corp.•		19
	2	Liberty Media Corp. - Capital•		43
	1	Liberty Media Corp. - Entertainment•		16
	—	Scholastic Corp.		2
				112
		Pharmaceuticals, Biotechnology & Life Sciences - 2.1%
	1	Auxilium Pharmaceuticals, Inc.•		18
	1	Cadence Pharmaceuticals, Inc.•		5
	2	Caraco Pharmaceutical Laboratories Ltd.•		6
	3	Cypress Bioscience•		17
	5	DURECT Corp.•		10
	5	Elan Corp. plc ADR•		26
	1	Impax Laboratories, Inc.•		8
	—	Optimer Pharmaceuticals, Inc.•		6
	1	Questcor Pharmaceuticals•		3
	2	Salix Pharmaceuticals Ltd.•		34
	3	SuperGen, Inc.•		8
	1	Xenoport, Inc.•		14
				155
		Real Estate - 0.2%
	1	Douglas Emmett, Inc.		17
		Retailing - 1.5%
	1	AnnTaylor Stores Corp.•		11
	2	Chico’s FAS, Inc.•		28
	1	Collective Brands, Inc.•		10
	1	Dress Barn, Inc.•		14
	1	Liberty Media - Interactive A•		12
	1	LKQ Corp.•		10
	—	O’Reilly Automotive, Inc.•		13
	2	Sally Beauty Co., Inc.•		10
				108
		Semiconductors & Semiconductor Equipment - 1.9%
	—	Atheros Communications, Inc.•		10
	6	Atmel Corp.•		21
	—	Cymer, Inc.•		7
	1	Diodes, Inc.•		17
	3	LSI Corp.•		18
	3	Micron Technology, Inc.•		23
	1	Microsemi Corp.•		12
	—	MKS Instruments, Inc.•		5
	—	Rambus, Inc.•		7
	—	Silicon Laboratories, Inc.•		11
	1	Teradyne, Inc.•		7
				138
		Services - 0.1%
	1	Live Nation, Inc.•		8
		Software & Services - 2.1%
	—	Affiliated Computer Services, Inc. Class A•		25
	1	Ariba, Inc.•		11
	—	Computer Sciences Corp.•		18
	—	EPIQ Systems, Inc.•		5
	—	IAC/Interactive Corp.•		7
	—	Informatica Corp.•		8
	2	Internet Capital•		16
	2	Liquidity Services, Inc.•		20
	1	Mentor Graphics Corp.•		7
	1	Red Hat, Inc.•		17
	—	Tyler Corp.•		9
	1	Valueclick, Inc.•		9
				152
		Technology Hardware & Equipment - 2.8%
	—	Agilent Technologies, Inc.•		8
	1	Aruba Networks, Inc.•		6
	1	Ciena Corp.•		7
	1	Cogent, Inc.•		6
	2	Cogo Group, Inc.•		10
	—	Coherent, Inc.•		6
	—	Hughes Communications Inc.•		10
	1	Infinera Corp.•		7
	1	Intermec, Inc.•		16
	1	Juniper Networks, Inc.•		18
	—	Maxwell Technologies, Inc.•		9
	1	Polycom, Inc.•		31
	—	Research In Motion Ltd.•		15
	2	Sanmina-Sci Corp.•		13
	4	Sycamore Networks, Inc.•		12
	1	Tellabs, Inc.•		7
	1	Trimble Navigation Ltd.•		16
	—	ViaSat, Inc.•		8
				205
		Telecommunication Services - 3.9%
	1	Cbeyond, Inc.•		20
	1	Crown Castle International Corp.•		35
	1	Leap Wireless International, Inc.•		18
	20	Level 3 Communications Corp.•		24
	1	NII Holdings, Inc. Class B•		28
	1	Premiere Global Services, Inc.•		5
	—	Rostelecom ADR		16
	1	SBA Communications Corp.•		37
	1	Syniverse Holdings, Inc.•		13
	3	Telmex Internacional		38
	1	TW Telecom, Inc.•		17
	1	US Cellular Corp.•		32
				283
		Transportation - 0.3%
	—	American Commercial Lines, Inc.•		8
	1	Atlas Air Worldwide Holdings, Inc.•		17
				25
		Utilities - 2.4%
	1	Allegheny Energy, Inc.		12
	—	CH Energy Group		6
	9	Dynegy Holdings, Inc.•		18
	1	El Paso Electric Co.•		23
	—	EQT Corp.		13

The accompanying notes are an integral part of these financial statements.

9

The Hartford Global Enhanced Dividend Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
SECURITIES SOLD SHORT - 36.9% - (continued)
COMMON STOCK - 36.9% - (continued)
		Utilities - - 2.4% - (continued)
	1	MDU Resources Group, Inc.			$	28
	—	Northwest Natural Gas Co.				18
	1	PG&E Corp.				23
	4	RRI Energy, Inc.				21
	—	South Jersey Industries, Inc.				11
						173
		Total common stock (proceeds $2,578)			$	2,689
		Total securities sold short (proceeds $2,578)	36.9	%	$	2,689

Note: Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long position investments in foreign securities represents 51.73% of total net assets at October 31, 2009.

Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.

▲ At October 31, 2009, the cost of securities (net proceeds received from securities sold short) for federal income tax purposes was $10,361 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,563
Unrealized Depreciation		(2,054	)
Net Unrealized Depreciation	$	(491	)

•	Security has not paid a dividend during the Fund’s fiscal year.
‡	All or a portion of this security is held in a segregated account to cover the Fund’s short position.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

10

The Hartford Global Enhanced Dividend Fund
Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks ‡	$	9,875	$	9,875	$	—	$	—
Short-Term Investments		107		107		—		—
Total	$	9,982	$	9,982	$	—	$	—
Liabilities:
Securities Sold Short — Common Stock ‡	$	2,689	$	2,689	$	—	$	—
Total	$	2,689	$	2,689	$	—	$	—

‡ The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Global Enhanced Dividend Fund
Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $10,324)	$	9,982
Cash		1
Receivables:
Fund shares sold		—
Dividends and interest		24
Other assets		1
Total assets		10,008
Liabilities:
Securities sold short, at value (proceeds $2,578)		2,689
Payables:
Investment management fees		1
Distribution fees		—
Dividends on securities sold short		—
Accrued expenses		24
Total liabilities		2,714
Net assets	$	7,294
Summary of Net Assets:
Capital stock and paid-in-capital		11,106
Accumulated distribution in excess of net investment income		(17	)
Accumulated net realized loss on investments		(3,342	)
Unrealized depreciation of investments		(453	)
Net assets	$	7,294
Shares authorized		850,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	6.42/$6.79
Shares outstanding		898
Net assets	$	5,767
Class B: Net asset value per share	$	6.41
Shares outstanding		34
Net assets	$	216
Class C: Net asset value per share	$	6.41
Shares outstanding		34
Net assets	$	216
Class I: Net asset value per share	$	6.43
Shares outstanding		34
Net assets	$	220
Class R3: Net asset value per share	$	6.42
Shares outstanding		34
Net assets	$	217
Class R4: Net asset value per share	$	6.42
Shares outstanding		34
Net assets	$	218
Class R5: Net asset value per share	$	6.43
Shares outstanding		34
Net assets	$	220
Class Y: Net asset value per share	$	6.43
Shares outstanding		34
Net assets	$	220

The accompanying notes are an integral part of these financial statements.

12

The Hartford Global Enhanced Dividend Fund
Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	498
Interest		1
Less: Foreign tax withheld		(15	)
Total investment income		484
Expenses:
Investment management fees		63
Administrative services fees		1
Transfer agent fees		—
Distribution fees
Class A		12
Class B		2
Class C		2
Class R3		1
Class R4		—
Custodian fees		7
Accounting services fees		1
Registration and filing fees		—
Board of Directors’ fees		2
Dividend and interest expense on securities sold short		12
Audit fees		11
Short position fees		17
Other expenses		19
Total expenses (before waivers and fees paid indirectly)		150
Expense waivers		(63	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(63	)
Total expenses, net		87
Net Investment Income		397
Net Realized Loss on Investments:
Net realized loss on investments in securities		(3,903	)
Net realized gain on securities sold short		976
Net realized gain on other foreign currency transactions		—
Net Realized Loss on Investments		(2,927	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		4,628
Net unrealized depreciation of securities sold short		(1,565	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Appreciation of Investments		3,063
Net Gain on Investments		136
Net Increase in Net Assets Resulting from Operations	$	533

The accompanying notes are an integral part of these financial statements.

13

The Hartford Global Enhanced Dividend Fund
Statement of Changes in Net Assets
(000’s Omitted)

				For the Period
				November 28,
	For the			2007*
	Year Ended			through
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	397		$	759
Net realized loss on investments		(2,927	)		(482	)
Net unrealized appreciation (depreciation) of investments		3,063			(3,516	)
Net Increase (Decrease) In Net Assets Resulting From Operations		533			(3,239	)
Distributions to Shareholders:
From net investment income
Class A		(311	)		(454	)
Class B		(10	)		(16	)
Class C		(11	)		(16	)
Class I		(12	)		(18	)
Class R3		(11	)		(16	)
Class R4		(12	)		(17	)
Class R5		(12	)		(17	)
Class Y		(12	)		(18	)
Total distributions		(391	)		(572	)
Capital Share Transactions:
Class A		311			8,354
Class B		10			316
Class C		11			316
Class I		12			318
Class R3		11			316
Class R4		12			317
Class R5		12			317
Class Y		12			318
Net increase from capital share transactions		391			10,572
Net Increase In Net Assets		533			6,761
Net Assets:
Beginning of period		6,761			—
End of period	$	7,294		$	6,761
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	(17	)	$	10

^* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

14

The Hartford Global Enhanced Dividend Fund
Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Global Enhanced Dividend Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	This Fund’s shares were not offered to the public for the period from November 28, 2007 through October 31, 2009.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The

15

The Hartford Global Enhanced Dividend Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the valuation date.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

16

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding forward foreign currency contracts as of October 31, 2009.
e)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had no investments in indexed securities as of October 31, 2009.

17

The Hartford Global Enhanced Dividend Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

f)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid quarterly. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
g)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund had no illiquid or restricted securities as of October 31, 2009.
h)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
i)	Securities Sold Short — As part of its principal investment strategy, the Fund will enter into short sales. In a short sale, the Fund sells a borrowed security (typically from a broker or other institution). The Fund may not always be able to borrow the security at a particular time or at an acceptable price. Thus, there is a risk that the fund may be unable to implement its investment strategy due to the lack of available stocks or for other reasons. After selling the borrowed security, the Fund is obligated to “cover” the short sale by purchasing the security and returning the security to the lender. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. Because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. In certain cases, purchasing a security to cover a short position can itself cause the price of the security to rise further, thereby exacerbating the loss.
	Short sales also involve other costs. The Fund must normally repay to the lender an amount equal to any dividends or interest that accrues while the loan is outstanding. In addition, to borrow the security, the Fund may be required to pay a

18

premium. The Fund also will incur transaction costs in executing short sales. The amount of any ultimate gain for the Fund resulting from a short sale will be decreased, and the amount of any ultimate loss will be increased, by the amount of the premiums, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. Until the Fund replaces a borrowed security, it is required to maintain a segregated account of cash or liquid assets to cover the Fund’s short position. Securities held in a segregated account can not be sold while the position they are covering is outstanding, unless they are replaced with similar securities. Additionally, the Fund must maintain a sufficient liquid asset (less any additional collateral held by the broker) to cover the short sale obligation. This may limit the Fund’s investment flexibility, as well as its ability to meet redemption or other current obligations.

Dividends declared on short positions existing on the record date are recorded on the ex-dividend date as an expense on the Statement of Operations.

j)

Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)	Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008 *
Ordinary Income	$	391	$	572

* Commenced operations on November 28, 2007

19

The Hartford Global Enhanced Dividend Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	22
Accumulated Capital Losses *		(3,343	)
Unrealized Depreciation †		(491	)
Total Accumulated Deficit	$	(3,812	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated undistributed net investment income by $33, increase accumulated net realized gain on investments by $35, and decrease paid-in-capital by $2.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	448
2017		2,895
Total	$	3,343

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

20

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		1.00	%
On next $500 million		0.95	%
On next $4 billion		0.90	%
On next $5 billion		0.88	%
Over $10 billion		0.87	%

	HIFSCO has voluntarily agreed to waive 100% of the management fees through February 28, 2010.
b)	Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses, short position expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.60%	2.35%	2.35%	1.35%	1.85%	1.60%	1.35%	1.25%

d)	Fees Paid Indirectly — The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2009, this amount is included in the Statement of Operations.
	The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended
	October 31,			October 31,
	2009			2008
Class A Shares		0.88	%		0.58	%*
Class B Shares		1.63			1.33	*
Class C Shares		1.63			1.33	*
Class I Shares		0.63			0.33	*
Class R3 Shares		1.33			1.03	*
Class R4 Shares		1.03			0.73	*
Class R5 Shares		0.73			0.43	*
Class Y Shares		0.63			0.33	*

* From November 28, 2007 (commencement of operations), through October 31, 2008.

21

The Hartford Global Enhanced Dividend Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO had no revenue from front-end load sales charges or contingent deferred sales charges.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, the Fund has no sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated in an amount that rounds to zero for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class A		898
Class B		34
Class C		34
Class I		34
Class R3		34
Class R4		34
Class R5		34
Class Y		34

22

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	3,403
Sales Proceeds Excluding U.S. Government Obligations		2,846

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009										For the Period Ended October 31, 2008
			Shares				Shares						Shares				Shares
			Issued for				Issued		Net Increase				Issued for				Issued		Net Increase
	Shares		Reinvested		Shares		from		(Decrease) of		Shares		Reinvested		Shares		from		(Decrease) of
	Sold		Dividends		Redeemed		Merger		Shares		Sold		Dividends		Redeemed		Merger		Shares
Class A
Shares		—		56		—		—		56		790		52		—		—		842
Amount	$	—	$	311	$	—	$	—	$	311	$	7,900	$	454	$	—	$	—	$	8,354
Class B
Shares		—		2		—		—		2		30		2		—		—		32
Amount	$	—	$	10	$	—	$	—	$	10	$	300	$	16	$	—	$	—	$	316
Class C
Shares		—		2		—		—		2		30		2		—		—		32
Amount	$	—	$	11	$	—	$	—	$	11	$	300	$	16	$	—	$	—	$	316
Class I
Shares		—		2		—		—		2		30		2		—		—		32
Amount	$	—	$	12	$	—	$	—	$	12	$	300	$	18	$	—	$	—	$	318
Class R3
Shares		—		2		—		—		2		30		2		—		—		32
Amount	$	—	$	11	$	—	$	—	$	11	$	300	$	16	$	—	$	—	$	316
Class R4
Shares		—		2		—		—		2		30		2		—		—		32
Amount	$	—	$	12	$	—	$	—	$	12	$	300	$	17	$	—	$	—	$	317
Class R5
Shares		—		2		—		—		2		30		2		—		—		32
Amount	$	—	$	12	$	—	$	—	$	12	$	300	$	17	$	—	$	—	$	317
Class Y
Shares		—		2		—		—		2		30		2		—		—		32
Amount	$	—	$	12	$	—	$	—	$	12	$	300	$	18	$	—	$	—	$	318

8.

Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

23

The Hartford Global Enhanced Dividend Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

9.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.
10.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

24

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25

The Hartford Global Enhanced Dividend Fund
Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized																Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions							(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized		Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains		from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	6.34	$	0.35	$	—	$	0.09		$	0.44		$	(0.36	)	$	—	$	—	$	(0.36	)	$	0.08		$	6.42
B		6.33		0.31		—		0.09			0.40			(0.32	)		—		—		(0.32	)		0.08			6.41
C		6.33		0.31		—		0.09			0.40			(0.32	)		—		—		(0.32	)		0.08			6.41
I		6.34		0.36		—		0.11			0.47			(0.38	)		—		—		(0.38	)		0.09			6.43
R3		6.34		0.32		—		0.10			0.42			(0.34	)		—		—		(0.34	)		0.08			6.42
R4		6.34		0.34		—		0.09			0.43			(0.35	)		—		—		(0.35	)		0.08			6.42
R5		6.34		0.36		—		0.10			0.46			(0.37	)		—		—		(0.37	)		0.09			6.43
Y		6.34		0.36		—		0.11			0.47			(0.38	)		—		—		(0.38	)		0.09			6.43
From (commencement of operations) November 28, 2007, through October 31, 2008
A(e)		10.00		0.74		—		(3.84	)		(3.10	)		(0.56	)		—		—		(0.56	)		(3.66	)		6.34
B(e)		10.00		0.68		—		(3.84	)		(3.16	)		(0.51	)		—		—		(0.51	)		(3.67	)		6.33
C(e)		10.00		0.68		—		(3.84	)		(3.16	)		(0.51	)		—		—		(0.51	)		(3.67	)		6.33
I(e)		10.00		0.76		—		(3.84	)		(3.08	)		(0.58	)		—		—		(0.58	)		(3.66	)		6.34
R3(e)		10.00		0.71		—		(3.84	)		(3.13	)		(0.53	)		—		—		(0.53	)		(3.66	)		6.34
R4(e)		10.00		0.73		—		(3.84	)		(3.11	)		(0.55	)		—		—		(0.55	)		(3.66	)		6.34
R5(e)		10.00		0.75		—		(3.84	)		(3.09	)		(0.57	)		—		—		(0.57	)		(3.66	)		6.34
Y(e)		10.00		0.76		—		(3.84	)		(3.08	)		(0.58	)		—		—		(0.58	)		(3.66	)		6.34

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Commenced operations on November 28, 2007.
(f)	Not annualized.
(g)	Annualized.

26

- Ratios and Supplemental Data -

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	7.90	%	$	5,767		2.33	%		1.33	%		0.88	%		6.21	%		46	%
	7.12			216		3.08			2.08			1.63			5.46			—
	7.12			216		3.08			2.08			1.63			5.46			—
	8.33			220		2.08			1.08			0.63			6.45			—
	7.42			217		2.78			1.78			1.33			5.76			—
	7.74			218		2.48			1.48			1.03			6.06			—
	8.22			220		2.18			1.18			0.73			6.35			—
	8.33			220		2.08			1.08			0.63			6.45			—
	(32.37	)(f)		5,343		2.09	(g)		1.09	(g)		0.58	(g)		9.20	(g)		70
	(32.86	)(f)		202		2.84	(g)		1.84	(g)		1.33	(g)		8.45	(g)		—
	(32.86	)(f)		202		2.84	(g)		1.84	(g)		1.33	(g)		8.45	(g)		—
	(32.24	)(f)		203		1.84	(g)		0.84	(g)		0.33	(g)		9.45	(g)		—
	(32.60	)(f)		202		2.54	(g)		1.54	(g)		1.03	(g)		8.75	(g)		—
	(32.44	)(f)		203		2.24	(g)		1.24	(g)		0.73	(g)		9.05	(g)		—
	(32.29	)(f)		203		1.94	(g)		0.94	(g)		0.43	(g)		9.35	(g)		—
	(32.24	)(f)		203		1.84	(g)		0.84	(g)		0.33	(g)		9.45	(g)		—

27

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Global Enhanced Dividend Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Global Enhanced Dividend Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended and the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

28

The Hartford Global Enhanced Dividend Fund
Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

29

The Hartford Global Enhanced Dividend Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

30

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

31

The Hartford Global Enhanced Dividend Fund
Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	80.00	%
QDI†	100.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.361		N/A		N/A		0.361
Class B		0.319		N/A		N/A		0.319
Class C		0.319		N/A		N/A		0.319
Class I		0.375		N/A		N/A		0.375
Class R3		0.335		N/A		N/A		0.335
Class R4		0.352		N/A		N/A		0.352
Class R5		0.369		N/A		N/A		0.369
Class Y		0.375		N/A		N/A		0.375

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

32

The Hartford Global Enhanced Dividend Fund
Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund (excluding costs incurred in executing short sales) 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 (excluding costs incurred in executing short sales) 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,267.20	$	5.94	$	1,000.00	$	1,019.96	$	5.30		1.04	%		184		365
Class B	$	1,000.00	$	1,260.70	$	10.20	$	1,000.00	$	1,016.18	$	9.10		1.79			184		365
Class C	$	1,000.00	$	1,260.70	$	10.20	$	1,000.00	$	1,016.18	$	9.10		1.79			184		365
Class I	$	1,000.00	$	1,268.20	$	4.52	$	1,000.00	$	1,021.22	$	4.02		0.79			184		365
Class R3	$	1,000.00	$	1,264.40	$	8.50	$	1,000.00	$	1,017.69	$	7.58		1.49			184		365
Class R4	$	1,000.00	$	1,266.20	$	6.80	$	1,000.00	$	1,019.21	$	6.06		1.19			184		365
Class R5	$	1,000.00	$	1,270.00	$	5.09	$	1,000.00	$	1,020.72	$	4.53		0.89			184		365
Class Y	$	1,000.00	$	1,268.20	$	4.52	$	1,000.00	$	1,021.22	$	4.02		0.79			184		365

33

The Hartford Global Enhanced Dividend Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Global Enhanced Dividend Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

34

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In

35

The Hartford Global Enhanced Dividend Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

36

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

37

The Hartford Global Equity Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	5
Investment Valuation Hierarchy Level Summary at October 31, 2009	12
Statement of Assets and Liabilities at October 31, 2009	13
Statement of Operations for the Year Ended October 31, 2009	14
Statement of Changes in Net Assets for the Year Ended October 31, 2009 and the Period February 29, 2008 (commencement of operations) through October 31, 2008	15
Notes to Financial Statements	16
Financial Highlights	28
Report of Independent Registered Public Accounting Firm	30
Directors and Officers (Unaudited)	31
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	33
Quarterly Portfolio Holdings Information (Unaudited)	33
Federal Tax Information (Unaudited)	34
Expense Example (Unaudited)	35
Shareholder Meeting Results (Unaudited)	36
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	37

The Hartford Global Equity Fund inception 02/29/2008
(subadvised by Wellington Management Company, LLP)
Investment objective — Seeks long-term capital appreciation.

Performance Overview(1) 2/29/08 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4) (as of 10/31/09)

	1			Since
	Year			Inception
Global Equity A#		23.65	%		-11.87	%
Global Equity A##		16.85	%		-14.81	%
Global Equity B#		22.89	%		-12.52	%
Global Equity B##		17.89	%		-14.62	%
Global Equity C#		22.91	%		-12.51	%
Global Equity C##		21.91	%		-12.51	%
Global Equity I#		23.97	%		-11.65	%
Global Equity R3#		23.36	%		-12.16	%
Global Equity R4#		23.70	%		-11.93	%
Global Equity R5#		24.05	%		-11.70	%
Global Equity Y#		23.85	%		-11.70	%
MSCI All Country World Index		23.42	%		-12.26	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Cheryl M. Duckworth, CFA	Mark D. Mandel, CFA
Senior Vice President	Senior Vice President

How did the Fund perform?

The Class A shares of The Hartford Global Equity Fund returned 23.65%, before sales charge, for the twelve-month period ended October 31, 2009, outperforming its benchmark, the MSCI All Country World Index, which returned 23.42% for the same period. The Fund also outperformed the 21.50% return of the average fund in the Lipper Global 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?

Broad global equity markets rose during the period, but this overall decline masks two significantly different market environments. From the beginning of November through early March stocks fell sharply, reflecting deepening economic worries. From early March through October stocks rallied as investors came to believe that a Depression-like scenario was less likely. In this environment, sector returns within the MSCI All Country World Index diverged widely for the twelve-month period ending October 31, 2009. Materials (+50%), Information Technology (+33%), and Consumer Discretionary (+26%) rose the most while returns in Health Care (+10%), Consumer Staples (+19%), and Telecommunication Services (+22%) lagged.

The Fund’s outperformance versus the benchmark was driven by security selection, which was strongest in the Health Care, Energy, and Consumer Discretionary sectors. Offsetting this was weaker

2

stock selection within the Industrials, Information Technology, and Telecommunication Services sectors. Sector allocation detracted modestly from relative (i.e. performance of the Fund as measured against the benchmark) performance due to our average underweight (i.e. the Fund’s sector position was less than the benchmark position) exposures to the Telecommunications, Information Technology, and Energy sectors. A modest cash position also hurt benchmark-relative performance during the period.

Top contributors to relative performance during the period included DnB Nor (Financials), Schering Plough (Health Care), and Cott Corporation (Consumer Staples). Investors’ belief in the relative balance sheet strength of DnB Nor’s Norway-based financial services company, led shares higher. Schering-Plough’s share price jumped after being acquired by Merck at a premium. Non-alcoholic drink maker Cott Corporation’s shares surged due to good cost controls and higher volumes in North America as consumers traded down to value brands, improving net selling prices. Apple (Information Technology) was a top contributor to absolute (i.e. total return) performance.

The largest detractors from relative returns were ACE (Financials), Popular (Financials), and Leap Wireless (Telecommunications). Shares of worldwide property/casualty insurance and reinsurance provider ACE fell on concerns about the impact of various government programs and falling book value. Popular, a diversified U.S. financial services company targeting the Hispanic market, reduced its dividend by 75 percent, causing shares to decline significantly. Wireless communications provider Leap Wireless’ shares underperformed due to a dilutive equity raise and the negative impact current economic conditions have had on its core customers. Japan Tobacco (Consumer Discretionary) and Capital One (Financials) were also among the top detractors from absolute performance.

What is the outlook?

It is increasingly clear that the U.S. is emerging from a deep recession. The rate of increase in unemployment has slowed, industrial production leading indicators are pointing to an expansion, and the housing market has shown some signs of stabilization. The government continues to reshape the financial playing field through stimulus packages, massive loans to impaired private sector companies, and other programs in an attempt at thawing credit markets and placing a floor on the house price declines and a ceiling on housing inventory. These moves should continue to help mitigate some of the negative economic pressures, and while the outlook remains uncertain, the equity market’s improved performance since March lows show investors are anticipating a recovery.

The Fund ended the period most overweight (i.e. the Fund’s sector position was greater than the benchmark position) the Consumer Discretionary, Health Care, and Information Technology sectors and most underweight the Industrials, Consumer Staples, Financials sectors. The Fund’s largest absolute weightings were in the Financials, Information Technology, and Energy sectors.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		1.8	%
Banks (Financials)		11.5
Capital Goods (Industrials)		4.5
Commercial & Professional Services (Industrials)		0.0
Consumer Durables & Apparel (Consumer Discretionary)		1.2
Consumer Services (Consumer Discretionary)		1.1
Diversified Financials (Financials)		5.0
Energy (Energy)		11.7
Food & Staples Retailing (Consumer Staples)		0.3
Food, Beverage & Tobacco (Consumer Staples)		6.8
Health Care Equipment & Services (Health Care)		2.9
Household & Personal Products (Consumer Staples)		0.4
Insurance (Financials)		3.0
Materials (Materials)		8.1
Media (Consumer Discretionary)		1.2
Other Investment Pools and Funds (Financials)		0.2
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		7.5
Real Estate (Financials)		0.7
Retailing (Consumer Discretionary)		5.4
Semiconductors & Semiconductor Equipment (Information Technology)		1.1
Software & Services (Information Technology)		6.8
Technology Hardware & Equipment (Information Technology)		5.3
Telecommunication Services (Services)		4.9
Transportation (Industrials)		2.8
Utilities (Utilities)		4.6
Short-Term Investments		0.8
Other Assets and Liabilities		0.4
Total		100.0	%

3

Diversification by Country
as of October 31, 2009

	Percentage of
Country	Net Assets
Australia		1.1	%
Austria		0.3
Belgium		0.5
Brazil		3.9
Canada		4.5
China		2.7
Denmark		0.6
France		3.6
Germany		2.6
Greece		0.0
Hong Kong		2.7
India		1.6
Indonesia		0.1
Ireland		0.4
Israel		0.9
Italy		0.8
Japan		3.8
Jersey		0.1
Luxembourg		0.5
Malaysia		0.0
Netherlands		0.9
Norway		1.1
Panama		0.1
Philippines		0.0
Russia		1.4
Singapore		0.6
South Africa		0.5
South Korea		0.1
Spain		1.1
Sweden		0.2
Switzerland		3.1
Taiwan		0.9
Thailand		0.7
Turkey		0.3
United Kingdom		9.6
United States		47.5
Short-Term Investments		0.8
Other Assets and Liabilities		0.4
Total		100.0	%

4

The Hartford Global Equity Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.4%
		Australia - 1.1%
	17	Aquarius Platinum Ltd. •	$	74
	1	BHP Billiton Ltd. ADR		66
	24	Centamin Egypt Ltd. •		47
	2	Newcrest Mining Ltd.		55
	61	Pacific Brands Ltd.		71
	3	Rio Tinto Ltd.		164
	20	Toll Holdings Ltd.		151
	6	Woolworths Ltd.		157
				785
		Austria - 0.3%
	6	OMV AG		262
		Belgium - 0.5%
	54	Fortis		232
	4	UCB S.A.		169
				401
		Brazil - 3.7%
	3	B2W Companhia Global do Varejo		76
	44	Banco do Estado do Rio Grande do Sul S.A.		277
	5	BR Malls Participacoes S.A. •		53
	25	Brasil Brokers Participacoes		88
	5	Brasil Telecom S.A. ADR		138
	2	Cetip S.A. - Balcao Organizado		15
	2	Cia Brasileira de Meios de Pagamentos		15
	3	CIA Saneamento Minas Gerais		60
	31	Companhia Energetica de Minas Gerais ADR		482
	9	Cosan Ltd. •		63
	1	EDP - Energias do Brasil S.A.		21
	6	Hypermarcas S.A. •		116
	42	Itau Unibanco Banco Multiplo S.A. ADR		804
	3	Multiplan Empreendimentos Imobiliarios S.A.		48
	20	PDG Realty S.A.		169
	2	Petroleo Brasileiro S.A. ADR		97
	4	Tele Norte Leste Participacoes S.A. ADR		70
	14	Tivit Terceirizacao De Tecno •		106
	8	Tractebel Energia S.A.		99
	11	Vale S.A. - SP ADR		273
				3,070
		Canada - 4.5%
	1	Agrium, Inc.		26
	15	Bank of Nova Scotia		642
	6	Barrick Gold Corp.		231
	7	Canadian Natural Resources Ltd. ADR		430
	3	Canadian Oil SandsTrust		88
	6	Cott Corp. •		43
	2	EnCana Corp. ADR		112
	9	Exeter Resource Corp.		46
	1	Husky Energy, Inc.		24
	7	Ivanhoe Mines Ltd. •		80
	7	National Bank of Canada		339
	2	Potash Corp. of Saskatchewan, Inc.		161
	1	Potash Corp. of Saskatchewan, Inc. ADR		52
	8	Sino Forest Corp. •		110
	6	Suncor Energy, Inc.		184
	7	Teck Cominco Ltd. Class B		209
	11	Toronto-Dominion Bank ADR		644
	26	Uranium Participation Corp. •		162
				3,583
		China - 2.7%
	1	Baidu, Inc. ADR •		320
	63	China Dongxiang Group Co.		39
	90	China Shenhua Energy Co., Ltd.		403
	70	Golden Eagle Retail Group Ltd.		120
	59	Jiangsu Express Co., Ltd.		52
	2	Longtop Financial Technologies Ltd. •		53
	49	New World Department Store China		44
	121	Parkson Retail Group Ltd.		196
	1	Perfect World Co., Ltd. ADR •		46
	3	PetroChina Co., Ltd. ADR		375
	2	Shanda Interactive Entertainment Ltd. ADR •		95
	1	Sohu.com, Inc. •		47
	10	Tencent Holdings Ltd.		179
	22	Tingyi Holding Corp.		49
	1	Zhongpin, Inc. •		16
				2,034
		Denmark - 0.6%
	1	Carlsberg A/S Class B		48
	8	DSV A/S		125
	2	Gronlandsbanken		121
	1	H. Lundbeck A/S		22
	–	Ringkjoebing Landbobank		35
				351
		France - 3.6%
	1	Accor S.A.		27
	3	BNP Paribas		232
	1	Electricite de France		62
	7	France Telecom S.A.		162
	5	Gaz de France		200
	5	Groupe Danone		325
	1	Ipsen		41
	4	Michelin (C.G.D.E.) Class B		307
	4	Peugeot S.A.		142
	2	Pinault-Printemps-Redoute S.A.		187
	18	Rhodia S.A.		266
	2	Safran S.A.		25
	1	Sanofi-Aventis S.A.		103
	2	Sanofi-Aventis S.A. ADR		76
	3	Societe Generale Class A		208
	3	Total S.A. ADR		153
	1	Unibail-Rodamco SE		162
	2	Vinci S.A.		94
	3	Vivendi S.A.		85
				2,857
		Germany - 2.6%
	7	BASF SE		358
	2	Daimler AG		83
	6	Deutsche Boerse AG		476
	9	Deutsche Telekom AG		118
	12	E.On AG		441
	1	HeidelbergCement AG		60
	1	Hochtief AG		63
	1	SAP AG		30
	4	Siemens AG		390
				2,019
		Greece - 0.0%
	2	Tsakos Energy Navigation Ltd.		33

The accompanying notes are an integral part of these financial statements.

5

The Hartford Global Equity Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.4% - (continued)
		Hong Kong - 2.7%
	45	AMVIG Holdings Ltd.	$	19
	125	Anta Sports Products Ltd.		151
	14	ASM Pacific Technology		105
	65	BOC Hong Kong Holdings Ltd.		149
	69	China Mengniu Dairy Co.		193
	10	China Resources Power Holdings Co., Ltd.		21
	44	China Shanshui Cement Group		32
	74	China State Construction International Holdings Ltd.		30
	25	China Yurun Food Group Ltd.		52
	60	CNPC Hong Kong Ltd.		63
	289	Dah Sing Banking Group Ltd.		401
	60	Daphne International Holdings Ltd.		45
	15	Esprit Holdings Ltd.		96
	139	Galaxy Entertainment Group Ltd. •		59
	4	Hengan International Group Co., Ltd.		26
	502	Huabao International Holdings Ltd.		479
	1	Lilang China Co., Ltd. •		—
	7	Orient Overseas International Ltd.		32
	16	Peace Mark Holdings Ltd. ⌂•†		—
	28	Ports Design Ltd.		74
	61	Want Want China Holdings Ltd.		36
	48	Xinao Gas Holdings Ltd.		103
	89	Xtep International Holdings Ltd.		42
				2,208
		India - 1.6%
	7	Bank of Baroda		70
	8	Bank of India		55
	7	Corp. Bank		67
	28	Dabur India Ltd.		88
	2	HDFC Bank Ltd. ADR		238
	25	Indian Overseas Bank		53
	22	Marico Ltd.		44
	14	Oriental Bank of Commerce		69
	3	Reliance Industries Ltd.		112
	2	Reliance Industries Ltd. GDR ■		197
	1	State Bank of India		66
	13	Union Bank of India		72
				1,131
		Indonesia - 0.1%
	3	P.T. Telekomunikasi Indonesia ADR		115
		Ireland - 0.4%
	3	CRH plc		72
	36	Elan Corp. plc ADR •		195
	2	Ryanair Holdings plc ADR •		63
				330
		Israel - 0.9%
	2	Cellcom Israel Ltd.		53
	6	Partner Communications Co., Ltd. ADR		108
	11	Teva Pharmaceutical Industries Ltd. ADR		573
				734
		Italy - 0.8%
	10	Enel S.p.A.		60
	2	Eni S.p.A. ADR		110
	13	Snam Rete Gas S.p.A.		64
	311	Telecom Italia S.p.A.		343
				577
		Japan - 3.8%
	11	Asahi Kasei Corp.		54
	1	Astellas Pharma, Inc.		43
	13	Daiichi Sankyo Co., Ltd.		262
	12	Eisai Co., Ltd.		419
	35	Hino Motors Ltd.		129
	19	Honda Motor Co., Ltd.		585
	–	Japan Tobacco, Inc.		31
	6	Mitsubishi Estate Co., Ltd.		92
	72	Mitsubishi UFJ Financial Group, Inc.		382
	–	Osaka Securities Exchange Co., Ltd.		192
	6	Shin-Etsu Chemical Co., Ltd.		314
	8	Shionogi & Co., Ltd.		175
	30	Showa Denko K.K.		58
	–	SMC Corp.		14
	19	Tokyo Gas Co., Ltd.		75
	2	Yamada Denki Co., Ltd.		132
				2,957
		Jersey - 0.1%
	2	Randgold Resources Ltd. ADR		107
		Luxembourg - 0.5%
	5	Millicom International Cellular S.A. •		310
	3	SES Global S.A.		60
				370
		Malaysia - 0.0%
	26	PLUS Expressways Berhad		25
	13	Tenaga Nasional Bhd		33
				58
		Netherlands - 0.9%
	5	Heineken N.V.		237
	4	Qiagen N.V. •		77
	3	SBM Offshore N.V.		48
	3	TNT N.V.		91
	8	Unilever N.V. CVA		238
				691
		Norway - 1.1%
	51	DNB Nor ASA		582
	31	Marine Harvest •		22
	16	Sparebanken Midt-Norge		144
	9	Telenor ASA		115
				863
		Panama - 0.1%
	5	Banco Latinoamericano de Exportaciones S.A. ADR Class E		72
		Philippines - 0.0%
	386	Metro Pacific Investments Corp. •		27
		Russia - 1.4%
	10	Mobile Telesystems OJSC ADR		450
	18	OAO Gazprom Class S ADR		444
	7	Vimpel-Communications ADR		133
				1,027

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.4% - (continued)
		Singapore - 0.6%
	22	Ezra Holdings Ltd.	$	29
	30	Neptune Orient Lines Ltd.		33
	20	Olam International Ltd.		39
	59	Oversea-Chinese Banking Corp., Ltd.		320
				421
		South Africa - 0.5%
	1	Anglo American Platinum Co., Ltd.		84
	19	MTN Group Ltd.		277
				361
		South Korea - 0.1%
	–	Lotte Shopping Co. •		68
		Spain - 1.1%
	18	Banco Santander Central Hispano S.A.		282
	1	Laboratorios Almiral S.A.		17
	3	Red Electrica Corporacion S.A.		166
	5	Telefonica S.A.		144
	3	Telefonica S.A. ADR		266
				875
		Sweden - 0.2%
	1	Assa Abloy Ab		19
	12	Lundin Petroleum Ab •		106
	2	Swedish Match Ab		40
	9	Volvo Ab Class B		84
				249
		Switzerland - 3.1%
	9	GAM Holding Ltd.		107
	12	Julius Baer Group Ltd.		448
	1	Kuehne & Nagel International AG		107
	20	Nestle S.A.		950
	1	Roche Holding AG		200
	–	Synthes, Inc.		28
	22	UBS AG		364
	1	Zurich Financial Services AG		145
				2,349
		Taiwan - 0.9%
	23	Acer, Inc.		54
	15	Delta Electronics, Inc.		41
	–	Delta Electronics, Inc. GDR §		5
	15	Epistar Corp.		44
	2	Epistar Corp. ADR ■•		28
	5	High Technology Computer Corp.		47
	39	Hon Hai Precision Industry Co., Ltd.		151
	2	Hon Hai Precision Industry Co., Ltd. GDR §		19
	10	MediaTek, Inc.		137
	59	Taiwan Semiconductor Manufacturing Co., Ltd.		107
				633
		Thailand - 0.7%
	152	Bangkok Bank plc		510
		Turkey - 0.3%
	15	Turkcell Iletisim Hizmetleri A.S. ADR		241
		United Kingdom - 9.6%
	3	Anglo American plc •		126
	4	AstraZeneca plc		197
	3	AstraZeneca plc ADR		149
	12	BAE Systems plc		63
	17	Barclays Bank plc		88
	20	Barratt Developments plc		44
	26	Barratt Developments plc - Rights		14
	42	BG Group plc		726
	4	BHP Billiton plc		111
	50	BP plc		471
	7	BP plc ADR		396
	19	British American Tobacco plc		602
	4	Cadbury plc		53
	4	Croda International plc		50
	35	HSBC Holding plc		386
	17	Imperial Tobacco Group plc		506
	7	International Power plc		30
	56	Kingfisher plc		206
	39	Marks & Spencer Group plc		217
	11	National Grid plc		113
	1	Next plc		35
	25	PureCircle Ltd.		87
	1	Reckitt Benckiser Group plc		44
	27	Rexam plc		122
	9	Rio Tinto plc		385
	18	Rolls-Royce Group plc		134
	1	Royal Dutch Shell plc ADR		35
	1	Severn Trent plc		14
	31	Standard Chartered plc		757
	54	Thomas Cook Group plc		182
	10	Vedanta Resources plc		336
	7	WPP plc		64
	26	Xstrata plc		370
				7,113
		United States - 47.3%
	1	Abbott Laboratories		56
	2	Abercrombie & Fitch Co. Class A		56
	10	Accenture plc		376
	12	ACE Ltd.		594
	4	Adobe Systems, Inc. •		121
	3	Aetna, Inc.		83
	1	Air Products and Chemicals, Inc.		89
	3	Alliance Data Systems Corp. •		141
	8	Allstate Corp.		251
	8	Altria Group, Inc.		153
	2	Amazon.com, Inc. •		285
	7	American Eagle Outfitters, Inc.		118
	2	American Tower Corp. Class A •		66
	11	Ameriprise Financial, Inc.		393
	2	Amerisource Bergen Corp.		49
	1	AMETEK, Inc.		36
	3	Amgen, Inc. •		158
	4	Amylin Pharmaceuticals, Inc. •		47
	2	Anadarko Petroleum Corp.		100
	4	Apollo Group, Inc. Class A •		209
	5	Apple, Inc. •		1,003
	2	Archer Daniels Midland Co.		71
	6	Automatic Data Processing, Inc.		250
	–	AutoZone, Inc. •		52
	4	Baker Hughes, Inc.		158
	–	Ball Corp.		15
	1	Bally Technologies, Inc. •		52
	29	Bank of America Corp.		427
	3	Baxter International, Inc.		151
	3	BE Aerospace, Inc. •		47
	1	Beckman Coulter, Inc.		75

The accompanying notes are an integral part of these financial statements.

7

The Hartford Global Equity Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.4% - (continued)
		United States - 47.3% - (continued)
	11	Best Buy Co., Inc.	$	422
	18	Blockbuster, Inc. Class A •		15
	2	BMC Software, Inc. •		76
	4	Boeing Co.		204
	1	Broadcom Corp. Class A •		29
	2	Cabot Oil & Gas Corp.		87
	9	Cardinal Health, Inc.		263
	3	CareFusion Corp. •		62
	1	Carlisle Cos., Inc.		19
	1	Caterpillar, Inc.		80
	1	Celanese Corp.		23
	1	Cental Euro Distribution Corp. •		40
	2	CenturyTel, Inc.		49
	1	Cephalon, Inc. •		71
	2	Chesapeake Energy Corp.		58
	3	Chevron Corp.		204
	4	China Natural Gas •		42
	27	Cisco Systems, Inc. •		615
	52	Citizens Republic Bancorp, Inc. •		32
	3	CMS Energy Corp.		39
	4	Coach, Inc.		127
	2	Coca-Cola Enterprises, Inc.		42
	5	Comcast Corp. Class A		72
	4	ConocoPhillips Holding Co.		178
	2	Consol Energy, Inc.		84
	7	Constellation Brands, Inc. Class A •		111
	1	Con-way, Inc.		38
	1	Cooper Industries plc Class A		27
	45	Covenant Transport •		225
	1	Coventry Health Care, Inc. •		24
	9	Covidien plc		378
	5	Crexus Investment Corp. •		65
	3	Crown Castle International Corp. •		90
	4	Cytec Industries, Inc.		128
	2	Danaher Corp.		163
	2	Dell, Inc. •		33
	5	Devon Energy Corp.		292
	1	DirecTV Group, Inc. •		29
	8	Discover Financial Services, Inc.		113
	1	Discovery Communications, Inc. •		23
	1	Dover Corp.		23
	3	Dow Chemical Co.		76
	12	Dr. Pepper Snapple Group •		339
	2	DreamWorks Animation SKG, Inc. •		55
	1	Eclipsys Corp. •		10
	12	Eli Lilly & Co.		413
	4	EOG Resources, Inc.		326
	2	EQT Corp.		99
	1	Equinix, Inc. •		69
	2	Everest Re Group Ltd.		175
	8	Exelon Corp.		376
	13	Exxon Mobil Corp.		912
	5	FedEx Corp.		329
	–	Fluor Corp.		17
	4	FMC Corp.		208
	29	Ford Motor Co. •		205
	7	Forest City Enterprises, Inc. Class A		57
	4	Forest Laboratories, Inc. •		124
	7	Fortune Brands, Inc.		270
	4	Forward Air Corp.		89
	2	FPL Group, Inc.		74
	1	Franklin Resources, Inc.		83
	1	Freeport-McMoRan Copper & Gold, Inc.		44
	2	Frontline Ltd.		48
	3	GameStop Corp. Class A •		78
	28	Gap, Inc.		595
	3	General Dynamics Corp.		200
	23	General Electric Co.		323
	1	General Mills, Inc.		72
	2	Genesee & Wyoming, Inc. Class A •		70
	1	Genzyme Corp. •		69
	2	Gilead Sciences, Inc. •		104
	4	Goldman Sachs Group, Inc.		617
	1	Google, Inc. •		593
	3	Halliburton Co.		93
	2	Health Net, Inc. •		25
	1	Herbalife Ltd.		29
	7	Hess Corp.		402
	16	Hewlett-Packard Co.		745
	2	Hospira, Inc. •		74
	3	Hub Group, Inc. •		86
	1	IBM Corp.		142
	1	IDEX Corp.		20
	5	Illinois Tool Works, Inc.		207
	3	Ingersoll-Rand plc		105
	4	Invesco Ltd.		93
	10	J.B. Hunt Transport Services, Inc.		313
	3	Johnson & Johnson		151
	2	Johnson Controls, Inc.		41
	2	Juniper Networks, Inc. •		57
	1	Kellogg Co.		74
	2	King Pharmaceuticals, Inc. •		21
	2	Kohl’s Corp. •		136
	9	Leap Wireless International, Inc. •		124
	1	Lockheed Martin Corp.		88
	2	Lorillard, Inc.		122
	10	Macy’s, Inc.		176
	4	Marathon Oil Corp.		123
	5	Marsh & McLennan Cos., Inc.		117
	–	Martin Marietta Materials, Inc.		41
	–	Marvel Entertainment, Inc. •		12
	13	Maxim Integrated Products, Inc.		219
	2	McAfee, Inc. •		74
	4	McDonald’s Corp.		205
	3	McGraw-Hill Cos., Inc.		79
	5	McKesson Corp.		308
	3	Medicines Co. •		23
	8	Medtronic, Inc.		278
	21	Merck & Co., Inc.		659
	2	MetroPCS Communications, Inc. •		15
	32	Microsoft Corp.		891
	1	Mistras Group, Inc. •		13
	6	Mosaic Co.		300
	15	Motorola, Inc.		124
	3	Mylan, Inc. •		46
	6	N.V. Energy, Inc.		64

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.4% - (continued)
		United States - 47.3% - (continued)
	18	Nasdaq OMX Group, Inc. •	$	329
	1	National Oilwell Varco, Inc. •		52
	2	NetApp, Inc. •		62
	4	Netease.com, Inc. •		147
	1	New Oriental Education & Technology Group, Inc. ADR •		75
	6	NII Holdings, Inc. Class B •		169
	2	Noble Energy, Inc.		117
	10	Northeast Utilities		224
	1	Northrop Grumman Corp.		64
	2	Occidental Petroleum Corp.		189
	1	OGE Energy Corp.		29
	22	Omega Navigation Enterprises		74
	27	Oracle Corp.		569
	1	OSI Pharmaceuticals, Inc. •		37
	2	Overseas Shipholding Group, Inc.		70
	1	PAREXEL International Corp. •		17
	3	Parker-Hannifin Corp.		163
	3	Peabody Energy Corp.		119
	1	Penn National Gaming, Inc. •		33
	4	Pentair, Inc.		131
	4	PepsiCo, Inc.		243
	49	Pfizer, Inc.		840
	4	PG&E Corp.		172
	7	Philip Morris International, Inc.		336
	1	Pinnacle West Capital Corp.		44
	5	Platinum Underwriters Holdings Ltd.		161
	1	PNC Financial Services Group, Inc.		33
	60	Popular, Inc.		130
	2	Praxair, Inc.		120
	5	QLogic Corp. •		86
	11	Qualcomm, Inc.		471
	1	Questar Corp.		53
	2	Regeneron Pharmaceuticals, Inc. •		34
	1	Rigel Pharmaceuticals, Inc. •		4
	2	Rockwell Automation, Inc.		94
	1	Rockwood Holdings, Inc. •		28
	2	Ross Stores, Inc.		90
	–	SBA Communications Corp. •		10
	4	Schlumberger Ltd.		235
	–	Scripps Networks Interactive Class A		12
	25	Seagate Technology		347
	1	Sempra Energy		64
	2	Sherwin-Williams Co.		116
	5	Smithfield Foods, Inc. •		67
	23	Solutia, Inc. •		249
	1	Sonoco Products Co.		16
	3	St. Jude Medical, Inc. •		96
	11	Staples, Inc.		237
	–	Strayer Education, Inc.		25
	2	Sunpower Corp. •		55
	4	Target Corp.		192
	2	Teekay Tankers Ltd.		13
	1	Teledyne Technologies, Inc. •		48
	8	Tellabs, Inc. •		50
	3	Texas Instruments, Inc.		69
	2	Thermo Fisher Scientific, Inc. •		82
	2	THQ, Inc. •		11
	1	Time Warner Cable, Inc.		55
	3	Time Warner, Inc.		92
	3	TiVo, Inc. •		32
	2	TJX Cos., Inc.		81
	6	Transatlantic Holdings, Inc.		283
	1	Transocean, Inc. •		57
	8	TriQuint Semiconductor, Inc. •		46
	7	TW Telecom, Inc. •		84
	1	Ultra Petroleum Corp. •		48
	3	UniSource Energy Corp.		80
	5	United Parcel Service, Inc. Class B		281
	4	United Technologies Corp.		249
	12	UnitedHealth Group, Inc.		314
	17	Unum Group		348
	6	Valero Energy Corp.		101
	2	Vertex Pharmaceuticals, Inc. •		58
	3	Visa, Inc.		200
	–	Vitamin Shoppe, Inc.		2
	1	Walgreen Co.		27
	10	Walt Disney Co.		263
	57	Washington Mutual, Inc. Private Placement ⌂•†		7
	1	Watson Pharmaceuticals, Inc. •		42
	2	Weatherford International Ltd. •		40
	1	Wellpoint, Inc. •		39
	18	Wells Fargo & Co.		498
	30	Western Union Co.		548
	2	Williams Cos., Inc.		29
	4	Xcel Energy, Inc.		71
	4	Xilinx, Inc.		86
	1	XTO Energy, Inc.		31
	15	Yahoo!, Inc. •		239
				36,345
		Total common stocks (cost $71,799)	$	75,827
PREFERRED STOCKS - 0.2%
		Brazil - 0.2%
	3	Banco Itau Holding	$	55
	3	Telemar Norte Leste S.A.		96
				151
		Total preferred stocks (cost $135)	$	151
WARRANTS - 0.0%
		United States - 0.0%
	7	Washington Mutual, Inc. Private Placement ⌂•†	$	—
		Total warrants (cost $–)	$	—
EXCHANGE TRADED FUNDS - 0.2%
		United States - 0.2%
	6	Industrial Select Sector SPDR Fund	$	157
	1	iShares Goldman Sachs Tech I Index Fund		44
		Total exchange traded funds (cost $199)	$	201
		Total long-term investments (cost $72,133)	$	76,179

The accompanying notes are an integral part of these financial statements.

9

The Hartford Global Equity Fund
Schedule of Investments — (continued) October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 0.8%
		Repurchase Agreements - 0.8%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $23, collateralized by GNMA 5.00%, 2039, value of $24)
$	23	0.08%, 10/30/2009			$	23
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $137, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $140)
	137	0.08%, 10/30/2009				137
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $153, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $156)
	153	0.08%, 10/30/2009				153
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $2, collateralized by U.S. Treasury Note 2.75%, 2013, value of $2)
	2	0.05%, 10/30/2009				2
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $264, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $270)
	264	0.07%, 10/30/2009				264
						579
		Total short-term investments (cost $579)			$	579
		Total investments (cost $72,712)▲	99.6	%	$	76,758
		Other assets and liabilities	0.4	%		323
		Total net assets	100 .0	%	$	77,081

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 51.3% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $75,206 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	7,060
Unrealized Depreciation		(5,508	)
Net Unrealized Appreciation	$	1,552

†	The aggregate value of securities valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Fund’s Board of Directors at October 31, 2009, was $7, which represents 0.01% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.
•	Currently non-income producing.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2009, was $225, which represents 0.29% of total net assets.
§	Securities contain some restrictions as to public resale. These securities comply with Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933, and are determined to be liquid. At October 31, 2009, the market value of these securities amounted to $24 or 0.03% of total net assets.
⌂	The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period	Shares/
Acquired	Par		Security	Cost Basis
02/2008 - 05/2008		16	Peace Mark Holdings Ltd.	$	17
04/2008		7	Washington Mutual, Inc. Private Placement Warrants		–
04/2008		57	Washington Mutual, Inc. Private Placement		500

The aggregate value of these securities at October 31, 2009 was $7 which represents 0.01% of total net assets.

The accompanying notes are an integral part of these financial statements.

10

Forward Foreign Currency Contracts Outstanding at October 31, 2009

						Unrealized
	Market		Contract		Delivery	Appreciation/
Description	Value ╪		Amount		Date	(Depreciation)
British Pound (Sell)	$	69	$	69	11/02/09	$	—
British Pound (Sell)		9		9	11/03/09		—
British Pound (Sell)		94		94	11/04/09		—
Canadian Dollar (Sell)		36		36	11/04/09		—
Danish Krone (Sell)		1		1	11/02/09		—
Euro (Buy)		34		34	11/02/09		—
Euro (Sell)		8		8	11/02/09		—
Euro (Buy)		35		35	11/03/09		—
Euro (Sell)		23		23	11/02/09		—
Euro (Sell)		155		156	11/03/09		1
Hong Kong Dollar (Buy)		80		80	11/03/09		—
Hong Kong Dollar (Sell)		11		11	11/03/09		—
Japanese Yen (Buy)		22		22	11/05/09		—
Norwegian Krone (Buy)		4		4	11/03/09		—
Norwegian Krone (Sell)		1		1	11/02/09		—
Singapore Dollar (Buy)		49		49	11/04/09		—
South African Rand (Buy)		5		5	11/05/09		—
Swiss Franc (Sell)		20		20	11/02/09		—
Swiss Franc (Sell)		22		22	11/03/09		—
						$	1

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Global Equity Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks
Automobiles & Components	$	1,363	$	246	$	1,117	$	—
Banks		8,765		3,709		5,049		7
Capital Goods		3,408		2,363		1,045		—
Commercial & Professional Services		13		13		—		—
Consumer Durables & Apparel		975		580		395		—
Consumer Services		867		599		268		—
Diversified Financials		3,846		2,680		1,166		—
Energy		9,064		6,844		2,220		—
Food & Staples Retailing		223		27		196		—
Food, Beverage & Tobacco		5,261		1,792		3,469		—
Health Care Equipment & Services		2,257		2,229		28		—
Household & Personal Products		347		145		202		—
Insurance		2,306		1,929		377		—
Materials		6,334		2,745		3,589		—
Media		901		692		209		—
Pharmaceuticals, Biotechnology & Life Sciences		5,774		4,049		1,725		—
Real Estate		565		311		254		—
Retailing		4,099		2,727		1,372		—
Semiconductors & Semiconductor Equipment		870		477		393		—
Software & Services		5,228		5,019		209		—
Technology Hardware & Equipment		4,052		3,759		293		—
Telecommunication Services		3,650		2,491		1,159		—
Transportation		2,184		1,568		616		—
Utilities		3,475		2,093		1,382		—
Total		75,827		49,087		26,733		7
Exchange Traded Funds		201		201		—		—
Preferred Stocks ‡		151		151		—		—
Warrants ‡		—		—		—		—
Short-Term Investments		579		—		579		—
Total	$	76,758	$	49,439	$	27,312	$	7
Other Financial Instruments *	$	1	$	—	$	1	$	—
Liabilities:
Other Financial Instruments *	$	—	$	—	$	—	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of					Change in					Balance as of
	October 31,		Realized Gain			Unrealized					October 31,
	2008		(Loss)			Depreciation			Net Purchases		2009
Assets:
Common Stock	$	—	$	(1	)	$	(491	)*	$	499	$	7
Total	$	—	$	(1	)	$	(491	)	$	499	$	7

^* Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $(493).

The accompanying notes are an integral part of these financial statements.

12

The Hartford Global Equity Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $72,712)	$	76,758
Cash		120
Foreign currency on deposit with custodian (cost $77)		80
Unrealized appreciation on forward foreign currency contracts		1
Receivables:
Investment securities sold		1,191
Fund shares sold		33
Dividends and interest		230
Other assets		114
Total assets		78,527
Liabilities:
Unrealized depreciation on forward foreign currency contracts		—
Payables:
Investment securities purchased		1,135
Fund shares redeemed		231
Investment management fees		12
Distribution fees		6
Accrued expenses		62
Total liabilities		1,446
Net assets	$	77,081
Summary of Net Assets:
Capital stock and paid-in-capital		103,745
Accumulated undistributed net investment income		47
Accumulated net realized loss on investments and foreign currency transactions		(30,761	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		4,050
Net assets	$	77,081
Shares authorized		850,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	8.01/$8.48
Shares outstanding		5,935
Net assets	$	47,527
Class B: Net asset value per share	$	7.97
Shares outstanding		1,125
Net assets	$	8,964
Class C: Net asset value per share	$	7.97
Shares outstanding		1,794
Net assets	$	14,297
Class I: Net asset value per share	$	8.02
Shares outstanding		40
Net assets	$	317
Class R3: Net asset value per share	$	8.00
Shares outstanding		31
Net assets	$	248
Class R4: Net asset value per share	$	8.01
Shares outstanding		30
Net assets	$	243
Class R5: Net asset value per share	$	8.02
Shares outstanding		30
Net assets	$	244
Class Y: Net asset value per share	$	8.01
Shares outstanding		654
Net assets	$	5,241

The accompanying notes are an integral part of these financial statements.

13

The Hartford Global Equity Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Dividends	$	546
Interest		3
Less: Foreign tax withheld		(38	)
Total investment income		511
Expenses:
Investment management fees		251
Administrative services fees		1
Transfer agent fees		59
Distribution fees
Class A		49
Class B		18
Class C		29
Class R3		1
Class R4		1
Custodian fees		40
Accounting services fees		4
Registration and filing fees		110
Board of Directors’ fees		2
Audit fees		8
Other expenses		22
Total expenses (before waivers and fees paid indirectly)		595
Expense waivers		(130	)
Transfer agent fee waivers		(3	)
Commission recapture		(1	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(134	)
Total expenses, net		461
Net Investment Income		50
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized loss on investments in securities		(911	)
Net realized loss on futures		(372	)
Net realized gain on forward foreign currency contracts		42
Net realized loss on other foreign currency transactions		(19	)
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(1,260	)
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		5,494
Net unrealized depreciation of futures		(4	)
Net unrealized depreciation of forward foreign currency contracts		(2	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		4
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		5,492
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		4,232
Net Increase in Net Assets Resulting from Operations	$	4,282

The accompanying notes are an integral part of these financial statements.

14

The Hartford Global Equity Fund

Statement of Changes in Net Assets

(000’s Omitted)

				For the Period
				February 29,
	For the			2008*
	Year Ended			through
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	50		$	99
Net realized loss on investments, other financial instruments and foreign currency transactions		(1,260	)		(1,314	)
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		5,492			(6,249	)
Net Increase (Decrease) In Net Assets Resulting From Operations		4,282			(7,464	)
Distributions to Shareholders:
From net investment income
Class A		(131	)		—
Class B		(1	)		—
Class C		(1	)		—
Class I		(2	)		—
Class R3		(1	)		—
Class R4		(2	)		—
Class R5		(2	)		—
Class Y		(3	)		—
Total distributions		(143	)		—
Capital Share Transactions:
Class A		31,553	†		19,466
Class B		8,540	‡		331
Class C		13,780	§		341
Class I		77			304
Class R3		7			300
Class R4		2			300
Class R5		2			300
Class Y		4,803	**		300
Net increase from capital share transactions		58,764			21,642
Net Increase In Net Assets		62,903			14,178
Net Assets:
Beginning of period		14,178			—
End of period	$	77,081		$	14,178
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	47		$	119

*	Commencement of operations.
†	Includes merger activity in the amount of $46,042.
‡	Includes merger activity in the amount of $9,186.
§	Includes merger activity in the amount of $14,610.
**	Includes merger activity in the amount of $3,478.

The accompanying notes are an integral part of these financial statements.

15

The Hartford Global Equity Fund

Notes to Financial Statements
October 31, 2009

(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Global Equity Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are

16

significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Futures contracts are valued at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively. If a settlement price is not available, futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the mean of the closing bid and asked prices as of the Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market

17

The Hartford Global Equity Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

•

Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.
	Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the

18

	counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
g)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.
h)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional             shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
i)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
j)	Credit Risk — Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a Fund which holds securities with higher credit risk may fluctuate more than with less aggressive bond funds.
k)	Prepayment Risks — Certain debt securities allow for prepayment of principal without penalty. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for

19

The Hartford Global Equity Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	loss when interest rates rise. In addition, with respect to securities, rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. The potential for the value of a debt security to increase in response to interest rate declines is limited. For certain securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.
l)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
m)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives			Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location			Statement of Assets and Liabilities Location
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	1	Unrealized depreciation on forward foreign currency contracts	$—

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
								Forward
			Purchased					Currency
Risk Exposure Category	Written Options		Options		Futures			Contracts		Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—		$	42	$	—	$	42
Equity contracts		—		—		(372	)		—		—		(372	)
Total	$	—	$	—	$	(372	)	$	42	$	—	$	(330	)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
								Forward
			Purchased					Currency
Risk Exposure Category	Written Options		Options		Futures			Contracts			Swaps		Total
Foreign exchange contracts		—		—		—			(2	)		—	$	(2	)
Equity contracts		—		—		(4	)		—			—		(4	)
Total	$	—	$	—	$	(4	)	$	(2	)	$	—	$	(6	)

n) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Futures and Options:

Futures and Options Transactions — The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future

20

date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.

At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.

The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. As of October 31, 2009, there were no outstanding futures contracts.

An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.

The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. As of October 31, 2009, there were no outstanding purchased or written option contracts.

4. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

21

The Hartford Global Equity Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended
	October 31, 2009
Ordinary Income	$	143

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	62
Accumulated Capital Losses *		(28,282	)
Unrealized Appreciation †		1,556
Total Accumulated Deficit	$	(26,664	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase accumulated undistributed net investment income by $21, increase accumulated net realized gain on investments by $54,856, and decrease paid-in-capital by $54,877.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2015	$	13,365
2016		11,020
2017		3,897
Total	$	28,282

	As a result of current or past mergers in the Fund, certain provisions in the Internal Revenue Code may limit the future utilization of capital losses. As of October 31, 2009, the Fund had $49,744 in expired capital loss carryforwards.
f)	Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

22

5. Expenses:

a)

Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee			Average Daily Net Assets	Annual Fee*
On first $500 million		0.9500	%	On first $500 million		0.9000	%
On next $500 million		0.9000	%	On next $500 million		0.8750	%
On next $4 billion		0.8500	%	On next $4 billion		0.8500	%
On next $5 billion		0.8475	%	On next $5 billion		0.8475	%
Over $10 billion		0.8450	%	Over $10 billion		0.8450	%

* As of November 1, 2009, HIFSCO agreed to permanently reduce its contractual management fees in the first two breakpoints by 0.05% and 0.025% of average daily net assets, respectively. The new schedule is shown above.

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.016	%
On next $5 billion		0.014	%
Over $10 billion		0.012	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
1.65%		2.40	%		2.40	%		1.40	%		1.90	%		1.65	%		1.40	%		1.30	%

Effective November 1, 2009, HIFSCO has agreed to revise the voluntary limit (which is the permanent expense limitation) on total operating expenses for the Fund, exclusive of taxes, interest, brokerage commissions, certain distribution expenses and extraordinary expenses. The new expense limitation is as follows:

Class A	Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
1.50%		2.25	%		2.25	%		1.25	%		1.75	%		1.50	%		1.25	%		1.15	%

d) Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

23

The Hartford Global Equity Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended
	October 31,			October 31,
	2009			2008
Class A Shares		1.58	%		1.56	%*
Class B Shares		2.24			2.33	*
Class C Shares		2.38			2.34	*
Class I Shares		1.31			1.31	*
Class R3 Shares		1.89			1.90	*
Class R4 Shares		1.64			1.65	*
Class R5 Shares		1.39			1.40	*
Class Y Shares		1.29			1.30	*

* From February 29, 2008 (commencement of operations), through October 31, 2008.

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $27 and contingent deferred sales charges of $5 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $2. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $66 for providing such services. These fees are accrued daily and paid monthly.

24

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class I		30
Class R3		30
Class R4		30
Class R5		30

7.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	136,618
Sales Proceeds Excluding U.S. Government Obligations		83,569

8.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the period February 29, 2008 (commencement of operations) through October 31, 2008:

	For the Year Ended October 31, 2009											For the Period Ended October 31, 2008
			Shares					Shares						Shares					Shares
			Issued for					Issued		Net Increase				Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		404		22		(2,271	)		5,833		3,988		1,961		—		(14	)		—		1,947
Amount	$	2,934	$	130	$	(17,553	)	$	46,042	$	31,553	$	19,595	$	—	$	(129	)	$	—	$	19,466
Class B
Shares		38		—		(116	)		1,169		1,091		34		—		—			—		34
Amount	$	278	$	1	$	(925	)	$	9,186	$	8,540	$	331	$	—	$	—		$	—	$	331
Class C
Shares		74		—		(173	)		1,858		1,759		35		—		—			—		35
Amount	$	536	$	1	$	(1,367	)	$	14,610	$	13,780	$	341	$	—	$	—		$	—	$	341
Class I
Shares		10		—		—			—		10		31		—		(1	)		—		30
Amount	$	74	$	3	$	—		$	—	$	77	$	311	$	—	$	(7	)	$	—	$	304
Class R3
Shares		1		—		—			—		1		30		—		—			—		30
Amount	$	6	$	1	$	—		$	—	$	7	$	300	$	—	$	—		$	—	$	300
Class R4
Shares		—		—		—			—		—		30		—		—			—		30
Amount	$	—	$	2	$	—		$	—	$	2	$	300	$	—	$	—		$	—	$	300
Class R5
Shares		—		—		—			—		—		30		—		—			—		30
Amount	$	—	$	2	$	—		$	—	$	2	$	300	$	—	$	—		$	—	$	300
Class Y
Shares		439		1		(257	)		441		624		30		—		—			—		30
Amount	$	3,253	$	2	$	(1,930	)	$	3,478	$	4,803	$	300	$	—	$	—		$	—	$	300

25

The Hartford Global Equity Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		17	$	141
For the Year Ended October 31, 2008		—	$	—

9.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
10.	Fund Mergers
	Reorganization of certain series of The Hartford Mutual Funds, Inc. — At a special meeting of shareholders held on August 4, 2009, shareholders of The Hartford Global Communications Fund (“Target Fund #1”), The Hartford Global Financial Services Fund (“Target Fund #2”) and The Hartford Global Technology Fund (“Target Fund #3”) each approved a proposed Plan of Reorganization providing for the acquisition of all of the assets and liabilities of The Hartford Global Communications Fund, The Hartford Global Financial Services Fund and The Hartford Global Technology Fund by The Hartford Global Equity Fund (“Acquiring Fund”).
	Under the terms of the Plan of Reorganization, and pursuant to the approval by shareholders of The Hartford Global Communications Fund, The Hartford Global Financial Services Fund and The Hartford Global Technology Fund, the assets were acquired by The Hartford Global Equity Fund on August 28, 2009. The Hartford Global Equity Fund acquired the assets of The Hartford Global Communications Fund, The Hartford Global Financial Services Fund and The Hartford Global Technology Fund in exchange for shares in The Hartford Global Equity Fund, which were distributed pro rata to The Hartford Global Communications Fund, The Hartford Global Financial Services Fund and The Hartford Global Technology Fund to shareholders on August 28, 2009, in complete liquidation of The Hartford Global Communications Fund, The Hartford Global Financial Services Fund and The Hartford Global Technology Fund.
	The mergers were accomplished by tax free exchanges as detailed below:

													Acquiring		Net assets of		Net assets of
													Fund shares		Acquiring		Acquiring
	Net assets of		Net assets of		Net assets of				Target		Target		issued to the		Fund		Fund
	Target Fund		Target Fund		Target Fund		Target Fund		Fund #2		Fund #3		Target		immediately		immediately
	#1 on		#2 on		#3 on		#1 shares		shares		shares		Funds’		before		after
	Merger Date		Merger Date		Merger Date		exchanged		exchanged		exchanged		shareholders		merger		merger
Class A	$	12,078	$	12,365	$	21,599		2,097		1,490		4,342		5,833	$	17,289	$	63,331
Class B		2,450		2,044		4,692		441		251		1,005		1,169		434		9,620
Class C		3,067		3,659		7,884		550		451		1,710		1,858		594		15,204
Class I		N/A		N/A		N/A		N/A		N/A		N/A		N/A		242		242
Class R3		N/A		N/A		N/A		N/A		N/A		N/A		N/A		244		244
Class R4		N/A		N/A		N/A		N/A		N/A		N/A		N/A		239		239
Class R5		N/A		N/A		N/A		N/A		N/A		N/A		N/A		240		240
Class Y		489		1,734		1,255		84		207		245		441		1,472		4,950
Total	$	18,084	$	19,802	$	35,430		3,172		2,399		7,302		9,301	$	20,754	$	94,070

26

The Hartford Global Communications Fund, The Hartford Global Financial Services Fund and The Hartford Global Technology Fund had the following unrealized appreciation (depreciation), accumulated net realized gains (losses) and capital stock as of August 28, 2009.

	Unrealized Appreciation			Accumulated Net
Fund	(Depreciation)			Realized Gains (Losses)			Capital Stock
Target Fund #1	$	(3,763	)	$	(7,605	)	$	29,452
Target Fund #2	$	2,248		$	(15,559	)	$	33,113
Target Fund #3	$	6,322		$	(59,889	)	$	88,997

11.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.
12.	Subsequent Events:
	Effective December 11, 2009, the Fund’s name was changed to The Hartford Global Research Fund.
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

27

The Hartford Global Equity Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset							Net Realized																Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions							(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized		Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains		from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	6.55	$	0.03		$	—	$	1.50		$	1.53		$	(0.07	)	$	—	$	—	$	(0.07	)	$	1.46		$	8.01
B		6.51		(0.05	)		—		1.53			1.48			(0.02	)		—		—		(0.02	)		1.46			7.97
C		6.51		(0.06	)		—		1.54			1.48			(0.02	)		—		—		(0.02	)		1.46			7.97
I		6.56		0.07			—		1.47			1.54			(0.08	)		—		—		(0.08	)		1.46			8.02
R3		6.53		0.03			—		1.48			1.51			(0.04	)		—		—		(0.04	)		1.47			8.00
R4		6.54		0.04			—		1.49			1.53			(0.06	)		—		—		(0.06	)		1.47			8.01
R5		6.55		0.07			—		1.48			1.55			(0.08	)		—		—		(0.08	)		1.47			8.02
Y		6.56		0.02			—		1.52			1.54			(0.09	)		—		—		(0.09	)		1.45			8.01
From (commencement of operations) February 29, 2008, through October 31, 2008
A(g)		10.00		0.05			—		(3.50	)		(3.45	)		—			—		—		—			(3.45	)		6.55
B(g)		10.00		—			—		(3.49	)		(3.49	)		—			—		—		—			(3.49	)		6.51
C(g)		10.00		—			—		(3.49	)		(3.49	)		—			—		—		—			(3.49	)		6.51
I(g)		10.00		0.07			—		(3.51	)		(3.44	)		—			—		—		—			(3.44	)		6.56
R3(g)		10.00		0.03			—		(3.50	)		(3.47	)		—			—		—		—			(3.47	)		6.53
R4(g)		10.00		0.04			—		(3.50	)		(3.46	)		—			—		—		—			(3.46	)		6.54
R5(g)		10.00		0.06			—		(3.51	)		(3.45	)		—			—		—		—			(3.45	)		6.55
Y(g)		10.00		0.07			—		(3.51	)		(3.44	)		—			—		—		—			(3.44	)		6.56

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	During the year ended October 31, 2009, The Hartford Global Equity Fund incurred $50.9 million in sales associated with the transition of assets from The Hartford Global Communications Fund, The Hartford Global Financial Services Fund and The Hartford Global Technology Fund, which merged into The Fund on August 28, 2009. These sales are excluded from the portfolio turnover calculation.
(g)	Commenced operations on February 29, 2008.
(h)	Not annualized.
(i)	Annualized.

28

- Ratios and Supplemental Data -

			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
			Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
	Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)	Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
23.65%	$	47,527		2.19	%		1.59	%		1.59	%		0.44	%		217	%(f)
22.89		8,964		2.83			2.24			2.24			(0.82	)		—
22.91		14,297		2.67			2.39			2.39			(0.99	)		—
23.97		317		1.91			1.32			1.32			1.00			—
23.36		248		2.62			1.90			1.90			0.52			—
23.70		243		2.31			1.65			1.65			0.78			—
24.05		244		2.01			1.40			1.40			1.03			—
23.85		5,241		1.51			1.30			1.30			0.26			—
(34.50) (h)		12,746		1.92	(i)		1.56	(i)		1.56	(i)		0.78	(i)		56
(34.90) (h)		223		2.70	(i)		2.34	(i)		2.34	(i)		0.03	(i)		—
(34.90) (h)		225		2.71	(i)		2.34	(i)		2.34	(i)		0.02	(i)		—
(34.40) (h)		199		1.67	(i)		1.31	(i)		1.31	(i)		1.06	(i)		—
(34.70) (h)		196		2.36	(i)		1.90	(i)		1.90	(i)		0.47	(i)		—
(34.60) (h)		196		2.06	(i)		1.65	(i)		1.65	(i)		0.72	(i)		—
(34.50) (h)		196		1.76	(i)		1.40	(i)		1.40	(i)		0.97	(i)		—
(34.40) (h)		197		1.66	(i)		1.30	(i)		1.30	(i)		1.07	(i)		—

29

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Global Equity Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, and the statements of changes in net assets, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Global Equity Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended and the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

30

The Hartford Global Equity Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

31

The Hartford Global Equity Fund
Directors and Officers (Unaudited) — (continued)

     Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

32

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

33

The Hartford Global Equity Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	85.00	%
QDI†	100.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

The Fund intends to make an election under the Internal Revenue Code Section 853 to pass-through foreign taxes paid by the Fund to their shareholders in the amount of $36.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.066		N/A		N/A		0.066
Class B		0.023		N/A		N/A		0.023
Class C		0.024		N/A		N/A		0.024
Class I		0.084		N/A		N/A		0.084
Class R3		0.041		N/A		N/A		0.041
Class R4		0.060		N/A		N/A		0.060
Class R5		0.078		N/A		N/A		0.078
Class Y		0.085		N/A		N/A		0.085

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

34

The Hartford Global Equity Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,259.40	$	9.57	$	1,000.00	$	1,016.74	$	8.54		1.68	%		184		365
Class B	$	1,000.00	$	1,255.10	$	12.68	$	1,000.00	$	1,013.96	$	11.32		2.23			184		365
Class C	$	1,000.00	$	1,255.10	$	13.59	$	1,000.00	$	1,013.16	$	12.13		2.39			184		365
Class I	$	1,000.00	$	1,261.00	$	8.38	$	1,000.00	$	1,017.80	$	7.48		1.47			184		365
Class R3	$	1,000.00	$	1,257.90	$	10.81	$	1,000.00	$	1,015.63	$	9.65		1.90			184		365
Class R4	$	1,000.00	$	1,259.40	$	9.40	$	1,000.00	$	1,016.89	$	8.39		1.65			184		365
Class R5	$	1,000.00	$	1,261.00	$	7.98	$	1,000.00	$	1,018.15	$	7.12		1.40			184		365
Class Y	$	1,000.00	$	1,259.40	$	7.40	$	1,000.00	$	1,018.65	$	6.61		1.30			184		365

35

The Hartford Global Equity Fund

Shareholder Meeting Results (Unaudited)

The following proposals were addressed and approved during the period at special meetings of shareholders held on August 4, 2009.

Proposal to approve a Plan of Reorganization providing for the acquisition of all of the assets and liabilities of The Hartford Global Communications Fund (the “Acquired Fund”) by The Hartford Global Equity Fund (the “Acquiring Fund”) solely in exchange for shares of the Acquiring Fund, followed by the complete liquidation of the Acquired Fund.

Fund Name	For		Against		Abstain		Uninstructed
The Hartford Global Communications Fund		1,492,303.83		102,080.21		105,896.73		131,670.00

Proposal to approve a Plan of Reorganization providing for the acquisition of all of the assets and liabilities of The Hartford Global Financial Services Fund (the “Acquired Fund”) by The Hartford Global Equity Fund (the “Acquiring Fund”) solely in exchange for shares of the Acquiring Fund, followed by the complete liquidation of the Acquired Fund.

Fund Name	For		Against		Abstain		Uninstructed
The Hartford Global Financial Services Fund		1,190,245.84		31,062.14		54,800.80		212,089.00

Proposal to approve a Plan of Reorganization providing for the acquisition of all of the assets and liabilities of The Hartford Global Technology Fund (the “Acquired Fund”) by The Hartford Global Equity Fund (the “Acquiring Fund”) solely in exchange for shares of the Acquiring Fund, followed by the complete liquidation of the Acquired Fund.

Fund Name	For		Against		Abstain		Uninstructed
The Hartford Global Technology Fund		3,601,106.71		228,802.24		218,583.08		250,102.00

36

The Hartford Global Equity Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Global Equity Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

37

The Hartford Global Equity Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by

38

Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO. The Board noted Management’s proposal to increase the levels above which expenses will be reimbursed for each share class by 0.10%.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

39

The Hartford Global Equity Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

40

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-15 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

            

The Hartford Global Growth Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	6
Statement of Assets and Liabilities at October 31, 2009	7
Statement of Operations for the Year Ended October 31, 2009	8
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	9
Notes to Financial Statements	10
Financial Highlights	20
Report of Independent Registered Public Accounting Firm	22
Directors and Officers (Unaudited)	23
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	25
Quarterly Portfolio Holdings Information (Unaudited)	25
Federal Tax Information (Unaudited)	26
Expense Example (Unaudited)	27
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	28

The Hartford Global Growth Fund inception 09/30/1998

(subadvised by Wellington Management Company, LLP) Investment objective — Seeks growth of captial.

Performance Overview(1) 10/31/99 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

MSCI World Growth Index is a broad-based unmanaged market capitalization-weighted total return index which measures the performance of growth securities in 23 developed-country global equity markets including the U.S., Canada, Europe, Australia, New Zealand and the Far East.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			10
	Year			Year			Year
Global Growth A#		19.33	%		-1.80	%		0.21	%
Global Growth A##		12.77	%		-2.90	%		-0.36	%
Global Growth B#		18.88	%		-2.43	%	NA		*
Global Growth B##		13.88	%		-2.75	%	NA		*
Global Growth C#		18.29	%		-2.55	%		-0.50	%
Global Growth C##		17.29	%		-2.55	%		-0.50	%
Global Growth R3#		18.87	%		-1.74	%		0.53	%
Global Growth R4#		19.07	%		-1.64	%		0.58	%
Global Growth R5#		19.46	%		-1.43	%		0.69	%
Global Growth Y#		19.57	%		-1.34	%		0.73	%
MSCI World Growth Index		19.75	%		3.30	%		-1.27	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	10 year returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Matthew D. Hudson, CFA	Jean-Marc Berteaux	Andrew S. Offit, CPA
Vice President	Senior Vice President, Partner	Senior Vice President, Partner

How did the Fund perform?

The Class A shares of The Hartford Global Growth Fund returned 19.33%, before sales charge, for the twelve-month period ended October 31, 2009, underperforming its benchmark, the MSCI World Growth Index, which returned 19.75% for the same period. The Fund outperformed the 18.28% return of the average fund in the Lipper Global Large-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the fund.

Why did the Fund perform this way?

During the twelve-month period ended October 31, 2009, global equities declined through March amid increasing signs of a deeper and more protracted recession and then rebounded strongly as governments around the world increased their involvement to help mitigate the financial crisis. Some encouraging economic data and better-than-expected corporate earnings boosted investors’ enthusiasm for stocks. The change in sentiment provided a tailwind for both growth stocks (19.7%) and value stocks (18.5%), as measured by the MSCI World Growth Index and the MSCI World Value Indexes, respectively. Within the MSCI World Growth Index, all ten sectors posted positive returns. The Telecommunication Services (44%), Materials (39%), and Information Technology (29%) sectors performed the best, while the defensive Utilities (1%) and Health Care (9%) sectors lagged.

2

Security selection contributed positively to relative (i.e. performance of the Fund as measured against the benchmark) performance in the Financials, Health Care, and Energy sectors. This was offset by weaker selection in the Telecommunication Services, Materials, Information Technology, and Industrials sectors. Relative performance also benefited from the Fund’s overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Telecommunications Services and underweights (i.e. the Fund’s sector position was less than the benchmark position) to Utilities and Consumer Staples; however, the Fund’s overweights to Financials, Health Care and Energy hurt relative results.

Wyeth (Health Care), Volkswagen (Consumer Discretionary), and Prudential Financial (Financials) were the leading contributors to benchmark-relative performance. Shares of U.S. pharmaceutical company Wyeth rose upon the announcement of Pfizer’s agreement to purchase the company. We eliminated the position during the period. The Fund’s benchmark-relative performance benefited from avoiding German car maker Volkswagen, which is a component of the benchmark. The stock continued to fall after the rapid appreciation seen in October 2008, which had been driven by Porsche’s move to take a controlling stake in the company. Prudential Financial, a leading diversified financial services company, benefited as investors gained confidence that the worst of the financial crisis was behind the company. Shares rose after the firm reported better-than-expected first quarter earnings despite continued investment losses. Top absolute (i.e. total return) contributors included Standard Chartered (Financials) and Goldman Sachs (Financials).

The top detractors from the Fund’s relative performance were Las Vegas Sands (Consumer Discretionary), SunPower (Industrials), and MetroPCS Communications (Telecommunication Services). Shares of Las Vegas Sands, a developer and operator of hotel, gaming, and resort businesses, fell due to disappointing earnings and concerns that the company’s balance sheet was overstretched. Shares of solar panel manufacturer SunPower moved lower after solar-sector peer First Solar commented on the potential risk of oversupply in the market. Wireless telecommunications service provider MetroPCS posted weaker-than-expected quarterly earnings as the firm faced increased competition, driving shares sharply lower. Significant detractors from absolute returns included diversified financial services and bank holding company Wells Fargo (Financials) and software company Electronic Arts (Information Technology).

What is the outlook?

Global economies continued the healing process during the latter part of the period. Our overall positioning is consistent with an improving economic outlook as aggressive stimulus measures have proven effective at providing liquidity and have eased financial market pressures. Against this backdrop, we continue to invest in globally competitive growth companies with accelerating fundamentals.

Portfolio construction is a bottom-up (i.e. stock by stock fundamental research) process based on intensive company research. Allocations among sectors are the result of individual stock decisions. At the end of the period, our stock-by-stock investment process resulted in greater-than-benchmark weights in the cyclical Financials, Consumer Discretionary, and Information Technology sectors. The Fund held below-benchmark weights in the traditionally defensive Consumer Staples, Health Care, and Utilities sectors. In Financials, improving fundamentals and the deleveraging of balance sheets make many of the high quality names in the sector attractive at the current depressed valuations. Top positions relative to the benchmark at the end of October included Bank of America, Banco Santander, and BOC Hong Kong. Our below-benchmark weight in Health Care reflects the fact that we are finding limited opportunities for growth in that sector relative to companies in other sectors.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		2.4	%
Banks (Financials)		5.2
Capital Goods (Industrials)		11.5
Consumer Durables & Apparel (Consumer Discretionary)		2.2
Consumer Services (Consumer Discretionary)		2.2
Diversified Financials (Financials)		6.4
Energy (Energy)		9.3
Food & Staples Retailing (Consumer Staples)		1.4
Food, Beverage & Tobacco (Consumer Staples)		3.2
Household & Personal Products (Consumer Staples)		1.5
Insurance (Financials)		1.5
Materials (Materials)		8.1
Media (Consumer Discretionary)		1.0
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		6.3
Real Estate (Financials)		1.0
Retailing (Consumer Discretionary)		9.0
Semiconductors & Semiconductor Equipment (Information Technology)		3.2
Software & Services (Information Technology)		8.1
Technology Hardware & Equipment (Information Technology)		10.9
Telecommunication Services (Services)		2.4
Short-Term Investments		2.6
Other Assets and Liabilities		0.6
Total		100.0	%

Diversification by Country
as of October 31, 2009

	Percentage of
Country	Net Assets
Brazil		2.4	%
Canada		2.7
China		0.7
Denmark		1.6
France		0.9
Germany		5.4
Hong Kong		4.1
Israel		1.4
Japan		6.8
Spain		2.1
Switzerland		6.1
Taiwan		1.0
United Kingdom		11.5
United States		50.1
Short-Term Investments		2.6
Other Assets and Liabilities		0.6
Total		100.0	%

3

The Hartford Global Growth Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 96.8%
		Automobiles & Components — 2.4%
	123	Daimler AG.	$	5,989
	666	Nissan Motor Co., Ltd.		4,819
				10,808
		Banks — 5.2%
	364	Banco Santander Central Hispano S.A.		5,855
	2,375	BOC Hong Kong Holdings Ltd.		5,467
	265	Itau Unibanco Banco Multiplo S.A. ADR		5,063
	298	Standard Chartered plc.		7,300
				23,685
		Capital Goods — 11.5%
	72	Danaher Corp.		4,926
	142	Illinois Tool Works, Inc.		6,498
	185	Ingersoll-Rand plc.		5,847
	88	Parker-Hannifin Corp.		4,666
	66	Precision Castparts Corp.		6,286
	82	Siemens AG.		7,381
	39	SMC Corp.		4,465
	207	Sunpower Corp. •		5,136
	103	Vestas Wind Systems A/S •		7,257
				52,462
		Consumer Durables & Apparel — 2.2%
	108	Adidas-Salomon AG.		5,009
	146	Coach, Inc.		4,820
				9,829
		Consumer Services — 2.2%
	646	MGM Mirage, Inc. •		5,986
	3,019	Wynn Macau Ltd. •		3,883
				9,869
		Diversified Financials — 6.4%
	576	Bank of America Corp.		8,392
	26	Goldman Sachs Group, Inc.		4,356
	131	JP Morgan Chase & Co.		5,476
	130	Julius Baer Group Ltd.		4,881
	383	UBS AG		6,387
				29,492
		Energy — 9.3%
	314	BG Group plc.		5,398
	92	Canadian Natural Resources Ltd.		5,938
	61	EOG Resources, Inc.		4,996
	113	Hess Corp.		6,180
	145	National Oilwell Varco, Inc. •		5,956
	126	Petroleo Brasileiro S.A. ADR		5,843
	131	Schlumberger Ltd.		8,129
				42,440
		Food & Staples Retailing — 1.4%
	119	Metro AG		6,582
		Food, Beverage & Tobacco — 3.2%
	218	British American Tobacco plc.		6,961
	166	Nestle S.A.		7,741
				14,702
		Household & Personal Products — 1.5%
	138	Reckitt Benckiser Group plc.		6,831
		Insurance — 1.5%
	357	Ping An Insurance (Group) Co.		3,129
	81	Prudential Financial, Inc.		3,654
				6,783
		Materials — 8.1%
	159	Anglo American plc •		5,746
	183	Barrick Gold Corp.		6,568
	295	BHP Billiton plc.		7,960
	53	Praxair, Inc.		4,242
	89	Shin-Etsu Chemical Co., Ltd.		4,725
	535	Xstrata plc.		7,706
				36,947
		Media — 1.0%
	486	WPP plc.		4,351
		Pharmaceuticals, Biotechnology & Life Sciences — 6.3%
	171	Amgen, Inc. •		9,166
	230	Daiichi Sankyo Co., Ltd.		4,488
	55	Roche Holding AG		8,859
	128	Teva Pharmaceutical Industries Ltd. ADR		6,436
				28,949
		Real Estate — 1.0%
	1,257	Hang Lung Properties Ltd.		4,750
		Retailing — 9.0%
	63	Amazon.com, Inc. •		7,438
	154	Best Buy Co., Inc.		5,868
	254	Gap, Inc.		5,423
	62	Industria de Diseno Textil S.A.		3,658
	67	Kohl’s Corp. •		3,805
	1,120	Li & Fung Ltd.		4,658
	290	Lowe’s Co., Inc.		5,673
	155	Urban Outfitters, Inc. •		4,879
				41,402
		Semiconductors & Semiconductor Equipment — 3.2%
	218	Altera Corp.		4,314
	499	NVIDIA Corp. •		5,968
	480	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		4,577
				14,859
		Software & Services — 8.1%
	132	Accenture plc.		4,880
	18	Google, Inc. •		9,661
	498	Oracle Corp.		10,499
	77	Visa, Inc.		5,796
	356	Western Union Co.		6,461
				37,297
		Technology Hardware & Equipment — 10.9%
	1,163	Alcatel S.A.		4,356
	54	Apple, Inc. •		10,122
	545	Cisco Systems, Inc. •		12,449
	102	Hewlett-Packard Co.		4,831
	208	NetApp, Inc. •		5,624
	161	Qualcomm, Inc.		6,679
	1,041	Toshiba Corp.		5,950
				50,011

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount					Market Value ╪
Telecommunication Services — 2.4%
	132	American Tower Corp. Class A •				4,864
	253	Softbank Corp.				5,966
						10,830
		Total common stocks (cost $381,488)			$	442,879
		Total long-term investments (cost $381,488)			$	442,879
SHORT-TERM INVESTMENTS - 2.6%
		Repurchase Agreements - 2.6%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $479, collateralized by GNMA 5.00%, 2039, value of $489)
$	479	0.08%, 10/30/2009			$	479
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $2,809, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $2,865)
	2,808	0.08%, 10/30/2009				2,808
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $3,129, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $3,191)
	3,129	0.08%, 10/30/2009				3,129
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $32, collateralized by U.S. Treasury Note 2.75%, 2013, value of $32)
	32	0.05%, 10/30/2009				32
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $5,421, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $5,529)
	5,421	0.07%, 10/30/2009				5,421
						11,869
		Total short-term investments (cost $11,869)			$	11,869
		Total investments (cost $393,357) ▲	99.4	%	$	454,748
		Other assets and liabilities	0.6	%		2,895
		Total net assets	100.0	%	$	457,643

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 46.7% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $397,220 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	73,733
Unrealized Depreciation		(16,205	)
Net Unrealized Appreciation	$	57,528

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Global Growth Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks
Automobiles & Components	$	10,808	$	—	$	10,808	$	—
Banks		23,685		5,063		18,622		—
Capital Goods		52,462		33,359		19,103		—
Consumer Durables & Apparel		9,829		4,820		5,009		—
Consumer Services		9,869		9,869		—		—
Diversified Financials		29,492		23,105		6,387		—
Energy		42,440		37,042		5,398		—
Food & Staples Retailing		6,582		—		6,582		—
Food, Beverage & Tobacco		14,702		—		14,702		—
Household & Personal Products		6,831		—		6,831		—
Insurance		6,783		3,654		3,129		—
Materials		36,947		10,810		26,137		—
Media		4,351		—		4,351		—
Pharmaceuticals, Biotechnology & Life Sciences		28,949		15,602		13,347		—
Real Estate		4,750		—		4,750		—
Retailing		41,402		33,086		8,316		—
Semiconductors & Semiconductor Equipment		14,859		14,859		—		—
Software & Services		37,297		37,297		—		—
Technology Hardware & Equipment		50,011		39,705		10,306		—
Telecommunication Services		10,830		4,864		5,966		—
Total		442,879		273,135		169,744		—
Short-Term Investments		11,869		—		11,869		—
Total	$	454,748	$	273,135	$	181,613	$	—

The accompanying notes are an integral part of these financial statements.

6

The Hartford Global Growth Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $393,357)	$	454,748
Cash		7
Receivables:
Investment securities sold		3,323
Fund shares sold		408
Dividends and interest		610
Other assets		91
Total assets		459,187
Liabilities:
Payables:
Investment securities purchased		820
Fund shares redeemed		465
Investment management fees		66
Distribution fees		17
Accrued expenses		176
Total liabilities		1,544
Net assets	$	457,643
Summary of Net Assets:
Capital stock and paid-in-capital		564,335
Accumulated undistributed net investment income		1,511
Accumulated net realized loss on investments and foreign currency transactions		(169,611	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		61,408
Net assets	$	457,643
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	12.53/$13.26
Shares outstanding		18,750
Net assets	$	234,971
Class B: Net asset value per share	$	11.46
Shares outstanding		1,600
Net assets	$	18,333
Class C: Net asset value per share	$	11.45
Shares outstanding		2,363
Net assets	$	27,064
Class R3: Net asset value per share	$	13.04
Shares outstanding		9
Net assets	$	113
Class R4: Net asset value per share	$	13.11
Shares outstanding		4
Net assets	$	59
Class R5: Net asset value per share	$	13.26
Shares outstanding		1
Net assets	$	7
Class Y: Net asset value per share	$	13.32
Shares outstanding		13,296
Net assets	$	177,096

The accompanying notes are an integral part of these financial statements.

7

The Hartford Global Growth Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	6,501
Interest		15
Securities lending		19
Less: Foreign tax withheld		(561	)
Total investment income		5,974
Expenses:
Investment management fees		3,355
Administrative services fees		—
Transfer agent fees		1,582
Distribution fees
Class A		490
Class B		187
Class C		258
Class R3		—
Class R4		—
Custodian fees		25
Accounting services fees		63
Registration and filing fees		90
Board of Directors’ fees		12
Audit fees		18
Other expenses		126
Total expenses (before waivers and fees paid indirectly)		6,206
Expense waivers		(867	)
Transfer agent fee waivers		(859	)
Commission recapture		(22	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(1,748	)
Total expenses, net		4,458
Net Investment Income		1,516
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(118,596	)
Net realized loss on forward foreign currency contracts		(264	)
Net realized gain on other foreign currency transactions		266
Net Realized Loss on Investments and Foreign Currency Transactions		(118,594	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		188,075
Net unrealized appreciation of forward foreign currency contracts		30
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(19	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		188,086
Net Gain on Investments and Foreign Currency Transactions		69,492
Net Increase in Net Assets Resulting from Operations	$	71,008

The accompanying notes are an integral part of these financial statements.

8

The Hartford Global Growth Fund

Statement of Changes in Net Assets
(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income (loss)	$	1,516		$	(1,079	)
Net realized loss on investments and foreign currency transactions		(118,594	)		(50,551	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		188,086			(377,759	)
Net Increase (Decrease) In Net Assets Resulting From Operations		71,008			(429,389	)
Distributions to Shareholders:
From net realized gain on investments
Class A		—			(52,363	)
Class B		—			(8,994	)
Class C		—			(8,596	)
Class R3		—			(1	)
Class R4		—			(1	)
Class R5		—			(1	)
Class Y		—			(19,921	)
Total distributions		—			(89,877	)
Capital Share Transactions:
Class A		(10,455	)		22,809
Class B		(7,898	)		(13,917	)
Class C		(7,155	)		235
Class R3		92			9
Class R4		37			17
Class R5		(5	)		11
Class Y		9,459			69,486
Net increase (decrease) from capital share transactions		(15,925	)		78,650
Net Increase (Decrease) In Net Assets		55,083			(440,616	)
Net Assets:
Beginning of period		402,560			843,176
End of period	$	457,643		$	402,560
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	1,511		$	15

The accompanying notes are an integral part of these financial statements.

9

The Hartford Global Growth Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Global Growth Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading

10

restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management

11

The Hartford Global Growth Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio

12

	management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
g)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding forward foreign currency contracts as of October 31, 2009.
h)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
i)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund had no illiquid or restricted securities as of October 31, 2009.
j)	Securities Purchased on a When-Issued or Delayed-Delivery Basis — Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of October 31, 2009, the Fund had no outstanding when-issued or delayed delivery securities.

13

The Hartford Global Growth Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

k)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
l)	Additional Derivative Instrument(s) Information
	The volume of derivative activity was minimal during the year ended October 31, 2009.
	Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—	$	(264	)	$	—	$	(264	)
Total	$	—	$	—	$	—	$	(264	)	$	—	$	(264	)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps		Total
Foreign exchange contracts		—		—		—		30		—	$	30
Total	$	—	$	—	$	—	$	30	$	—	$	30

m) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

14

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	—	$	18,484
Long-Term Capital Gains *		—		71,393

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,511
Accumulated Capital Losses *		(165,748	)
Unrealized Appreciation †		57,545
Total Accumulated Deficit	$	(106,692	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated undistributed net investment income by $20, increase accumulated net realized gain on investments by $21, and decrease paid-in-capital by $1.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	45,031
2017		120,717
Total	$	165,748

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

15

The Hartford Global Growth Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

4. Expenses:

a)

Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8500	%
On next $500 million		0.7500	%
On next $4 billion		0.7000	%
On next $5 billion		0.6975	%
Over $10 billion		0.6950	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.016	%
On next $5 billion		0.014	%
Over $10 billion		0.012	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class R3			Class R4			Class R5			Class Y
	1.48	%		2.23	%		2.23	%		1.73	%		1.43	%		1.13	%		1.13	%

d) Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

16

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.13	%		1.43	%		1.47	%		1.45	%		1.36	%
Class B Shares		1.56			2.01			2.18			2.15			2.23
Class C Shares		2.00			2.16			2.14			2.18			2.13
Class R3 Shares		1.72			1.72			1.65	*
Class R4 Shares		1.36			1.43			1.34	*
Class R5 Shares		1.05			1.05			1.05	*
Class Y Shares		0.93			0.90			0.89			0.91			0.85

* From December 22, 2006 (commencement of operations), through October 31, 2007.

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $401 and contingent deferred sales charges of $29 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $29. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $644 for providing such services. These fees are accrued daily and paid monthly.

17

The Hartford Global Growth Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.
g)	Payments from Affiliate — The total return in the accompanying financial highlights includes payment from affiliates. Had the payment from affiliates been excluded, the total return for the periods listed below would have been as follows:

	Impact from			Total Return
	Payment from			Excluding
	Affiliate for SEC			Payment from
	Settlement for			Affiliate for the
	the Year Ended			Year Ended
	October 31, 2007			October 31, 2007
Class A		0.26	%		35.50	%
Class B		0.27			34.45
Class C		0.27			34.58
Class Y		0.25			36.28

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R4		1
Class R5		1

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	316,130
Sales Proceeds Excluding U.S. Government Obligations		330,123

18

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		3,670		—		(5,198	)		—		(1,528	)		2,818		2,438		(4,703	)		—		553
Amount	$	43,335	$	—	$	(53,790	)	$	—	$	(10,455	)	$	51,785	$	50,714	$	(79,690	)	$	—	$	22,809
Class B
Shares		131		—		(981	)		—		(850	)		198		457		(1,596	)		—		(941	)
Amount	$	1,276	$	—	$	(9,174	)	$	—	$	(7,898	)	$	3,339	$	8,763	$	(26,019	)	$	—	$	(13,917	)
Class C
Shares		215		—		(985	)		—		(770	)		221		419		(744	)		—		(104	)
Amount	$	1,985	$	—	$	(9,140	)	$	—	$	(7,155	)	$	3,869	$	8,096	$	(11,730	)	$	—	$	235
Class R3
Shares		9		—		(1	)		—		8			—		—		—			—		—
Amount	$	108	$	—	$	(16	)	$	—	$	92		$	8	$	1	$	—		$	—	$	9
Class R4
Shares		3		—		—			—		3			27		—		(27	)		—		—
Amount	$	37	$	—	$	—		$	—	$	37		$	516	$	1	$	(500	)	$	—	$	17
Class R5
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	—	$	—	$	(5	)	$	—	$	(5	)	$	10	$	1	$	—		$	—	$	11
Class Y
Shares		2,967		—		(1,852	)		—		1,115			4,002		907		(210	)		—		4,699
Amount	$	30,381	$	—	$	(20,922	)	$	—	$	9,459		$	53,425	$	19,921	$	(3,860	)	$	—	$	69,486

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		345	$	3,533
For the Year Ended October 31, 2008		649	$	11,746

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.
10.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

19

The Hartford Global Growth Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	10.50	$	0.04		$	—	$	1.99		$	2.03		$	—		$	—		$	—	$	—		$	2.03		$	12.53
B		9.64		—			—		1.82			1.82			—			—			—		—			1.82			11.46
C		9.68		(0.05	)		—		1.82			1.77			—			—			—		—			1.77			11.45
R3		10.97		(0.02	)		—		2.09			2.07			—			—			—		—			2.07			13.04
R4		11.01		0.01			—		2.09			2.10			—			—			—		—			2.10			13.11
R5		11.10		0.05			—		2.11			2.16			—			—			—		—			2.16			13.26
Y		11.14		0.07			—		2.11			2.18			—			—			—		—			2.18			13.32
For the Year Ended October 31, 2008(e)
A		24.97		(0.03	)		—		(11.78	)		(11.81	)		—			(2.66	)		—		(2.66	)		(14.47	)		10.50
B		23.27		(0.14	)		—		(10.83	)		(10.97	)		—			(2.66	)		—		(2.66	)		(13.63	)		9.64
C		23.40		(0.16	)		—		(10.90	)		(11.06	)		—			(2.66	)		—		(2.66	)		(13.72	)		9.68
R3		26.02		(0.08	)		—		(12.31	)		(12.39	)		—			(2.66	)		—		(2.66	)		(15.05	)		10.97
R4		26.09		(0.05	)		—		(12.37	)		(12.42	)		—			(2.66	)		—		(2.66	)		(15.08	)		11.01
R5		26.15		0.05			—		(12.44	)		(12.39	)		—			(2.66	)		—		(2.66	)		(15.05	)		11.10
Y		26.19		0.07			—		(12.46	)		(12.39	)		—			(2.66	)		—		(2.66	)		(15.05	)		11.14
For the Year Ended October 31, 2007
A		19.35		(0.14	)		0.05		6.69			6.60			—			(0.98	)		—		(0.98	)		5.62			24.97
B		18.23		(0.32	)		0.06		6.28			6.02			—			(0.98	)		—		(0.98	)		5.04			23.27
C		18.31		(0.28	)		0.05		6.30			6.07			—			(0.98	)		—		(0.98	)		5.09			23.40
R3(g)		20.00		(0.14	)		—		6.16			6.02			—			—			—		—			6.02			26.02
R4(g)		20.00		(0.09	)		—		6.18			6.09			—			—			—		—			6.09			26.09
R5(g)		20.00		(0.03	)		—		6.18			6.15			—			—			—		—			6.15			26.15
Y		20.14		—			0.06		6.97			7.03			—			(0.98	)		—		(0.98	)		6.05			26.19
For the Year Ended October 31, 2006(e)
A		16.80		(0.05	)		—		2.81			2.76			(0.02	)		(0.19	)		—		(0.21	)		2.55			19.35
B		15.93		(0.17	)		—		2.66			2.49			—			(0.19	)		—		(0.19	)		2.30			18.23
C		16.01		(0.17	)		—		2.66			2.49			—			(0.19	)		—		(0.19	)		2.30			18.31
Y		17.46		0.06			—		2.91			2.97			(0.10	)		(0.19	)		—		(0.29	)		2.68			20.14
For the Year Ended October 31, 2005
A		16.49		0.08			—		0.23			0.31			—			—			—		—			0.31			16.80
B		15.77		(0.08	)		—		0.24			0.16			—			—			—		—			0.16			15.93
C		15.84		(0.06	)		—		0.23			0.17			—			—			—		—			0.17			16.01
Y		17.06		0.13			—		0.27			0.40			—			—			—		—			0.40			17.46

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(g)	Commenced operations on December 22, 2006.
(h)	Not annualized.
(i)	Annualized.

20

- Ratios and Supplemental Data -

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	19.33	%	$	234,971		1.83	%		1.13	%		1.13	%		0.38	%		82	%
	18.88			18,333		2.90			1.57			1.57			(0.05	)		—
	18.29			27,064		2.45			2.01			2.01			(0.49	)		—
	18.87			113		1.82			1.73			1.73			(0.41	)		—
	19.07			59		1.37			1.37			1.37			0.16			—
	19.46			7		1.05			1.05			1.05			0.46			—
	19.57			177,096		0.94			0.94			0.94			0.59			—
	(52.57	)		212,910		1.49			1.43			1.43			(0.18	)		82
	(52.83	)		23,614		2.42			2.01			2.01			(0.79	)		—
	(52.94	)		30,334		2.16			2.16			2.16			(0.92	)		—
	(52.69	)		10		1.88			1.73			1.73			(0.42	)		—
	(52.66	)		7		1.58			1.43			1.43			(0.57	)		—
	(52.40	)		12		1.06			1.06			1.06			0.26			—
	(52.31	)		135,673		0.90			0.90			0.90			0.36			—
	35.85	(f)		492,466		1.48			1.48			1.48			(0.62	)		85
	34.81	(f)		78,931		2.40			2.19			2.19			(1.33	)		—
	34.94	(f)		75,742		2.15			2.15			2.15			(1.29	)		—
	30.10	(h)		13		1.65	(i)		1.65	(i)		1.65	(i)		(0.78	) (i)		—
	30.45	(h)		13		1.34	(i)		1.34	(i)		1.34	(i)		(0.47	) (i)		—
	30.75	(h)		13		1.05	(i)		1.05	(i)		1.05	(i)		(0.17	) (i)		—
	36.61	(f)		195,998		0.89			0.89			0.89			(0.01	)		—
	16.58			417,840		1.53			1.48			1.48			(0.25	)		125
	15.80			74,805		2.44			2.18			2.18			(0.95	)		—
	15.72			66,121		2.20			2.20			2.20			(0.98	)		—
	17.25			169,270		0.93			0.93			0.93			0.31			—
	1.88			419,648		1.58			1.48			1.48			0.41			270
	1.02			78,986		2.51			2.35			2.35			(0.45	)		—
	1.07			71,623		2.25			2.25			2.25			(0.34	)		—
	2.34			83,896		0.97			0.97			0.97			0.87			—

21

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Global Growth Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Global Growth Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

22

The Hartford Global Growth Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

23

The Hartford Global Growth Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

*  Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

24

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

25

The Hartford Global Growth Fund

Federal Tax Information (Unaudited)

The Fund made no capital gain or income distributions for the fiscal year ended October 31, 2009.

26

The Hartford Global Growth Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,214.10	$	6.64	$	1,000.00	$	1,019.21	$	6.06		1.19	%		184		365
Class B	$	1,000.00	$	1,212.70	$	9.31	$	1,000.00	$	1,016.79	$	8.49		1.67			184		365
Class C	$	1,000.00	$	1,209.10	$	11.41	$	1,000.00	$	1,014.87	$	10.41		2.05			184		365
Class R3	$	1,000.00	$	1,211.90	$	10.04	$	1,000.00	$	1,016.13	$	9.15		1.80			184		365
Class R4	$	1,000.00	$	1,213.90	$	7.42	$	1,000.00	$	1,018.50	$	6.77		1.33			184		365
Class R5	$	1,000.00	$	1,215.40	$	5.75	$	1,000.00	$	1,020.01	$	5.24		1.03			184		365
Class Y	$	1,000.00	$	1,216.40	$	5.08	$	1,000.00	$	1,020.62	$	4.63		0.91			184		365

27

The Hartford Global Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Global Growth Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

28

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over

29

The Hartford Global Growth Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

30

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-16 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford Global Health Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valutation Hierarchy Level Summary at October 31, 2009	6
Statement of Assets and Liabilities at October 31, 2009	7
Statement of Operations for the Year Ended October 31, 2009	8
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	9
Notes to Financial Statements	10
Financial Highlights	20
Report of Independent Registered Public Accounting Firm	22
Directors and Officers (Unaudited)	23
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	25
Quarterly Portfolio Holdings Information (Unaudited)	25
Federal Tax Information (Unaudited)	26
Expense Example (Unaudited)	27
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	28

The Hartford Global Health Fund inception 05/01/2000

(subadvised by Wellington Management Company, LLP) Investment objective — Seeks long-term capital appreciation.

Performance Overview(1) 5/01/00 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

S&P North American Health Care Sector Indexis a modified capitalization-weighted index based on United States headquartered health care companies. Stocks in the index are weighted such that each stock is no more than 7.5% of the market capitalization as of the most recent reconstitution date. The companies included in the index must be common stocks and be traded on the American Stock Exchange, Nasdaq or the New York Stock Exchange and meet certain established market capitalization levels.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
Global Health A#		8.48	%		2.81	%		6.93	%
Global Health A##		2.52	%		1.65	%		6.29	%
Global Health B#		7.95	%		2.05	%		NA	*
Global Health B##		2.95	%		1.74	%		NA	*
Global Health C#		7.66	%		2.05	%		6.15	%
Global Health C##		6.66	%		2.05	%		6.15	%
Global Health I#		8.73	%		3.04	%		7.06	%
Global Health R3#		8.15	%		2.82	%		7.23	%
Global Health R4#		8.64	%		3.07	%		7.37	%
Global Health R5#		8.89	%		3.25	%		7.47	%
Global Health Y#		8.95	%		3.29	%		7.49	%
S&P 500 Index		9.78	%		0.33	%		-1.72	%
S&P North American Health Care Sector Index		8.93	%		3.30	%		2.49	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	Inception returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Robert L. Deresiewicz	Ann C. Gallo	Jean M. Hynes, CFA	Kirk J. Mayer, CFA
Vice President	Senior Vice President, Partner	Senior Vice President, Partner	Senior Vice President
How did the Fund perform?
The Class A shares of The Hartford Global Health Fund returned 8.48%, before sales charge, for the twelve-month period ended October 31, 2009, underperforming its benchmark, the S&P North American Health Care Index, which returned 8.93% for the same period. The Fund also underperformed the 10.71% return of the average fund in the Lipper Global Health and Biotechnology peer group, a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way? In early 2009, the Obama administration unveiled a proposed budget which called for funding for a national health insurance program. Health care stocks tumbled on the heels of the news.

2

While HMO stocks were the hardest hit, selling was indiscriminate; even industries that stand to benefit from health care reform, such as generic drug makers, were dragged down in the sell-off. After that very difficult start to the year, healthcare stocks demonstrated an impressive turnaround through October 31, 2009.

Despite the turnaround, Health Care stocks (9%) modestly underperformed the broader U.S. market (10%) and the global equity market (19%) during the period, as measured by the S&P North American Health Care, S&P 500, and the MSCI World Indexes respectively. Within the S&P North American Health Care Index, three out of the four sub-sectors posted positive returns. Health Services (+23%) and Pharmaceuticals (+15%) performed well. Medical Products (-1%) and Specialty Pharmaceuticals/Biotechnology (+0%) underperformed relative to the other sub-sectors.

The Fund slightly underperformed its benchmark during the period, with underweight (i.e. the Fund’s sector position was less than the benchmark position) allocations to the Pharmaceuticals and Health Services sub-sectors and an overweight (i.e. the Fund’s sector position was greater than the benchmark position) allocation to Specialty Pharmaceuticals/Biotechnology offsetting the benefits of strong stock selection in Pharmaceuticals and Health Services and an underweight allocation to Medical Products sub-sectors.

Holdings of Celera, Wyeth, and Medicines Company detracted from benchmark-relative performance. Shares in molecular diagnostics company Celera fell during the period after the company announced 2009 guidance below analysts’ expectations. Shares of pharmaceutical company Wyeth rose sharply after agreeing to be acquired by Pfizer. The stock detracted from benchmark-relative results due to our underweight position. Specialty pharma company Medicines Company’s shares fell during the period as the company discontinued Phase III clinical trials for the development of its experimental blood clotting treatment. Top detractors from absolute (i.e. total return) performance included U.S.-based biopharmaceutical company Progenics Pharmaceuticals and health care products company Covidien.

Holdings of Schering-Plough, UCB, and Abbott Laboratories were among the top contributors to benchmark-relative performance during the period. Shares of global health care company Schering-Plough rose after the company received a takeover offer from Merck in the first quarter of 2009. Pharmaceutical company UCB announced FDA approval for Cimzia, used to treat Crohn’s disease, and positive results for clinical trials of its lupus drug Epratuzumab, each of which drove shares higher. Shares of Abbott Laboratories moved higher early in the first quarter of 2009 after reporting solid earnings in mid-January. We eliminated our positions in Schering-Plough and Abbott Laboratories during the period. Top contributors to absolute performance also included pharmaceutical companies Pfizer and Shionogi.

What is the outlook?

We continue to believe that the odds of the enactment of some type of healthcare reform are high. Nonetheless, as we expected, leading reform proposals are incremental and built on our existing systems and do not call for a systemic overhaul or introduction of a single-payer model. Despite the explosive town hall meetings that took place during the U.S. Congressional recess, the volatility of healthcare stocks has declined substantially in recent months, in part because the ultimate resolution of the healthcare debate is increasingly evident. However, with healthcare stocks lagging the performance of the S&P 500 Index year to date, and with a projected price earnings ratio of 12 times 2010 earnings, we are very optimistic about the sector’s future performance — especially after the reform debate moves to the back burner.

Against this backdrop, the Fund ended the period most overweight the Biotechnology sector and underweight the Pharmaceuticals and Health Care Services sectors relative to the benchmark.

Diversification by Industry

as of October 31, 2009

	Percentage of
Industry	Net Assets
Biotechnology		18.6	%
Drug Retail		1.3
Health Care Distributors		8.0
Health Care Equipment		21.6
Health Care Services		1.1
Health Care Supplies		0.3
Health Care Technology		0.3
Life Sciences Tools & Services		2.0
Managed Health Care		8.8
Pharmaceuticals		37.7
Specialty Stores		0.0
Short-Term Investments		0.2
Other Assets and Liabilities		0.1
Total		100.0	%

Diversification by Country
as of October 31, 2009

	Percentage of
Country	Net Assets
Belgium		1.5	%
China		0.7
France		0.4
Germany		1.6
Ireland		2.2
Israel		2.7
Italy		1.2
Japan		6.9
Switzerland		0.9
United Kingdom		1.3
United States		80.3
Short-Term Investments		0.2
Other Assets and Liabilities		0.1
Total		100.0	%

3

The Hartford Global Health Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 99.7%
		Biotechnology — 18.6%
	250	3SBio, Inc. ADR •	$	2,587
	333	Amgen, Inc. •		17,908
	351	Amylin Pharmaceuticals, Inc. •		3,876
	687	Celera Corp. •		4,254
	75	Cephalon, Inc. •		4,113
	864	Cytokinetics, Inc. •		2,755
	103	Genzyme Corp. •		5,227
	105	Gilead Sciences, Inc. •		4,480
	950	Incyte Corp. •		5,594
	820	Ligand Pharmaceuticals Class B •		1,394
	124	OSI Pharmaceuticals, Inc. •		4,002
	476	Progenics Pharmaceuticals, Inc. •		1,994
	169	Regeneron Pharmaceuticals, Inc. •		2,645
	62	Rigel Pharmaceuticals, Inc. •		395
	314	Seattle Genetics, Inc. •		2,847
	122	Vertex Pharmaceuticals, Inc. •		4,081
				68,152
		Drug Retail — 1.3%
	127	Walgreen Co.		4,814
		Health Care Distributors — 8.0%
	287	Amerisource Bergen Corp.		6,362
	369	Cardinal Health, Inc.		10,452
	213	McKesson Corp.		12,521
				29,335
		Health Care Equipment — 21.6%
	139	Baxter International, Inc.		7,510
	97	Beckman Coulter, Inc.		6,233
	191	CareFusion Corp. •		4,282
	303	China Medical Technologies, Inc. ADR		4,757
	279	Covidien plc		11,735
	116	DiaSorin S.p.A.		4,233
	168	Hospira, Inc. •		7,499
	459	Medtronic, Inc.		16,376
	230	St. Jude Medical, Inc. •		7,821
	112	Symmetry Medical, Inc. •		893
	566	Volcano Corp. •		8,121
				79,460
		Health Care Services — 1.1%
	82	Fresenius Medical Care AG ADR		3,980
		Health Care Supplies — 0.3%
	29	Inverness Medical Innovation, Inc. •		1,095
		Health Care Technology — 0.3%
	54	Eclipsys Corp. •		1,015
		Life Sciences Tools & Services — 2.0%
	136	PAREXEL International Corp. •		1,707
	120	Thermo Fisher Scientific, Inc. •		5,418
				7,125
		Managed Health Care — 8.8%
	255	Aetna, Inc.		6,638
	203	Coventry Health Care, Inc. •		4,020
	167	Health Net, Inc. •		2,482
	558	UnitedHealth Group, Inc.		14,469
	103	Wellpoint, Inc. •		4,835
				32,444
		Pharmaceuticals — 37.7%
	108	AstraZeneca plc ADR		4,828
	405	Daiichi Sankyo Co., Ltd.		7,912
	192	Eisai Co., Ltd.		6,822
	1,492	Elan Corp. plc ADR •		8,130
	117	Eli Lilly & Co.		3,993
	399	Forest Laboratories, Inc. •		11,045
	32	Ipsen		1,629
	217	King Pharmaceuticals, Inc. •		2,194
	386	Medicines Co. •		2,775
	700	Merck & Co., Inc.		21,660
	1,889	Pfizer, Inc.		32,176
	20	Roche Holding AG		3,274
	500	Shionogi & Co., Ltd		10,781
	74	Stada Arzneimittel AG		1,978
	196	Teva Pharmaceutical Industries Ltd. ADR		9,885
	129	UCB S.A.		5,490
	118	Watson Pharmaceuticals, Inc. •		4,068
				138,640
		Specialty Stores — 0.0%
	8	Vitamin Shoppe, Inc.		137
		Total common stocks (cost $396,272)	$	366,197
WARRANTS — 0.0%
		Biotechnology - 0.0%
	96	Cytokinetics, Inc. ⌂ •	$	42
		Total warrants (cost $-)	$	42
		Total long-term investments (cost $396,272)	$	366,239
SHORT-TERM INVESTMENTS — 0.2%
		Repurchase Agreements — 0.2%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $31, collateralized by GNMA 5.00%, 2039, value of $32)
$	31	0.08%, 10/30/2009	$	31
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $183, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $187)
	183	0.08%, 10/30/2009		183
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $204, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $208)
	204	0.08%, 10/30/2009		204

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS — 0.2% — (continued)
		Repurchase Agreements — 0.2% — (continued)
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $2, collateralized by U.S. Treasury Note 2.75%, 2013, value of $2)
$	2	0.05%, 10/30/2009			$	2
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $353, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $360)
	353	0.07%, 10/30/2009				353
						773
		Total short-term investments (cost $773)			$	773
		Total investments (cost $397,045)▲	99.9	%	$	367,012
		Other assets and liabilities	0.1	%		397
		Total net assets	100.0	%	$	367,409

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 19.4% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $414,104 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	32,364
Unrealized Depreciation		(79,456	)
Net Unrealized Depreciation	$	(47,092	)

l Currently non-income producing.

⌂ The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period	Shares/
Acquired	Par		Security	Cost Basis
05/2009		96	Cytokinetics, Inc. Warrants	$	—

The aggregate value of these securities at October 31, 2009 was $42 which represents 0.01% of total net assets.

Forward Foreign Currency Contracts Outstanding at October 31, 2009

							Unrealized
	Market		Contract		Delivery		Appreciation/
Description	Value ╪		Amount		Date		(Depreciation)
Japanese Yen (Sell)	$	345	$	342		11/04/09	$	(3	)
Japanese Yen (Sell)		62		62		11/05/09		—
							$	(3	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Global Health Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks
Biotechnology	$	68,152	$	68,152	$	—	$	—
Drug Retail		4,814		4,814		—		—
Health Care Distributors		29,335		29,335		—		—
Health Care Equipment		79,460		75,227		4,233		—
Health Care Services		3,980		3,980		—		—
Health Care Supplies		1,095		1,095		—		—
Health Care Technology		1,015		1,015		—		—
Life Sciences Tools & Services		7,125		7,125		—		—
Managed Health Care		32,444		32,444		—		—
Pharmaceuticals		138,640		100,754		37,886		—
Specialty Stores		137		137		—		—
Total		366,197		324,078		42,119		—
Warrants ‡		42		—		42		—
Short-Term Investments		773		—		773		—
Total	$	367,012	$	324,078	$	42,934	$	—
Liabilities:
Other Financial Instruments *	$	3	$	—	$	3	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Global Health Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $397,045)	$	367,012
Cash		1
Receivables:
Investment securities sold		3,319
Fund shares sold		280
Dividends and interest		434
Other assets		49
Total assets		371,095
Liabilities:
Unrealized depreciation on forward foreign currency contracts		3
Bank overdraft — foreign cash		—
Payables:
Investment securities purchased		2,389
Fund shares redeemed		1,033
Investment management fees		56
Distribution fees		28
Accrued expenses		177
Total liabilities		3,686
Net assets	$	367,409
Summary of Net Assets:
Capital stock and paid-in-capital		533,304
Accumulated undistributed net investment income		3
Accumulated net realized loss on investments and foreign currency transactions		(135,866	)
Unrealized depreciation of investments and the translation of assets and liabilities denominated in foreign currency		(30,032	)
Net assets	$	367,409
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	13.07/$13.83
Shares outstanding		17,951
Net assets	$	234,603
Class B: Net asset value per share	$	11.98
Shares outstanding		2,651
Net assets	$	31,746
Class C: Net asset value per share	$	11.99
Shares outstanding		6,205
Net assets	$	74,424
Class I: Net asset value per share	$	13.23
Shares outstanding		1,204
Net assets	$	15,934
Class R3: Net asset value per share	$	13.57
Shares outstanding		98
Net assets	$	1,330
Class R4: Net asset value per share	$	13.74
Shares outstanding		447
Net assets	$	6,147
Class R5: Net asset value per share	$	13.87
Shares outstanding		102
Net assets	$	1,412
Class Y: Net asset value per share	$	13.90
Shares outstanding		130
Net assets	$	1,813

The accompanying notes are an integral part of these financial statements.

7

The Hartford Global Health Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	6,091
Interest		5
Securities lending		147
Less: Foreign tax withheld		(207	)
Total investment income		6,036
Expenses:
Investment management fees		4,095
Administrative services fees		11
Transfer agent fees		1,314
Distribution fees
Class A		642
Class B		365
Class C		806
Class R3		4
Class R4		13
Custodian fees		23
Accounting services fees		64
Registration and filing fees		120
Board of Directors’ fees		16
Audit fees		22
Other expenses		210
Total expenses (before waivers and fees paid indirectly)		7,705
Expense waivers		(69	)
Transfer agent fee waivers		(157	)
Commission recapture		(50	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(276	)
Total expenses, net		7,429
Net Investment Loss		(1,393	)
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(127,105	)
Net realized loss on forward foreign currency contracts		(315	)
Net realized gain on other foreign currency transactions		456
Net Realized Loss on Investments and Foreign Currency Transactions		(126,964	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		138,766
Net unrealized depreciation of forward foreign currency contracts		(3	)
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(74	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		138,689
Net Gain on Investments and Foreign Currency Transactions		11,725
Net Increase in Net Assets Resulting from Operations	$	10,332

The accompanying notes are an integral part of these financial statements.

8

The Hartford Global Health Fund

Statement of Changes in Net Assets
(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment loss	$	(1,393	)	$	(2,072	)
Net realized gain (loss) on investments and foreign currency transactions		(126,964	)		23,413
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		138,689			(281,548	)
Net Increase (Decrease) In Net Assets Resulting From Operations		10,332			(260,207	)
Distributions to Shareholders:
From net realized gain on investments
Class A		(14,159	)		(35,144	)
Class B		(2,332	)		(6,084	)
Class C		(4,728	)		(10,053	)
Class I		(1,547	)		(1,046	)
Class R3		(23	)		(7	)
Class R4		(189	)		(36	)
Class R5		(65	)		(26	)
Class Y		(7,033	)		(14,030	)
Total distributions		(30,076	)		(66,426	)
Capital Share Transactions:
Class A		(68,275	)		(40,482	)
Class B		(13,501	)		(11,375	)
Class C		(19,147	)		3,916
Class I		(24,782	)		37,815
Class R3		754			521
Class R4		1,884			4,527
Class R5		(113	)		1,511
Class Y		(132,062	)		14,054
Net increase (decrease) from capital share transactions		(255,242	)		10,487
Net Decrease In Net Assets		(274,986	)		(316,146	)
Net Assets:
Beginning of period		642,395			958,541
End of period	$	367,409		$	642,395
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	3		$	—

The accompanying notes are an integral part of these financial statements.

9

The Hartford Global Health Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Global Health Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a non-diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading

10

restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management

11

The Hartford Global Health Fund

Notes to Financial Statements —(continued)
October 31, 2009
(000’s Omitted)

judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio

12

	management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
g)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
h)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional             shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
i)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
j)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.

13

The Hartford Global Health Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

k)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Statement of Assets and Liabilities Location
Foreign exchange contracts		Unrealized depreciation on forward	$	3
		foreign currency contracts

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—	$	(315	)	$	—	$	(315	)
Total	$	—	$	—	$	—	$	(315	)	$	—	$	(315	)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts		—		—		—		(3	)		—	$	(3	)
Total	$	—	$	—	$	—	$	(3	)	$	—	$	(3	)

l) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

14

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	—	$	18,256
Long-Term Capital Gains *		30,076		48,170

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Accumulated Capital Losses *	$	(118,807	)
Unrealized Depreciation †		(47,088	)
Total Accumulated Deficit	$	(165,895	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase accumulated undistributed net investment income by $1,396, decrease accumulated net realized loss on investments by $90, and decrease paid-in-capital by $1,306.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2017	$	118,807
Total	$	118,807

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s

15

The Hartford Global Health Fund
Notes to Financial Statements — (continued) 
October 31, 2009
(000’s Omitted)

investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.9000	%
On next $500 million		0.8500	%
On next $4 billion		0.8000	%
On next $5 billion		0.7975	%
Over $10 billion		0.7950	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.60%	2.35%	2.35%	1.35%	1.85%	1.55%	1.25%	1.20%

d)

Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.54	%		1.41	%		1.40	%		1.60	%		1.58	%
Class B Shares		2.10			2.24			2.29			2.31			2.33
Class C Shares		2.26			2.14			2.14			2.31			2.33
Class I Shares		1.26			1.10			1.08			1.14	*
Class R3 Shares		1.78			1.85			1.77	†
Class R4 Shares		1.39			1.35			1.45	†
Class R5 Shares		1.09			1.05			1.17	†
Class Y Shares		0.99			0.95			0.95			1.08			1.06

*	From August 31, 2006 (commencement of operations), through October 31, 2006.
†	From December 22, 2006 (commencement of operations), through October 31, 2007.

16

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $315 and contingent deferred sales charges of $91 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $11. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $1,180 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

17

The Hartford Global Health Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

g) Payments from Affiliate — The total return in the accompanying financial highlights includes payment from affiliates. Had the payment from affiliates been excluded, the total return for the periods listed below would have been as follows:

	Impact from			Total Return
	Payment from			Excluding
	Affiliate for SEC			Payment from
	Settlement for			Affiliate for the
	the Year Ended			Year Ended
	October 31,			October 31,
	2007			2007
Class A		0.01	%		9.94	%
Class B		0.01			8.90
Class C		0.01			9.09
Class I		0.01			10.46
Class Y		0.01			10.44

5. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	366,727
Sales Proceeds Excluding U.S. Government Obligations		657,720

6. Capital Share Transactions:

The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		3,167		1,127		(9,957	)		—		(5,663	)		6,482		1,678		(11,571	)		—		(3,411	)
Amount	$	37,894	$	12,851	$	(119,020	)	$	—	$	(68,275	)	$	104,793	$	28,823	$	(174,098	)	$	—	$	(40,482	)
Class B
Shares		141		203		(1,565	)		—		(1,221	)		338		351		(1,509	)		—		(820	)
Amount	$	1,517	$	2,130	$	(17,148	)	$	—	$	(13,501	)	$	5,133	$	5,622	$	(22,130	)	$	—	$	(11,375	)
Class C
Shares		600		363		(2,670	)		—		(1,707	)		1,437		515		(1,782	)		—		170
Amount	$	6,558	$	3,822	$	(29,527	)	$	—	$	(19,147	)	$	21,700	$	8,271	$	(26,055	)	$	—	$	3,916
Class I
Shares		842		130		(3,127	)		—		(2,155	)		4,410		49		(1,892	)		—		2,567
Amount	$	10,689	$	1,501	$	(36,972	)	$	—	$	(24,782	)	$	63,808	$	851	$	(26,844	)	$	—	$	37,815
Class R3
Shares		70		2		(12	)		—		60			35		—		(3	)		—		32
Amount	$	890	$	23	$	(159	)	$	—	$	754		$	557	$	7	$	(43	)	$	—	$	521
Class R4
Shares		207		16		(71	)		—		152			294		2		(26	)		—		270
Amount	$	2,596	$	189	$	(901	)	$	—	$	1,884		$	4,897	$	36	$	(406	)	$	—	$	4,527
Class R5
Shares		29		6		(41	)		—		(6	)		110		1		(25	)		—		86
Amount	$	350	$	65	$	(528	)	$	—	$	(113	)	$	1,917	$	25	$	(431	)	$	—	$	1,511
Class Y
Shares		26		582		(12,052	)		—		(11,444	)		29		777		(28	)		—		778
Amount	$	324	$	7,033	$	(139,419	)	$	—	$	(132,062	)	$	519	$	14,028	$	(493	)	$	—	$	14,054

18

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		445	$	5,299
For the Year Ended October 31, 2008		324	$	5,117

7. Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

8. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

9. Subsequent Events:

Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

19

The Hartford Global Health Fund
Financial Highlights

— Selected Per-Share Data (a) —

	Net Asset							Net Realized																Net Increase
	Value at							and Unrealized			Total from			Dividends from		Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment		from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income		Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	12.69	$	(0.02	)	$	—	$	1.01		$	0.99		$	—	$	(0.61	)	$	—	$	(0.61	)	$	0.38		$	13.07
B		11.74		(0.08	)		—		0.93			0.85			—		(0.61	)		—		(0.61	)		0.24			11.98
C		11.78		(0.10	)		—		0.92			0.82			—		(0.61	)		—		(0.61	)		0.21			11.99
I		12.81		0.01			—		1.02			1.03			—		(0.61	)		—		(0.61	)		0.42			13.23
R3		13.19		(0.05	)		—		1.04			0.99			—		(0.61	)		—		(0.61	)		0.38			13.57
R4		13.29		—			—		1.06			1.06			—		(0.61	)		—		(0.61	)		0.45			13.74
R5		13.38		0.03			—		1.07			1.10			—		(0.61	)		—		(0.61	)		0.49			13.87
Y		13.40		0.01			—		1.10			1.11			—		(0.61	)		—		(0.61	)		0.50			13.90
For the Year Ended October 31, 2008
A		18.85		(0.03	)		—		(4.83	)		(4.86	)		—		(1.30	)		—		(1.30	)		(6.16	)		12.69
B		17.67		(0.18	)		—		(4.45	)		(4.63	)		—		(1.30	)		—		(1.30	)		(5.93	)		11.74
C		17.71		(0.14	)		—		(4.49	)		(4.63	)		—		(1.30	)		—		(1.30	)		(5.93	)		11.78
I		18.96		0.01			—		(4.86	)		(4.85	)		—		(1.30	)		—		(1.30	)		(6.15	)		12.81
R3		19.59		(0.03	)		—		(5.07	)		(5.10	)		—		(1.30	)		—		(1.30	)		(6.40	)		13.19
R4		19.66		—			—		(5.07	)		(5.07	)		—		(1.30	)		—		(1.30	)		(6.37	)		13.29
R5		19.70		0.03			—		(5.05	)		(5.02	)		—		(1.30	)		—		(1.30	)		(6.32	)		13.38
Y		19.74		0.05			—		(5.09	)		(5.04	)		—		(1.30	)		—		(1.30	)		(6.34	)		13.40
For the Year Ended October 31, 2007
A		17.84		(0.04	)		—		1.73			1.69			—		(0.68	)		—		(0.68	)		1.01			18.85
B		16.92		(0.20	)		—		1.63			1.43			—		(0.68	)		—		(0.68	)		0.75			17.67
C		16.93		(0.15	)		—		1.61			1.46			—		(0.68	)		—		(0.68	)		0.78			17.71
I		17.86		0.01			—		1.77			1.78			—		(0.68	)		—		(0.68	)		1.10			18.96
R3(g)		18.27		(0.02	)		—		1.34			1.32			—		—			—		—			1.32			19.59
R4(g)		18.27		—			—		1.39			1.39			—		—			—		—			1.39			19.66
R5(g)		18.27		—			—		1.43			1.43			—		—			—		—			1.43			19.70
Y		18.57		0.04			—		1.81			1.85			—		(0.68	)		—		(0.68	)		1.17			19.74
For the Year Ended October 31, 2006
A		16.50		(0.07	)		—		2.41			2.34			—		(1.00	)		—		(1.00	)		1.34			17.84
B		15.81		(0.20	)		—		2.31			2.11			—		(1.00	)		—		(1.00	)		1.11			16.92
C		15.81		(0.18	)		—		2.30			2.12			—		(1.00	)		—		(1.00	)		1.12			16.93
I(j)		17.34		—			—		0.52			0.52			—		—			—		—			0.52			17.86
Y		17.05		(0.01	)		—		2.53			2.52			—		(1.00	)		—		(1.00	)		1.52			18.57
For the Year Ended October 31, 2005
A		15.00		(0.08	)		—		2.35			2.27			—		(0.77	)		—		(0.77	)		1.50			16.50
B		14.50		(0.20	)		—		2.28			2.08			—		(0.77	)		—		(0.77	)		1.31			15.81
C		14.51		(0.19	)		—		2.26			2.07			—		(0.77	)		—		(0.77	)		1.30			15.81
Y		15.41		(0.01	)		—		2.42			2.41			—		(0.77	)		—		(0.77	)		1.64			17.05

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(g)	Commenced operations on December 22, 2006.
(h)	Not annualized.
(i)	Annualized.
(j)	Commenced operations on August 31, 2006.

20

— Ratios and Supplemental Data —

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	8.48	%	$	234,603		1.58	%		1.55	%		1.55	%		(0.18	)%		80	%
	7.95			31,746		2.54			2.11			2.11			(0.75	)		—
	7.66			74,424		2.28			2.28			2.28			(0.91	)		—
	8.73			15,934		1.27			1.27			1.27			0.04			—
	8.15			1,330		1.79			1.79			1.79			(0.36	)		—
	8.64			6,147		1.40			1.40			1.40			0.00			—
	8.89			1,412		1.11			1.11			1.11			0.27			—
	8.95			1,813		0.99			0.99			0.99			0.11			—
	(27.59	)		299,699		1.41			1.41			1.41			(0.18	)		67
	(28.17	)		45,475		2.32			2.24			2.24			(1.02	)		—
	(28.10	)		93,208		2.15			2.15			2.15			(0.92	)		—
	(27.36	)		43,036		1.11			1.11			1.11			0.10			—
	(27.78	)		503		1.91			1.85			1.85			(0.67	)		—
	(27.52	)		3,921		1.35			1.35			1.35			(0.02	)		—
	(27.18	)		1,449		1.05			1.05			1.05			0.27			—
	(27.23	)		155,104		0.95			0.95			0.95			0.28			—
	9.96	(f)		509,341		1.41			1.41			1.41			(0.25	)		41
	8.92	(f)		82,932		2.30			2.29			2.29			(1.15	)		—
	9.11	(f)		137,101		2.15			2.15			2.15			(0.99	)		—
	10.48	(f)		15,017		1.07			1.07			1.07			0.08			—
	7.22	(h)		112		1 .75	(i)		1 .75	(i)		1 .75	(i)		(0 .50	) (i)		—
	7.61	(h)		494		1 .41	(i)		1 .41	(i)		1 .41	(i)		—	(i)		—
	7.83	(h)		434		1 .14	(i)		1 .14	(i)		1 .14	(i)		—	(i)		—
	10.45	(f)		213,110		0.95			0.95			0.95			0.20			—
	14.96			370,285		1.61			1.60			1.60			(0.53	)		30
	14.10			80,574		2.45			2.32			2.32			(1.27	)		—
	14.17			97,956		2.31			2.31			2.31			(1.25	)		—
	3.00	(h)		785		1 .26	(i)		1 .15	(i)		1 .15	(i)		(0 .20	) (i)		—
	15.56			192,814		1.08			1.08			1.08			(0.03	)		—
	15.67			209,835		1.71			1.60			1.60			(0.55	)		50
	14.86			71,204		2.52			2.35			2.35			(1.30	)		—
	14.78			72,546		2.36			2.35			2.35			(1.30	)		—
	16.19			169,698		1.08			1.08			1.08			(0.12	)		—

21

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Global Health Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Global Health Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

22

The Hartford Global Health Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

23

The Hartford Global Health Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

24

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

25

The Hartford Global Health Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		N/A		N/A		0.608		0.608
Class B		N/A		N/A		0.608		0.608
Class C		N/A		N/A		0.608		0.608
Class I		N/A		N/A		0.608		0.608
Class R3		N/A		N/A		0.608		0.608
Class R4		N/A		N/A		0.608		0.608
Class R5		N/A		N/A		0.608		0.608
Class Y		N/A		N/A		0.608		0.608

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

26

The Hartford Global Health Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,172.20	$	8.49	$	1,000.00	$	1,017.39	$	7.88		1.55	%		184		365
Class B	$	1,000.00	$	1,169.90	$	11.65	$	1,000.00	$	1,014.47	$	10.82		2.13			184		365
Class C	$	1,000.00	$	1,168.60	$	12.41	$	1,000.00	$	1,013.76	$	11.52		2.27			184		365
Class I	$	1,000.00	$	1,173.90	$	6.96	$	1,000.00	$	1,018.80	$	6.46		1.27			184		365
Class R3	$	1,000.00	$	1,170.80	$	9.74	$	1,000.00	$	1,016.23	$	9.05		1.78			184		365
Class R4	$	1,000.00	$	1,173.40	$	7.67	$	1,000.00	$	1,018.15	$	7.12		1.40			184		365
Class R5	$	1,000.00	$	1,174.40	$	6.08	$	1,000.00	$	1,019.61	$	5.65		1.11			184		365
Class Y	$	1,000.00	$	1,175.00	$	6.41	$	1,000.00	$	1,019.31	$	5.96		1.17			184		365

27

The Hartford Global Health Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Global Health Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

28

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets

29

The Hartford Global Health Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

30

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-17 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford Growth Allocation Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	24

The Hartford Growth Allocation Fund inception 05/28/2004

(subadvised by Hartford Investment Management Company) Investment objective — Seeks long-term capital appreciation.

Performance Overview(1) 5/28/04 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Growth Allocation A            Barclays Capital U.S. $9,450 starting value Aggregate Bond Index $11,024 ending value $10,000 starting value $13,390 ending value S&P 500 Index $10,000 starting value $10,327 ending value

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
Growth Allocation A#		17.06	%		2.40	%		2.88	%
Growth Allocation A##		10.62	%		1.25	%		1.81	%
Growth Allocation B#		16.13	%		1.65	%		2.14	%
Growth Allocation B##		11.13	%		1.30	%		1.98	%
Growth Allocation C#		16.10	%		1.68	%		2.15	%
Growth Allocation C##		15.10	%		1.68	%		2.15	%
Growth Allocation I#		17.47	%		2.63	%		3.09	%
Growth Allocation R3#		16.76	%		2.18	%		2.67	%
Growth Allocation R4#		16.96	%		2.40	%		2.88	%
Growth Allocation R5#		17.38	%		2.57	%		3.03	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		5.05	%		5.52	%
S&P 500 Index		9.78	%		0.33	%		0.59	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4 and R5 shares will vary from results seen above due to differences in the expenses charged to these classes.
(2)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class A performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Hugh Whelan, CFA	Edward C. Caputo, CFA
Managing Director	Vice President

How did the Fund perform?

The Class A shares of The Hartford Growth Allocation Fund returned 17.06%, before sales charges, for the twelve-month period ended October 31, 2009. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 9.78% and 13.79%, respectively, while the average return for the Lipper Mixed-Asset Target Allocation Growth category, a group of funds with investment strategies similar to those of the Fund, was 16.15%.

Why did the Fund perform this way?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market — high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. After a difficult first half of the year, investor risk aversion fell significantly and the year ending October 31, 2009 finished strong.

2

During the period, the S&P 500 rose 9.8%. Across the different market capitalizations, mid-cap and large-cap stocks outperformed small-cap stocks. Within U.S. equities, the growth investment style outperformed value. In contrast to last year, international stocks outperformed U.S. stocks. Specifically, Emerging Markets stock, measured by the MSCI Emerging Markets Stock Index, posted the strongest results, up 64.6%. In March, investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter of 2009, with the S&P 500 rising 55% since the risk rally began in March. Within equities, investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and Russell Mid-Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 stocks outperformed their higher quality peers.

Within fixed income, yields decreased during the year, with the ten-year Treasury note yield falling 57 basis points to 3.38% and the five-year Treasury note yield falling 52 basis points to 2.31%. Within the major sectors of the Barclays Capital U.S. Aggregate Index, Credit was the top performer, while Agency securities were the worst. High Yield asset classes such as U.S. high yield bonds, floating rate notes, and Emerging Market Debt significantly outperformed the Barclays Capital U.S. Aggregate Index. The Barclays Capital High Yield index posted strong results, up 48.1% over the period.

Generally, the Fund’s target asset allocation is set at approximately 80% equities and 20% fixed-income. The Fund’s strategic asset allocation decisions within equities contributed to the fund’s performance. Specifically, favorable allocations within the international markets into emerging markets, international small-cap, and international real estate investment trusts (REITs) helped to offset an underweight (i.e. the Fund’s sector position was less than the benchmark position) to small and mid-cap stocks. The Fund benefited from our strategic asset allocation decisions within fixed income. Allocation to TIPS (Treasury Inflation Protected Securities) and intermediate-term bonds more than offset less favorable allocations to short-term bonds. The Fund’s duration (i.e. sensitivity to changes in interest rates) was targeted to be less than the Barclays Capital U.S. Aggregate Index, a decision based on the risk preferences of the Fund. For the year, duration positioning detracted from performance.

Beyond the asset allocation decision, we also add value by selecting the underlying mutual funds that will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s objectives and stated benchmark to see what it actually holds for securities and how it has behaved historically. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. During the year, our underlying fund selection enhanced relative performance (i.e. performance of the Fund as measured against the benchmark). No hard rebalance (i.e. a fund rebalancing to move the underlying fund investments to their target allocation percentages) was required for the reporting period.

During the period, the fund has continued to utilize exchange traded funds (ETFs) to obtain asset class exposures unavailable through The Hartford fund family. Specifically, the Fund has set target allocations to ETFs that provide U.S. and international real estate exposure.

What is the Outlook?

While the risk rally that began in early March has pushed equities and other high risk asset classes higher around the world, we believe that the appreciation of equities and higher risk fixed income asset classes will be more muted following their dramatic recovery in the 2nd and 3rd quarters. We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

Our view of the yield curve is consistent with low growth and low inflation and we expect yields to remain in their current ranges across the curve (10 year range of 3.2%-3.8%). In addition, we believe downward pressure on inflation has abated. However, slack in the economy means there are no near-term upward pressures on inflation. Longer maturities will likely remain in range despite continued concerns with supply pressures, inflation, dollar policy, and weak growth. We think the shape of the short end (3 months-3 years) of the curve already implies the imminent removal of accommodative monetary policy and despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

We have positioned the Fund with an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to international equities. In addition, we have reversed the underweight in inflation protected securities. Lastly, the Fund increased its exposure to REITs, recognizing the inflationary benefits of the asset class.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
SPDR DJ Wilshire International Real Estate ETF		0 .7	%
SPDR DJ Wilshire REIT ETF		0 .2
The Hartford Capital Appreciation Fund, Class Y		20 .7
The Hartford Capital Appreciation II Fund, Class Y		0 .2
The Hartford Disciplined Equity Fund, Class Y		3 .0
The Hartford Dividend and Growth Fund, Class Y		2 .9
The Hartford Equity Income Fund, Class Y		2 .6
The Hartford Fundamental Growth Fund, Class Y		0 .9
The Hartford Global Growth Fund, Class Y		7 .2
The Hartford Growth Fund, Class Y		2 .5
The Hartford Growth Opportunities Fund, Class Y		5 .5
The Hartford Inflation Plus Fund, Class Y		3 .9
The Hartford International Opportunities Fund, Class Y		4 .3
The Hartford International Small Company Fund, Class Y		5 .1
The Hartford MidCap Fund, Class Y		0 .4
The Hartford Select MidCap Value Fund, Class Y		1 .7
The Hartford Select SmallCap Value Fund, Class Y		4 .6
The Hartford Short Duration Fund, Class Y		2 .3
The Hartford Small Company Fund, Class Y		3 .9
The Hartford SmallCap Growth Fund, Class Y		0 .1
The Hartford Total Return Bond Fund, Class Y		12 .5
The Hartford Value Fund, Class Y		14 .8
Other Assets and Liabilities		0 .0
Total		100.0	%

3

The Hartford Growth Allocation Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES — 99.1%
EQUITY FUNDS — 80.4%
	4,392	The Hartford Capital Appreciation Fund, Class Y			$	132,825
	97	The Hartford Capital Appreciation II Fund, Class Y •				1,068
	1,789	The Hartford Disciplined Equity Fund, Class Y				19,245
	1,158	The Hartford Dividend and Growth Fund, Class Y				18,825
	1,561	The Hartford Equity Income Fund, Class Y				16,872
	631	The Hartford Fundamental Growth Fund, Class Y •				5,935
	3,485	The Hartford Global Growth Fund, Class Y •				46,423
	1,134	The Hartford Growth Fund, Class Y •				16,049
	1,630	The Hartford Growth Opportunities Fund, Class Y •				35,186
	2,100	The Hartford International Opportunities Fund, Class Y				27,445
	2,969	The Hartford International Small Company Fund, Class Y				32,335
	159	The Hartford MidCap Fund, Class Y •				2,812
	1,438	The Hartford Select MidCap Value Fund, Class Y				11,055
	3,697	The Hartford Select SmallCap Value Fund, Class Y				29,425
	1,645	The Hartford Small Company Fund, Class Y •				24,718
	24	The Hartford SmallCap Growth Fund, Class Y •				508
	9,957	The Hartford Value Fund, Class Y				95,091
		Total equity funds (cost $650,617)			$	515,817
FIXED INCOME FUNDS — 18.7%
	2,158	The Hartford Inflation Plus Fund, Class Y			$	24,662
	1,525	The Hartford Short Duration Fund, Class Y				14,637
	7,759	The Hartford Total Return Bond Fund, Class Y				80,227
		Total fixed income funds (cost $118,474)			$	119,526
		Total investments in affiliated investment companies (cost $769,091)			$	635,343
EXCHANGE TRADED FUNDS — 0.9%
	127	SPDR DJ Wilshire International Real Estate ETF			$	4,381
	30	SPDR DJ Wilshire REIT ETF				1,298
		Total exchange traded funds (cost $8,046)			$	5,679
		Total long-term investments (cost $777,137)			$	641,022
		Total investments (cost $777,137) 5	100.0	%	$	641,022
		Other assets and liabilities	—	%		246
		Total net assets	100.0	%	$	641,268

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

5 At October 31, 2009, the cost of securities for federal income tax purposes was $778,291 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	6,039
Unrealized Depreciation		(143,308	)
Net Unrealized Depreciation	$	(137,269	)

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Growth Allocation Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	635,343	$	635,343	$	—	$	—
Exchange Traded Funds		5,679		5,679		—		—
Total	$	641,022	$	641,022	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Growth Allocation Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $8,046)	$	5,679
Investments in underlying affiliated funds, at market value (cost $769,091)		635,343
Receivables:
Investment securities sold		46
Fund shares sold		941
Dividends and interest		353
Other assets		49
Total assets		642,411
Liabilities:
Payables:
Fund shares redeemed		902
Investment management fees		15
Distribution fees		59
Accrued expenses		167
Total liabilities		1,143
Net assets	$	641,268
Summary of Net Assets:
Capital stock and paid-in-capital		789,108
Accumulated undistributed net investment income		252
Accumulated net realized loss on investments		(11,977	)
Unrealized depreciation of investments		(136,115	)
Net assets	$	641,268
Shares authorized		400,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	9.58/$10.14
Shares outstanding		38,276
Net assets	$	366,509
Class B: Net asset value per share	$	9.50
Shares outstanding		10,017
Net assets	$	95,176
Class C: Net asset value per share	$	9.49
Shares outstanding		16,911
Net assets	$	160,530
Class I: Net asset value per share	$	9.55
Shares outstanding		244
Net assets	$	2,335
Class R3: Net asset value per share	$	9.50
Shares outstanding		114
Net assets	$	1,081
Class R4: Net asset value per share	$	9.53
Shares outstanding		1,112
Net assets	$	10,597
Class R5: Net asset value per share	$	9.58
Shares outstanding		526
Net assets	$	5,040

The accompanying notes are an integral part of these financial statements.

6

The Hartford Growth Allocation Fund

Statement of Operations
For the Year Ended October 31, 2009
000’s Omitted)

Investment Income:
Dividends	$	226
Dividends from underlying affiliated funds		11,817
Interest		—
Total investment income		12,043
Expenses:
Investment management fees		814
Administrative services fees		17
Transfer agent fees		1,265
Distribution fees
Class A		812
Class B		860
Class C		1,412
Class R3		2
Class R4		20
Custodian fees		1
Accounting services fees		68
Registration and filing fees		113
Board of Directors’ fees		16
Audit fees		24
Other expenses		156
Total expenses (before waivers)		5,580
Expense waivers		(62	)
Transfer agent fee waivers		—
Total waivers		(62	)
Total expenses, net		5,518
Net Investment Income		6,525
Net Realized Loss on Investments:
Net realized loss on investments in underlying affiliated funds		(11,403	)
Net realized loss on investments in securities		(23	)
Net Realized Loss on Investments		(11,426	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		92,975
Net Changes in Unrealized Appreciation of Investments		92,975
Net Gain on Investments		81,549
Net Increase in Net Assets Resulting from Operations	$	88,074

The accompanying notes are an integral part of these financial statements.

7

The Hartford Growth Allocation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	6,525		$	5,854
Net realized gain (loss) on investments		(11,426	)		36,540
Net unrealized appreciation (depreciation) of investments		92,975			(361,257	)
Net Increase (Decrease) In Net Assets Resulting From Operations		88,074			(318,863	)
Distributions to Shareholders:
From net investment income
Class A		(6,850	)		(17,401	)
Class B		(892	)		(4,046	)
Class C		(1,564	)		(6,814	)
Class I		(34	)		(31	)
Class R3		(1	)		(2	)
Class R4		(131	)		(51	)
Class R5		(78	)		(26	)
From net realized gain on investments
Class A		(7,321	)		(27,626	)
Class B		(2,009	)		(7,937	)
Class C		(3,308	)		(13,242	)
Class I		(29	)		(44	)
Class R3		(1	)		(3	)
Class R4		(122	)		(69	)
Class R5		(66	)		(38	)
Total distributions		(22,406	)		(77,330	)
Capital Share Transactions:
Class A		(389	)		50,492
Class B		(4,589	)		9,391
Class C		(3,865	)		14,661
Class I		814			1,089
Class R3		914			28
Class R4		4,434			6,717
Class R5		1,567			3,083
Net increase (decrease) from capital share transactions		(1,114	)		85,461
Net Increase (Decrease) In Net Assets		64,554			(310,732	)
Net Assets:
Beginning of period		576,714			887,446
End of period	$	641,268		$	576,714
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	252		$	3,277

The accompanying notes are an integral part of these financial statements.

8

The Hartford Growth Allocation Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Growth Allocation Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange-traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a) Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.

9

The Hartford Growth Allocation Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.
b)	Security Valuation — Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.
	The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.
	Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.
	Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

10

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.
d)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
e)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
f)	Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

11

The Hartford Growth Allocation Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

3. Federal Income Taxes:

a)	Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	9,550	$	31,057
Long-Term Capital Gains *		12,856		46,273

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	252
Accumulated Capital Losses *		(10,823	)
Unrealized Depreciation †		(137,269	)
Total Accumulated Deficit	$	(147,840	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund had no reclassifications.

12

e) Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2017	$	10,823
Total	$	10,823

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5
1.50%	2.25%	2.25%	1.25%	1.81%	1.51%	1.21%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.

13

The Hartford Growth Allocation Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $1,941 and contingent deferred sales charges of $266 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $105. These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $1,265 for providing such services. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	39,203
Sales Proceeds Excluding U.S. Government Obligations		55,981

14

6. Capital Share Transactions:

The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		8,739		1,812		(10,645	)		—		(94	)		8,156		3,356		(7,836	)		—		3,676
Amount	$	72,072	$	13,786	$	(86,247	)	$	—	$	(389	)	$	95,331	$	43,714	$	(88,553	)	$	—	$	50,492
Class B
Shares		1,124		372		(2,054	)		—		(558	)		1,707		883		(1,974	)		—		616
Amount	$	9,071	$	2,803	$	(16,463	)	$	—	$	(4,589	)	$	20,111	$	11,427	$	(22,147	)	$	—	$	9,391
Class C
Shares		3,853		587		(5,044	)		—		(604	)		4,885		1,351		(5,357	)		—		879
Amount	$	31,960	$	4,413	$	(40,238	)	$	—	$	(3,865	)	$	56,954	$	17,474	$	(59,767	)	$	—	$	14,661
Class I
Shares		119		8		(36	)		—		91			122		6		(30	)		—		98
Amount	$	1,056	$	63	$	(305	)	$	—	$	814		$	1,352	$	75	$	(338	)	$	—	$	1,089
Class R3
Shares		135		—		(27	)		—		108			3		—		(1	)		—		2
Amount	$	1,143	$	2	$	(231	)	$	—	$	914		$	30	$	5	$	(7	)	$	—	$	28
Class R4
Shares		676		34		(162	)		—		548			707		9		(174	)		—		542
Amount	$	5,433	$	253	$	(1,252	)	$	—	$	4,434		$	8,547	$	120	$	(1,950	)	$	—	$	6,717
Class R5
Shares		246		19		(78	)		—		187			320		5		(40	)		—		285
Amount	$	1,988	$	144	$	(565	)	$	—	$	1,567		$	3,486	$	65	$	(468	)	$	—	$	3,083

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		136	$	1,107
For the Year Ended October 31, 2008		110	$	1,271

7. Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

8. Subsequent Events:

Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

15

The Hartford Growth Allocation Fund

Financial Highlights

— Selected Per-Share Data (a) —

	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	8.58	$	0.12		$	—	$	1.24		$	1.36		$	(0.17	)	$	(0.19	)	$	—	$	(0.36	)	$	1.00		$	9.58
B		8.48		0.06			—		1.23			1.29			(0.08	)		(0.19	)		—		(0.27	)		1.02			9.50
C		8.48		0.06			—		1.23			1.29			(0.09	)		(0.19	)		—		(0.28	)		1.01			9.49
I		8.57		0.14			—		1.25			1.39			(0.22	)		(0.19	)		—		(0.41	)		0.98			9.55
R3		8.51		0.03			—		1.30			1.33			(0.15	)		(0.19	)		—		(0.34	)		0.99			9.50
R4		8.56		0.10			—		1.25			1.35			(0.19	)		(0.19	)		—		(0.38	)		0.97			9.53
R5		8.60		0.13			—		1.25			1.38			(0.21	)		(0.19	)		—		(0.40	)		0.98			9.58
For the Year Ended October 31, 2008
A		14.51		0.14			—		(4.81	)		(4.67	)		(0.47	)		(0.79	)		—		(1 .26	)		(5.93	)		8.58
B		14.37		0.03			—		(4.74	)		(4.71	)		(0.39	)		(0.79	)		—		(1 .18	)		(5.89	)		8.48
C		14.37		0.04			—		(4.75	)		(4.71	)		(0.39	)		(0.79	)		—		(1 .18	)		(5.89	)		8.48
I		14.49		0.37			—		(4.98	)		(4.61	)		(0.52	)		(0.79	)		—		(1 .31	)		(5.92	)		8.57
R3		14.46		0.18			—		(4.87	)		(4.69	)		(0.47	)		(0.79	)		—		(1 .26	)		(5.95	)		8.51
R4		14.51		0.43			—		(5.08	)		(4.65	)		(0.51	)		(0.79	)		—		(1 .30	)		(5.95	)		8.56
R5		14.54		0.46			—		(5.09	)		(4.63	)		(0.52	)		(0.79	)		—		(1 .31	)		(5.94	)		8.60
For the Year Ended October 31, 2007
A		12.66		0.14			—		2.23			2.37			(0.24	)		(0.28	)		—		(0.52	)		1.85			14.51
B		12.57		0.04			—		2.21			2.25			(0.17	)		(0.28	)		—		(0.45	)		1.80			14.37
C		12.57		0.05			—		2.20			2.25			(0.17	)		(0.28	)		—		(0.45	)		1.80			14.37
I		12.67		0.26			—		2.14			2.40			(0.30	)		(0.28	)		—		(0.58	)		1.82			14.49
R3(f)		12.59		(0.02	)		—		1.89			1.87			—			—			—		—			1.87			14.46
R4(f)		12.59		—			—		1.92			1.92			—			—			—		—			1.92			14.51
R5(f)		12.59		—			—		1.95			1.95			—			—			—		—			1.95			14.54
For the Year Ended October 31, 2006
A		11.27		0.07			—		1.46			1.53			(0.13	)		(0.01	)		—		(0.14	)		1.39			12.66
B		11.19		0.03			—		1.42			1.45			(0.06	)		(0.01	)		—		(0.07	)		1.38			12.57
C		11.19		0.03			—		1.42			1.45			(0.06	)		(0.01	)		—		(0.07	)		1.38			12.57
I(i)		12.16		(0.01	)		—		0.52			0.51			—			—			—		—			0.51			12.67
For the Year Ended October 31, 2005
A		10.36		0.05			—		0.89			0.94			(0.03	)		—			—		(0.03	)		0.91			11.27
B		10.34		(0.01	)		—		0.87			0.86			(0.01	)		—			—		(0.01	)		0.85			11.19
C		10.33		(0.01	)		—		0.88			0.87			(0.01	)		—			—		(0.01	)		0.86			11.19

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Commenced operations on December 22, 2006.
(g)	Not annualized.
(h)	Annualized.
(i)	Commenced operations on August 31, 2006.

16

— Ratios and Supplemental Data —

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	17.06	%	$	366,509		0.68	%		0.68	%		0.68	%		1.45	%		7	%
	16.13			95,176		1.51			1.44			1.44			0.70			—
	16.10			160,530		1.43			1.43			1.43			0.72			—
	17.47			2,335		0.28			0.28			0.28			1.70			—
	16.76			1,081		1.00			1.00			1.00			0.35			—
	16.96			10,597		0.61			0.61			0.61			1.22			—
	17.38			5,040		0.31			0.31			0.31			1.62			—
	(35.00	)		329,312		0.59			0.59			0.59			1.06			13
	(35.52	)		89,717		1.41			1.41			1.41			0.26			—
	(35.50	)		148,584		1.34			1.34			1.34			0.34			—
	(34.75	)		1,310		0.23			0.23			0.23			0.97			—
	(35.32	)		49		1.06			1.06			1.06			0.34			—
	(34.95	)		4,825		0.59			0.59			0.59			0.17			—
	(34.78	)		2,917		0.30			0.30			0.30			0.63			—
	19.35			503,345		0.60			0.60			0.60			0.93			39
	18.40			143,140		1.41			1.32			1.32			0.22			—
	18.44			238,997		1.34			1.31			1.31			0.25			—
	19.71			804		0.23			0.23			0.23			0.58			—
	14.85	(g)		53		0.95	(h)		0.93	(h)		0.93	(h)		(0.26	) (h)		—
	15.25	(g)		325		0.66	(h)		0.65	(h)		0.65	(h)		(0.01	) (h)		—
	15.49	(g)		782		0.38	(h)		0.38	(h)		0.38	(h)		0.25	(h)		—
	13.64			370,088		0.69			0.67			0.67			0.49			13
	12.96			107,818		1.51			1.32			1.32			(0.15	)		—
	12.96			181,434		1.44			1.32			1.32			(0.16	)		—
	4.19	(g)		10		0.66	(h)		0.42	(h)		0.42	(h)		0.16	(h)		—
	9.12			205,331		0.72			0.64			0.64			0.42			1
	8.37			65,739		1.53			1.29			1.29			(0.23	)		—
	8.47			100,339		1.47			1.29			1.29			(0.23	)		—

17

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Growth Allocation Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Growth Allocation Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Growth Allocation Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

The Hartford Growth Allocation Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

20

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Growth Allocation Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	5.00	%
Other Direct Federal Obligations*	1.00	%
Other Securities	94.00	%
Total	100.00	%
DRD†	100.00	%
QDI‡	100.00	%
QII§	25.00	%

*	The income received from federal obligations.
†	Income distributions, taxable as dividend income which qualify for deduction by corporations.
‡	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.
§	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.174		N/A		0.190		0.364
Class B		0.084		N/A		0.190		0.274
Class C		0.089		N/A		0.190		0.279
Class I		0.215		N/A		0.190		0.405
Class R3		0.153		N/A		0.190		0.343
Class R4		0.188		N/A		0.190		0.378
Class R5		0.213		N/A		0.190		0.403

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Growth Allocation Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,191.50	$	3.70	$	1,000.00	$	1,021.83	$	3.41		0.67	%		184		365
Class B	$	1,000.00	$	1,186.00	$	8.10	$	1,000.00	$	1,017.80	$	7.48		1.47			184		365
Class C	$	1,000.00	$	1,186.30	$	7.83	$	1,000.00	$	1,018.05	$	7.22		1.42			184		365
Class I	$	1,000.00	$	1,193.80	$	1.44	$	1,000.00	$	1,023.89	$	1.33		0.26			184		365
Class R3	$	1,000.00	$	1,190.50	$	5.58	$	1,000.00	$	1,020.11	$	5.14		1.01			184		365
Class R4	$	1,000.00	$	1,191.30	$	3.26	$	1,000.00	$	1,022.23	$	3.01		0.59			184		365
Class R5	$	1,000.00	$	1,193.00	$	1.60	$	1,000.00	$	1,023.74	$	1.48		0.29			184		365

23

The Hartford Growth Allocation Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Growth Allocation Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund

24

Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In

25

The Hartford Growth Allocation Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-18 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford High Yield Fund

The Hartford High Yield Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	5
Investment Valuation Hierarchy Level Summary at October 31, 2009	11
Statement of Assets and Liabilities at October 31, 2009	12
Statement of Operations for the Year Ended October 31, 2009	13
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	14
Notes to Financial Statements	15
Financial Highlights	28
Report of Independent Registered Public Accounting Firm	30
Directors and Officers (Unaudited)	31
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	33
Quarterly Portfolio Holdings Information (Unaudited)	33
Federal Tax Information (Unaudited)	34
Expense Example (Unaudited)	35
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	36

The Hartford High Yield Fund inception 09/30/1998

(subadvised by Hartford Investment Management Company) Investment objective — Seeks high current income. Growth of capital is a secondary objective.

Performance Overview(1) 10/31/99 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital U.S. Corporate High Yield Bond Index is an unmanaged broad-based market value-weighted index that tracks the total return performance of non-investment grade, fixed-rate, publicly placed, dollar denominated and nonconvertible debt registered with the SEC.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			10
	Year			Year			Year
High Yield A#		35.01	%		3.92	%		4.44	%
High Yield A##		28.93	%		2.97	%		3.96	%
High Yield B#		34.05	%		3.15	%	NA*
High Yield B##		29.05	%		2.86	%	NA*
High Yield C#		33.90	%		3.17	%		3.72	%
High Yield C##		32.90	%		3.17	%		3.72	%
High Yield I#		35.30	%		4.10	%		4.53	%
High Yield R3#		34.68	%		3.98	%		4.67	%
High Yield R4#		34.83	%		4.16	%		4.76	%
High Yield R5#		35.11	%		4.29	%		4.82	%
High Yield Y#		35.21	%		4.36	%		4.86	%
Barclays Capital U.S. Corporate		47.96	%		6.11	%		6.50	%
High Yield Bond Index

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	10 year returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.
(5)	Class I shares commenced operations on 5/31/07. Performance prior to 5/31/07 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.

Portfolio Managers
Mark Niland, CFA	James Serhant, CFA
Managing Director	Senior Vice President, Senior Investment Analyst

How did the Fund perform?

The Class A shares of The Hartford High Yield Fund returned 35.01%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmark, the Barclays Capital U.S. Corporate High Yield Bond Index returned 47.96%, while the average return of the Lipper High Current Yield Funds category, a group of funds with investment strategies similar to those of the Fund, was 35.3%.

Why did the Fund perform this way?

The performance for the high yield market (as represented by the Barclays Capital U.S. Corporate High Yield Bond Index) was the 2nd best twelve-month total return for the high yield market on record. This is somewhat astounding given that the twelve-month period started with one of the worst monthly performance numbers for the high yield market on record, -9.4% (last November). This period in retrospect turned out to be the peak of the financial crisis for high yield.

2

In December 2008 the high yield market led the rally out of the financial crisis, posting a 7.7% return, which turned out to be the beginning of the strongest high yield bull market in history. The Fund began the twelve-month period defensively positioned, with its cash allocation approaching 10%, reflecting a concerted effort to reduce risk earlier in 2008, as our analyst team began to identify issuers that would be potentially impacted by the weakening economy. Even as the market showed signs of improvement, the Fund did not immediately re-position to chase the early returns; instead it continued to utilize its bottom-up (i.e. stock by stock fundamental research), value-oriented investment strategy. This disciplined investment approach led to significant under-weights (versus the benchmark) in the sectors that were expected to be heavily impacted by the drop-off in the economy. These sectors included Autos, Manufacturing, Consumer Cyclicals and most significantly, Financials. In hindsight, the Fund was positioned defensively for too long as these sectors turned out to the best performers over the twelve-month period.

The Fund’s largest underweight position at the beginning of the period was to the high yield Financial sector, which turned out to be the top performing sector for the twelve-month period ended October 31, 2009. The Fund has historically avoided this sector under the premise that the cost of capital for these financials puts them at an inherent disadvantage to their investment grade competitors. In addition, the Government’s somewhat erratic involvement in the Financial sector (bailing out Bear Stearns, yet letting Lehman Brothers collapse) only served to further complicate investment decisions in an already volatile sector. As a result of its defensive positioning in general and its significant underweight to the Financials sector in particular, the Fund severely lagged the benchmark during the seven months through May, which included the best six-month performance for high yield on record to that point.

The confluence of the results of the Treasury conducted stress tests on the nation’s largest 19 banks and first quarter earnings that showed stabilization in corporate profits provided a framework to take up risk in the Fund in a manner consistent with the Fund’s investment process. The stress tests provided a framework for investing in high yield financials, enabling the Fund to take advantage of bank recapitalizations. At the same time, the Fund added risk in Industrial sectors where the ability to value companies and their debt securities improved substantially as earnings stabilized. By the end of June, the Fund’s risk profile was consistent with the broader high yield market, allowing it to produce returns that were more consistent with the market over the final five months of the period.

What is the outlook?

With the market up 48% over the last twelve-months, it is logical to ask, whether we have come too far too fast. Indeed, the high yield market has outpaced every other developed broad equity index over the last year, so from a relative value perspective, it seems the market may be due for a price correction. However, high yield market spreads (over treasuries) are still well below their historical average and median. In addition, strong new issue activity in the high yield market has had the impact of improving corporate liquidity while significantly reducing looming debt maturities on companies’ balance sheets. Furthermore, the structural quality of new issue high yield bonds are benefitting from the addition of security packages. This should lead to lower default rates over the coming twelve-months and higher recoveries over the next cycle.

We see the high yield market at a cross-road. Fundamentals are improving, but prices are not as historically cheap as they were. In order for the high yield market to continue its upward trend, monetary policy will have to remain extraordinarily accommodative, which is not a given. We have already begun to see the Government implement tightening simply by letting various programs expire, which is a trend that we expect to continue.

Distribution by Credit Quality
as of October 31, 2009

	Percentage of
	Long-Term
Rating	Holdings
BBB		3.5	%
BB		24.4
B		34.7
CCC		29.0
CC		3.8
C		0.2
D		4.4
Total		100.0	%

Distribution by Security Type
as of October 31, 2009

	Percentage of
Category	Net Assets
Asset & Commercial Mortgage Backed Securities		0.0	%
Corporate Bonds: Investment Grade		1.1
Corporate Bonds: Non-Investment Grade		87.9
Preferred Stocks		0.0
Senior Floating Rate Interests: Investment Grade		1.9
Senior Floating Rate Interests: Non-Investment Grade		7.2
Short-Term Investments		1.4
Other Assets and Liabilities		0.5
Total		100.0	%

3

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry	Net Assets
Fixed Income Securities
Accommodation and Food Services		2.5	%
Administrative Waste Management and Remediation		1.2
Agriculture, Forestry, Fishing and Hunting		2.4
Air Transportation		1.1
Apparel Manufacturing		1.7
Arts, Entertainment and Recreation		8.5
Beverage and Tobacco Product Manufacturing		0.3
Chemical Manufacturing		1.5
Computer and Electronic Product Manufacturing		1.7
Construction		1.5
Electrical Equipment, Appliance Manufacturing		0.4
Fabricated Metal Product Manufacturing		0.6
Finance and Insurance		10.8
Food Manufacturing		1.3
Furniture and Related Product Manufacturing		0.5
Health Care and Social Assistance		8.5
Information		14.1
Machinery Manufacturing		0.3
Mining		1.4
Miscellaneous Manufacturing		1.0
Motor Vehicle & Parts Manufacturing		5.4
Paper Manufacturing		2.3
Petroleum and Coal Products Manufacturing		6.6
Pipeline Transportation		1.6
Plastics and Rubber Products Manufacturing		1.1
Primary Metal Manufacturing		0.9
Printing and Related Support Activities		0.8
Professional, Scientific and Technical Services		2.9
Public Administration		0.3
Real Estate and Rental and Leasing		1.6
Retail Trade		5.4
Soap, Cleaning Compound, and Toilet Manufacturing		0.2
Textile Product Mills		0.8
Utilities		5.7
Water Transportation		0.8
Wholesale Trade		0.4
Other Securities
Banks		0.0
Short-Term Investments		1.4
Other Assets and Liabilities		0.5
Total		100.0	%

4

The Hartford High Yield Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES — 0.0%
		Finance and Insurance — 0.0%
		Soundview NIM Trust
$	920	8.25%, 12/25/2036 ⌂•	$	—
		Total asset & commercial mortgage backed Securities (cost $915)	$	—
CORPORATE BONDS: INVESTMENT GRADE — 1.1%
		Apparel Manufacturing — 0.4%
		Phillips Van-Heusen Corp.
$	1,545	7.75%, 11/15/2023 ‡	$	1,388
		Finance and Insurance — 0.7%
		Goldman Sachs Capital Trust II
	3,000	5.79%, 06/01/2012 ‡♠Δ		2,231
		Total corporate bonds: investment grade (cost $2,814)	$	3,619
CORPORATE BONDS: NON-INVESTMENT GRADE — 87.9%
		Accommodation and Food Services — 2.5%
		Ameristar Casinos, Inc.
$	1,215	9.25%, 06/01/2014 ■	$	1,264
		Harrah’s Operating Co., Inc.
	1,855	11.25%, 06/01/2017 ■		1,892
		MGM Mirage, Inc.
	1,965	11.13%, 11/15/2017 ■		2,161
	2,040	11.38%, 03/01/2018 ■		1,836
		MTR Gaming Group, Inc.
	950	12.63%, 07/15/2014 ■		931
				8,084
		Administrative Waste Management and Remediation — 1.2%
		Iron Mountain, Inc.
	1,225	7.75%, 01/15/2015		1,240
		Sabre Holdings Corp.
	1,290	8.35%, 03/15/2016		1,152
		West Corp.
	1,550	9.50%, 10/15/2014		1,550
				3,942
		Agriculture, Forestry, Fishing and Hunting — 2.4%
		ASG Consoloidated Finance LLC
	4,210	11.50%, 11/01/2011		4,115
		Dole Food Co., Inc.
	1,095	13.88%, 03/15/2014 ■		1,281
		Tyson Foods, Inc.
	1,115	10.50%, 03/01/2014		1,271
		Weyerhaeuser Co.
	1,470	7.38%, 03/15/2032		1,349
				8,016
		Air Transportation — 1.1%
		Bristow Group, Inc.
	1,340	7.50%, 09/15/2017		1,290
		Continental Airlines, Inc.
	1,442	7.37%, 12/15/2015		1,226
		Global Aviation Holdings Ltd.
	1,275	14.00%, 08/15/2013 ■		1,262
				3,778
		Apparel Manufacturing — 1.3%
		Levi Strauss & Co.
	1,075	9.75%, 01/15/2015		1,124
		Quiksilver, Inc.
	4,135	6.88%, 04/15/2015		3,194
				4,318
		Arts, Entertainment and Recreation — 6.5%
		AMC Entertainment, Inc.
	325	11.00%, 02/01/2016		341
		Cenveo, Inc.
	1,400	10.50%, 08/15/2016 ■		1,376
		Echostar DBS Corp.
	1,230	7.75%, 05/31/2015		1,258
		FireKeepers Development Authority
	3,870	13.88%, 05/01/2015 ■		4,180
		First Data Corp.
	4,981	10.55%, 09/24/2015		4,457
		Marquee Holdings, Inc.
	1,725	9.51%, 08/15/2014		1,434
		Sirius Satellite Radio, Inc.
	1,365	9.63%, 08/01/2013		1,246
		TL Acquisitions, Inc.
	1,915	13.25%, 07/15/2015 ■		1,800
		Universal City Development Partners Ltd.
	1,639	10.88%, 11/15/2016 ■☼		1,639
		Virgin Media Finance plc
	1,150	9.50%, 08/15/2016		1,216
		Virgin Media, Inc.
	2,290	6.50%, 11/15/2016 ۞■		2,421
				21,368
		Beverage and Tobacco Product Manufacturing — 0.3%
		Constellation Brands, Inc.
	1,000	8.38%, 12/15/2014		1,055
		Chemical Manufacturing — 1.3%
		Hexion Specialty Chemicals
	1,450	9.75%, 11/15/2014		1,233
		Huntsman International LLC
	1,390	7.38%, 01/01/2015		1,279
		Nalco Co.
	1,045	8.88%, 11/15/2013		1,076
		Potlatch Corp.
	650	12.50%, 12/01/2009 ⌂Δ		650
				4,238
		Computer and Electronic Product Manufacturing — 1.0%
		Nextel Communications, Inc.
	1,500	7.38%, 08/01/2015		1,329
		Seagate Technology International
	1,755	10.00%, 05/01/2014 ■		1,948
				3,277
		Construction — 1.5%
		Beazer Homes USA, Inc.
	1,100	8.38%, 04/15/2012		946
		D.R. Horton, Inc.
	1,425	6.13%, 01/15/2014		1,389
		Lennar Corp.
	1,325	5.60%, 05/31/2015		1,213
		Pulte Homes, Inc.
	1,355	7.88%, 06/15/2032		1,260
				4,808

The accompanying notes are an integral part of these financial statements.

5

The Hartford High Yield Fund

Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: NON-INVESTMENT GRADE — 87.9% — (continued)
		Electrical Equipment, Appliance Manufacturing — 0.4%
		General Cable Corp.
$	1,275	7.13%, 04/01/2017	$	1,230
		Fabricated Metal Product Manufacturing — 0.6%
		Crown Americas, Inc.
	1,900	7.63%, 05/15/2017 ■		1,948
		Finance and Insurance — 9.7%
		American General Finance Corp.
	7,350	6.90%, 12/15/2017		5,115
		Bank of America Capital II
	1,835	8.00%, 12/15/2026		1,771
		Citigroup, Inc.
	1,800	8.30%, 12/21/2057 ‡Δ		1,665
		Developers Diversified Realty Corp.
	1,300	9.63%, 03/15/2016		1,320
		Ford Motor Credit Co.
	3,810	12.00%, 05/15/2015		4,291
		GMAC LLC
	1,200	7.00%, 02/01/2012 ■		1,146
	3,800	8.00%, 11/01/2031 ■		3,249
		Host Hotels & Resorts L.P.
	1,200	9.00%, 05/15/2017 ■		1,284
		Hub International Holdings, Inc.
	1,190	9.00%, 12/15/2014 ■		1,136
		Janus Capital Group, Inc.
	1,285	6.95%, 06/15/2017		1,221
		Leucadia National Corp.
	1,650	7.13%, 03/15/2017		1,559
		Liberty Mutual Group, Inc.
	1,350	10.75%, 06/15/2058 ■		1,418
		LPL Holdings, Inc.
	4,935	10.75%, 12/15/2015 ■		4,997
		NB Capital Trust IV
	500	8.25%, 04/15/2027		490
		Starwood Hotels & Resorts
	1,200	7.88%, 10/15/2014		1,242
				31,904
		Food Manufacturing — 0.4%
		Smithfield Foods, Inc.
	1,185	10.00%, 07/15/2014 ■		1,244
		Furniture and Related Product Manufacturing — 0.5%
		Masco Corp.
	1,840	7.75%, 08/01/2029		1,750
		Health Care and Social Assistance — 7.1%
		Biomet, Inc.
	1,160	10.38%, 10/15/2017		1,248
		HCA, Inc.
	1,575	7.50%, 11/15/2095		1,171
	4,539	7.88%, 02/01/2011		4,630
	825	8.36%, 04/15/2024		758
	1,655	9.25%, 11/15/2016		1,730
		HealthSouth Corp.
	1,150	10.75%, 06/15/2016		1,248
		IASIS Healthcare Capital Corp.
	1,280	8.75%, 06/15/2014		1,312
		Inverness Medical Innovation, Inc.
	1,250	9.00%, 05/15/2016		1,269
		Multiplan Corp.
	1,905	10.38%, 04/15/2016 ■		1,829
		Psychiatric Solutions, Inc.
	1,290	7.75%, 07/15/2015		1,270
		Reable Therapeutics Finance LLC
	1,555	11.75%, 11/15/2014		1,555
		Rite Aid Corp.
	1,795	6.88%, 12/15/2028 ■		987
	2,450	7.70%, 02/15/2027		1,397
	975	10.25%, 10/15/2019 ■		980
		Skilled Healthcare Group, Inc.
	840	11.00%, 01/15/2014		874
		Warner Chilcott Corp.
	1,215	8.75%, 02/01/2015		1,257
				23,515
		Information — 13.3%
		Canwest MediaWorks L.P.
	1,800	9.25%, 08/01/2015 ■•		360
		Charter Communications Operating LLC
	3,890	10.00%, 04/30/2012 ■Ψ		3,948
	2,960	12.88%, 09/15/2014 ■Ψ		3,271
		Citizens Communications Co.
	2,445	7.88%, 01/15/2027		2,243
		CSC Holdings, Inc.
	2,075	8.50%, 04/15/2014 ■		2,192
		Intelsat Jackson Holdings Ltd.
	5,305	11.50%, 06/15/2016		5,570
		Lender Process Services
	1,200	8.13%, 07/01/2016		1,263
		Level 3 Financing, Inc.
	1,500	8.75%, 02/15/2017		1,283
	3,900	12.25%, 03/15/2013		4,066
		MetroPCS Wireless, Inc.
	1,225	9.25%, 11/01/2014		1,234
		Qwest Corp.
	5,431	7.25%, 10/15/2035		4,508
		Sprint Capital Corp.
	4,495	8.38%, 03/15/2012		4,551
	3,460	8.75%, 03/15/2032		2,993
		Videotron Ltee
	1,300	9.13%, 04/15/2018 ■		1,407
		Wind Acquisition Finance S.A.
	1,413	10.75%, 12/01/2015 ■		1,526
	1,380	11.75%, 07/15/2017 ■		1,559
		Windstream Corp.
	1,740	8.63%, 08/01/2016		1,788
				43,762
		Machinery Manufacturing — 0.3%
		Case New Holland, Inc.
	1,100	7.75%, 09/01/2013 ■		1,092
		Mining — 1.4%
		Drummond Co., Inc.
	1,330	9.00%, 10/15/2014 ■		1,343
		James River Coal Co.
	1,300	9.38%, 06/01/2012		1,274

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: NON-INVESTMENT GRADE — 87.9% — (continued)
		Mining — 1.4% — (continued)
		Teck Resources Ltd.
$	1,585	10.75%, 05/15/2019	$	1,847
				4,464
		Miscellaneous Manufacturing — 1.0%
		L-3 Communications Corp.
	1,620	6.13%, 01/15/2014		1,604
		Transdigm, Inc.
	1,265	7.75%, 07/15/2014		1,271
	570	7.75%, 07/15/2014 ■		573
				3,448
		Motor Vehicle & Parts Manufacturing — 3.0%
		ESCO Corp.
	1,425	8.63%, 12/15/2013 ■		1,407
		Ford Motor Co.
	1,550	9.22%, 09/15/2021		1,310
		Tenneco, Inc.
	2,450	8.63%, 11/15/2014		2,309
		TRW Automotive, Inc.
	1,750	7.00%, 03/15/2014 ■		1,627
		UCI Holdco, Inc.
	5,915	9.25%, 12/15/2013 Δ		3,076
				9,729
		Paper Manufacturing — 2.3%
		Appleton Papers, Inc.
	1,762	11.25%, 12/15/2015 ■		1,484
		Domtar Corp.
	1,135	10.75%, 06/01/2017		1,302
		Georgia-Pacific LLC
	1,275	7.00%, 01/15/2015 ■		1,288
	1,190	8.25%, 05/01/2016 ■		1,261
		NewPage Corp.
	950	11.38%, 12/31/2014 ■		948
		Westvaco Corp.
	1,138	8.20%, 01/15/2030 ‡		1,140
				7,423
		Petroleum and Coal Products Manufacturing — 6.3%
		Alon Refining Krotz Springs, Inc.
	1,135	13.50%, 10/15/2014 ■		1,073
		Bill Barrett Corp.
	1,495	9.88%, 07/15/2016		1,585
		Chesapeake Energy Corp.
	970	7.00%, 08/15/2014		977
	2,340	9.50%, 02/15/2015		2,533
		Ferrellgas Partners L.P.
	1,235	9.13%, 10/01/2017 ■		1,291
		Headwaters, Inc.
	945	11.38%, 11/01/2014 ■		947
		Linn Energy LLC
	1,565	11.75%, 05/15/2017 ■		1,739
		Opti Canada, Inc.
	1,985	8.25%, 12/15/2014		1,558
		Petrohawk Energy Corp.
	1,825	9.13%, 07/15/2013		1,889
		Plains Exploration & Production Co.
	1,475	10.00%, 03/01/2016		1,578
		Sandridge Energy, Inc.
	1,170	9.88%, 05/15/2016 ■		1,252
		Star Gas Partners L.P.
	945	10.25%, 02/15/2013		954
		Targa Resources Partners
	1,625	11.25%, 07/15/2017 ■		1,739
		Western Refining, Inc.
	1,590	11.25%, 06/15/2017 ■		1,471
				20,586
		Pipeline Transportation — 1.6%
		Dynegy Holdings, Inc.
	1,450	7.75%, 06/01/2019		1,222
		El Paso Corp.
	1,545	7.75%, 01/15/2032		1,446
	1,065	7.80%, 08/01/2031		998
		MarkWest Energy
	1,595	8.75%, 04/15/2018		1,631
				5,297
		Plastics and Rubber Products Manufacturing — 1.1%
		Goodyear Tire & Rubber Co.
	1,725	5.01%, 12/01/2009 Δ		1,724
		Plastipak Holdings, Inc.
	875	10.63%, 08/15/2019 ■		958
		Solo Cup Co.
	1,000	8.50%, 02/15/2014		973
				3,655
		Primary Metal Manufacturing — 0.9%
		Novelis, Inc.
	825	7.25%, 02/15/2015		740
	645	11.50%, 02/15/2015 ■		671
		Steel Dynamics, Inc.
	1,405	8.25%, 04/15/2016 ■		1,412
				2,823
		Printing and Related Support Activities — 0.8%
		Harland Clarke Holdings
	1,550	9.50%, 05/15/2015		1,414
		Sheridan Group, Inc.
	1,475	10.25%, 08/15/2011		1,298
				2,712
		Professional, Scientific and Technical Services — 2.9%
		Affinion Group, Inc.
	750	10.13%, 10/15/2013		769
	6,780	11.50%, 10/15/2015		7,085
		SunGard Data Systems, Inc.
	1,693	10.25%, 08/15/2015		1,746
				9,600
		Public Administration — 0.3%
		Corrections Corp. of America
	1,165	6.25%, 03/15/2013		1,159
		Real Estate and Rental and Leasing — 1.6%
		American Real Estate Partners L.P.
	1,405	7.13%, 02/15/2013 ‡		1,381
		Ashtead Capital, Inc.
	1,650	9.00%, 08/15/2016 ■		1,625
		Hertz Corp.
	1,550	8.88%, 01/01/2014		1,569
		Realogy Corp.
	835	10.50%, 04/15/2014		597
				5,172

The accompanying notes are an integral part of these financial statements.

7

The Hartford High Yield Fund

Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: NON-INVESTMENT GRADE — 87.9% — (continued)
		Retail Trade — 5.4%
		Dollar General Corp.
$	1,425	11.88%, 07/15/2017	$	1,596
		Dollarama Group L.P.
	1,440	8.88%, 08/15/2012		1,504
		J.C. Penney Co., Inc.
	1,780	7.63%, 03/01/2097		1,384
		Macys, Inc.
	3,250	6.90%, 04/01/2029		2,681
		Michaels Stores, Inc.
	1,400	11.38%, 11/01/2016		1,354
		Nebraska Book Co., Inc.
	1,600	10.00%, 12/01/2011 ■		1,612
		New Albertson’s, Inc.
	2,425	8.00%, 05/01/2031		2,207
		Toys R Us, Inc.
	1,680	7.88%, 04/15/2013		1,634
		United Components, Inc.
	2,320	9.38%, 06/15/2013		2,198
		Yankee Acquisition Corp.
	1,500	8.50%, 02/15/2015		1,433
				17,603
		Soap, Cleaning Compound, and Toilet Manufacturing — 0.2%
		Johnson Diversey, Inc.
	275	9.63%, 05/15/2012		279
	550	10.67%, 05/15/2013		558
				837
		Textile Product Mills — 0.8%
		Interface, Inc.
	1,300	11.38%, 11/01/2013 ■		1,404
		Mohawk Industries, Inc.
	1,235	6.88%, 01/15/2016		1,210
				2,614
		Utilities — 5.7%
		AES Corp.
	2,120	9.75%, 04/15/2016 ■		2,311
		Calpine Corp.
	2,080	7.25%, 10/15/2017 ■		1,960
		Energy Future Holdings Corp.
	4,550	11.25%, 11/01/2017		2,958
		Mirant Americas Generation LLC
	2,495	8.30%, 05/01/2011		2,539
		Mirant North America LLC
	1,935	7.38%, 12/31/2013		1,906
		NRG Energy, Inc.
	1,620	7.25%, 02/01/2014		1,608
	2,380	8.50%, 06/15/2019		2,410
		Orion Power Holdings, Inc.
	2,200	12.00%, 05/01/2010		2,271
		Reliant Energy, Inc.
	805	9.24%, 07/02/2017		861
				18,824
		Water Transportation — 0.8%
		Royal Caribbean Cruises Ltd.
	1,125	11.88%, 07/15/2015		1,263
		Ship Finance International Ltd.
	1,305	8.50%, 12/15/2013		1,240
				2,503
		Wholesale Trade — 0.4%
		SGS International, Inc.
	1,350	12.00%, 12/15/2013		1,282
		Total corporate bonds: non-investment grade (cost $265,461)	$	289,060
SENIOR FLOATING RATE INTERESTS: INVESTMENT GRADE♦ — 1.9%
		Food Manufacturing — 0.9%
		WM Wrigley Jr. Co.
$	2,808	6.50%, 10/06/2014 ±☼	$	2,840
		Health Care and Social Assistance — 1.0%
		Fresenius SE, Term Loan B
	1,972	6.75%, 09/10/2014 ±☼		1,983
		Fresenius SE, Term Loan B2
	1,294	6.75%, 09/10/2014 ±☼		1,302
				3,285
		Total senior floating rate interests: investment Grade (cost $6,108)	$	6,125
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE♦ — 7.2%
		Arts, Entertainment and Recreation — 2.0%
		Chester Downs and Marina LLC
$	825	12.38%, 07/31/2016 ±☼	$	820
		Marquee Holdings, Inc.
	6,378	5.30%, 06/13/2012 ±		5,708
				6,528
		Chemical Manufacturing — 0.2%
		Lyondell Chemical Co.
	520	9.17%, 02/03/2010 ±☼Ψ		535
		Computer and Electronic Product Manufacturing — 0.7%
		Freescale Semiconductor, Inc.
	1,261	12.50%, 12/15/2014 ±		1,288
		Infor Lux Bond Co.
	2,822	8.25%, 09/02/2014 ±☼		959
				2,247
		Finance and Insurance — 0.4%
		Nuveen Investments, Inc.
	1,415	12.50%, 07/31/2015 ±		1,441
		Health Care and Social Assistance — 0.4%
		IASIS Healthcare Capital Corp.
	1,502	5.53%, 06/13/2014 ±		1,337
		Information — 0.8%
		Level 3 Communications Corp.
	615	8.50%, 03/13/2014 ±		652
		WideOpenWest Finance LLC
	2,755	7.30%, 06/29/2015 ±☼		2,108
				2,760

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount					Market Value ╪
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE♦ — 7.2% — (continued)
		Motor Vehicle & Parts Manufacturing — 2.4%
		Lear Corp.
$	5,987	5.50%, 04/25/2012 ◊Ω			$	5,754
	1,401	12.25%, 08/10/2010 ±Ω				1,401
		Lear Corp., Delayed Delivery Term Loan B
	335	5.50%, 10/21/2014 ◊☼Ψ				337
		Lear Corp., Term Loan B
	335	5.50%, 10/21/2014 ◊☼Ψ				337
						7,829
		Petroleum and Coal Products Manufacturing — 0.3%
		Turbo Beta Ltd.
	1,278	14.50%, 03/12/2018 ±⌂†				895
		Total senior floating rate interests: non-investment grade (cost $21,611)			$	23,572
PREFERRED STOCKS — 0.0%
		Banks — 0.0%
	52	Federal National Mortgage Association, 8.25% •			$	60
		Total preferred stocks (cost $668)			$	60
		Total long-term investments (cost $297,577)			$	322,436
SHORT-TERM INVESTMENTS — 1.4%
		Investment Pools and Funds — 1.4%
	4,518	JP Morgan U.S. Government Money Market Fund			$	4,518
	—	State Street Bank U.S. Government Money Market Fund				—
	—	Wells Fargo Advantage Government Money Market Fund				—
						4,518
		Total short-term investments (cost $4,518)			$	4,518
		Total investments (cost $302,095) ▲	99.5	%	$	326,954
		Other assets and liabilities	0.5	%		1,659
		Total net assets	100.0	%	$	328,613

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 4.6% of total net assets at October 31, 2009.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $303,132 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	29,791
Unrealized Depreciation		(5,969	)
Net Unrealized Appreciation	$	23,822

†	The aggregate value of securities valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Fund’s Board of Directors at October 31, 2009, was $895, which represents 0.27% of total net assets.
•	Currently non-income producing. For long-term debt securities, items identified are in default as to payment of interest and/or principal.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2009.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2009, was $90,960, which represents 27.68% of total net assets.
♠	Perpetual maturity security. Maturity date shown is the first call date.
۞	Convertible security.
☼	The cost of securities purchased on a when-issued or delayed delivery basis at October 31, 2009 was $6,874.
±	The interest rate disclosed for these securities represents the average coupon as of October 31, 2009.
◊	The interest rate disclosed for these securities represents an estimated average coupon as of October 31, 2009.
Ω	Debt security in default due to bankruptcy.
Ψ	The company is in bankruptcy. The investment held by the fund is current with respect to interest payments.
♦	Senior loans in which the Fund invests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank’s certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

The accompanying notes are an integral part of these financial statements.

9

The Hartford High Yield Fund

Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

⌂ The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period	Shares/
Acquired	Par		Security	Cost Basis
05/2001 – 11/2001	$	650	Potlatch Corp., 12.50%, 12/01/2009	$	645
02/2007	$	920	Soundview NIM Trust, 8.25%, 12/25/2036 – 144A		915
06/2008 – 05/2009	$	1,278	Turbo Beta Ltd., 14.50%, 03/12/2018		1,278

	The aggregate value of these securities at October 31, 2009 was $1,545 which represents 0.47% of total net assets.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

10

The Hartford High Yield Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	—	$	—	$	—	$	—
Corporate Bonds: Investment Grade		3,619		—		3,619		—
Corporate Bonds: Non-Investment Grade		289,060		—		287,834		1,226
Preferred Stocks ‡		60		60		—		—
Senior Floating Rate Interests: Investment Grade		6,125		—		6,125		—
Senior Floating Rate Interests: Non-Investment Grade		23,572		—		22,677		895
Short-Term Investments		4,518		4,518		—		—
Total	$	326,954	$	4,578	$	320,255	$	2,121

‡ The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.

         Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

						Change in
	Balance as of					Unrealized						Transfers In			Balance as of
	October 31,		Realized Gain			Appreciation			Net Purchases			and/or Out of			October 31,
	2008		(Loss)			(Depreciation)			(Sales)			Level 3			2009
Assets:
Asset & Commercial Mortgage Backed Securities		641		(346	)		(74	)*		(221	)		—			—
Common Stock		—		(21	)		21	†		—			—			—
Corporate Bonds and Senior Floating Rate Interests		4,098		(253	)		420	‡		210			(2,354	)		2,121
Total	$	4,739	$	(620	)	$	367		$	(11	)	$	(2,354	)	$	2,121

*	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $(4).
†	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $—.
‡	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $(19).

The accompanying notes are an integral part of these financial statements.

11

The Hartford High Yield Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $302,095)	$	326,954
Foreign currency on deposit with custodian (cost $—)		—
Receivables:
Investment securities sold		8,290
Fund shares sold		739
Dividends and interest		8,001
Other assets		299
Total assets		344,283
Liabilities:
Payables:
Investment securities purchased		11,327
Fund shares redeemed		3,709
Investment management fees		38
Dividends		473
Distribution fees		21
Accrued expenses		75
Other liabilities		27
Total liabilities		15,670
Net assets	$	328,613
Summary of Net Assets:
Capital stock and paid-in-capital		401,638
Accumulated undistributed net investment income		428
Accumulated net realized loss on investments and foreign currency transactions		(98,312	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		24,859
Net assets	$	328,613
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	6.73/$7.05
Shares outstanding		30,058
Net assets	$	202,256
Class B: Net asset value per share	$	6.71
Shares outstanding		3,391
Net assets	$	22,749
Class C: Net asset value per share	$	6.71
Shares outstanding		7,712
Net assets	$	51,777
Class I: Net asset value per share	$	6.74
Shares outstanding		307
Net assets	$	2,068
Class R3: Net asset value per share	$	6.73
Shares outstanding		25
Net assets	$	166
Class R4: Net asset value per share	$	6.73
Shares outstanding		3
Net assets	$	18
Class R5: Net asset value per share	$	6.73
Shares outstanding		2
Net assets	$	11
Class Y: Net asset value per share	$	6.73
Shares outstanding		7,363
Net assets	$	49,568

The accompanying notes are an integral part of these financial statements.

12

The Hartford High Yield Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Interest	$	27,074
Securities lending		24
Total investment income		27,098
Expenses:
Investment management fees		1,676
Administrative services fees		—
Transfer agent fees		533
Distribution fees
Class A		383
Class B		192
Class C		346
Class R3		—
Class R4		—
Custodian fees		11
Accounting services fees		43
Registration and filing fees		94
Board of Directors’ fees		7
Audit fees		11
Other expenses		45
Total expenses (before waivers and fees paid indirectly)		3,341
Expense waivers		(300	)
Transfer agent fee waivers		(18	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(318	)
Total expenses, net		3,023
Net Investment Income		24,075
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized loss on investments in securities		(19,289	)
Net realized gain on futures		1,461
Net realized loss on forward foreign currency contracts		(134	)
Net realized gain on other foreign currency transactions		75
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(17,887	)
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		76,682
Net unrealized depreciation of futures		(263	)
Net unrealized appreciation of forward foreign currency contracts		18
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		7
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		76,444
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		58,557
Net Increase in Net Assets Resulting from Operations	$	82,632

The accompanying notes are an integral part of these financial statements.

13

The Hartford High Yield Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	24,075		$	17,427
Net realized loss on investments, other financial instruments and foreign currency transactions		(17,887	)		(22,497	)
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		76,444			(48,390	)
Net Increase (Decrease) In Net Assets Resulting From Operations		82,632			(53,460	)
Distributions to Shareholders:
From net investment income
Class A		(15,580	)		(12,185	)
Class B		(1,856	)		(1,900	)
Class C		(3,270	)		(2,233	)
Class I		(207	)		(34	)
Class R3		(6	)		(1	)
Class R4		(1	)		(1	)
Class R5		(1	)		(1	)
Class Y		(3,239	)		(770	)
Total distributions		(24,160	)		(17,125	)
Capital Share Transactions:
Class A		48,076			(5,268	)
Class B		836			(5,433	)
Class C		21,632			(3,638	)
Class I		681			878
Class R3		131			8
Class R4		7			1
Class R5		1			1
Class Y		27,761			11,813
Net increase (decrease) from capital share transactions		99,125			(1,638	)
Net Increase (Decrease) In Net Assets		157,597			(72,223	)
Net Assets:
Beginning of period		171,016			243,239
End of period	$	328,613		$	171,016
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	428		$	581

The accompanying notes are an integral part of these financial statements.

14

The Hartford High Yield Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford High Yield Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Trade date for senior floating rate interests purchased in the primary market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary market is the date on which the transaction is entered into.
	Dividend income is accrued as of the ex-dividend date. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m.

15

The Hartford High Yield Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Debt securities (other than short-term obligations and senior floating rate interests) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Senior floating rate interests generally trade in over-the-counter markets and are priced through an independent pricing service utilizing market quotations from loan dealers or financial institutions. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Futures contracts are valued at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively. If a settlement price is not available, futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the mean of the closing bid and asked prices as of the Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty

16

cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the valuation date.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.
	Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Hartford Investment Management Company (“Hartford Investment

17

The Hartford High Yield Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	Management”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund had no outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
g)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding forward foreign currency contracts as of October 31, 2009.
h)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income are declared daily and paid monthly. Dividends are paid on shares beginning on the business day after the day when the funds used to purchase the shares are collected by the transfer agent for the Fund. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.

18

	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
i)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
j)	Securities Purchased on a When-Issued or Delayed-Delivery Basis — Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery securities as of October 31, 2009.
k)	Credit Risk — Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a Fund which holds securities with higher credit risk may fluctuate more than with less aggressive bond funds.
l)	Senior Floating Rate Interests — The Fund, as shown in the Schedule of Investments, may invest in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income which would result in a reduction of income to the Fund and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.
m)	Prepayment Risks — Most senior floating rate interests and certain debt securities allow for prepayment of principal without penalty. Senior floating rate interests and securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. In addition, with respect to securities, rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment risk is a major risk of mortgage-backed securities and certain asset-backed securities. Accordingly, the potential for the value of a senior floating rate interest or debt security to increase in response to interest rate declines is limited. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the

19

The Hartford High Yield Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	Schedule of Investments. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.
	Senior floating rate interests or debt securities purchased to replace a prepaid loan or a debt security may have lower yields than the yield on the prepaid loan or debt security. Senior floating rate interests generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for the Borrower to repay, prepayments of senior floating rate interests may occur. As a result, the actual remaining maturity of senior floating rate interests held may be substantially less than the stated maturities shown in the Schedule of Investments.
n)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
o)	Additional Derivative Instrument(s) Information
	The volume of derivative activity was minimal during the year ended October 31, 2009.
	Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Interest rate contracts	$	—	$	—	$	1,461	$	—		$	—	$	1,461
Foreign exchange contracts		—		—		—		(134	)		—		(134	)
Total	$	—	$	—	$	1,461	$	(134	)	$	—	$	1,327

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
								Forward
			Purchased					Currency
Risk Exposure Category	Written Options		Options		Futures			Contracts		Swaps		Total
Interest rate contracts		—		—		(263	)		—		—	$	(263	)
Foreign exchange contracts		—		—		—			18		—		18
Total	$	—	$	—	$	(263	)	$	18	$	—	$	(245	)

p) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Futures and Options:

Futures and Options Transactions — The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long

20

and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.

At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.

The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. As of October 31, 2009, there were no outstanding futures contracts.

An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.

The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. As of October 31, 2009, there were no outstanding purchased or written option contracts.

4. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

21

The Hartford High Yield Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	23,916	$	17,209

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,018
Accumulated Capital Losses *		(97,275	)
Unrealized Appreciation †		23,822
Total Accumulated Deficit	$	(72,435	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease undistributed net investment income by $68, increase accumulated net realized gain on investments by $1,712, and decrease paid-in-capital by $1,644.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2010	$	25,246
2011		28,570
2014		3,595
2016		21,761
2017		18,103
Total	$	97,275

	As a result of current or past mergers in the Fund, certain provisions in the Internal Revenue Code may limit the future utilization of capital losses. As of October 31, 2009, the Fund had $1,643 in expired capital loss carryforwards.
f)	Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

22

5. Expenses:

a)

Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.70	%
On next $500 million		0.65	%
On next $4 billion		0.60	%
On next $5 billion		0.58	%
Over $10 billion		0.57	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.15%	1.90%	1.90%	0.90%	1.40%	1.10%	0.90%	0.90%

Effective November 1, 2009, HIFSCO has agreed to revise the voluntary limit (which is the permanent expense limitation) on total operating expenses for the Fund, exclusive of taxes, interest, brokerage commissions, certain distribution expenses and extraordinary expenses. The new expense limitation is as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.20%	1.95%	1.95%	0.95%	1.45%	1.15%	0.95%	0.95%

d) Fees Paid Indirectly — The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2009, this amount is included in the Statement of Operations.

23

The Hartford High Yield Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.15	%		1.15	%		1.15	%		1.20	%		1.33	%
Class B Shares		1.80			1.87			1.90			1.94			2.10
Class C Shares		1.90			1.90			1.83			1.89			2.00
Class I Shares		0.86			0.82			0.75	*
Class R3 Shares		1.40			1.40			1.40	†
Class R4 Shares		1.10			1.10			1.10	†
Class R5 Shares		0.89			0.90			0.85	†
Class Y Shares		0.79			0.79			0.67			0.73			0.87

*	From May 31, 2007 (commencement of operations), through October 31, 2007.
†	From December 22, 2006 (commencement of operations), through October 31, 2007.

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $714 and contingent deferred sales charges of $48 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $23. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the

24

transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $507 for providing such services. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R4		2
Class R5		2

7.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	515,851
Sales Proceeds Excluding U.S. Government Obligations		403,290
Cost of Purchases for U.S. Government Obligations		723
Sales Proceeds for U.S. Government Obligations		708

25

The Hartford High Yield Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

8.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009											For the Year Ended October 31, 2008
			Shares					Shares						Shares					Shares
			Issued for					Issued		Net Increase				Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		25,318		2,293		(18,806	)		—		8,805		10,759		1,429		(12,581	)		—		(393	)
Amount	$	141,209	$	13,526	$	(106,659	)	$	—	$	48,076	$	74,918	$	10,120	$	(90,306	)	$	—	$	(5,268	)
Class B
Shares		1,352		251		(1,448	)		—		155		316		197		(1,272	)		—		(759	)
Amount	$	7,685	$	1,461	$	(8,310	)	$	—	$	836	$	2,252	$	1,397	$	(9,082	)	$	—	$	(5,433	)
Class C
Shares		6,444		402		(3,058	)		—		3,788		1,843		205		(2,556	)		—		(508	)
Amount	$	36,466	$	2,380	$	(17,214	)	$	—	$	21,632	$	13,308	$	1,452	$	(18,398	)	$	—	$	(3,638	)
Class I
Shares		716		27		(577	)		—		166		142		5		(25	)		—		122
Amount	$	4,326	$	163	$	(3,808	)	$	—	$	681	$	1,016	$	31	$	(169	)	$	—	$	878
Class R3
Shares		25		1		(4	)		—		22		2		—		—			—		2
Amount	$	154	$	6	$	(29	)	$	—	$	131	$	7	$	1	$	—		$	—	$	8
Class R4
Shares		1		1		—			—		2		—		—		—			—		—
Amount	$	6	$	1	$	—		$	—	$	7	$	—	$	1	$	—		$	—	$	1
Class R5
Shares		—		1		—			—		1		—		—		—			—		—
Amount	$	—	$	1	$	—		$	—	$	1	$	—	$	1	$	—		$	—	$	1
Class Y
Shares		5,701		527		(1,289	)		—		4,939		2,333		112		(639	)		—		1,806
Amount	$	32,480	$	3,106	$	(7,825	)	$	—	$	27,761	$	15,615	$	778	$	(4,580	)	$	—	$	11,813

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		318	$	1,860
For the Year Ended October 31, 2008		246	$	1,796

9.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
10.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

26

11.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

27

The Hartford High Yield Fund

Financial Highlights

— Selected Per-Share Data (a) —

	Net Asset						Net Realized																Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions							(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized		Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains		from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	5.52	$	0.59	$	—	$	1.22		$	1.81		$	(0.60	)	$	—	$	—	$	(0.60	)	$	1.21		$	6.73
B		5.51		0.55		—		1.21			1.76			(0.56	)		—		—		(0.56	)		1.20			6.71
C		5.51		0.54		—		1.21			1.75			(0.55	)		—		—		(0.55	)		1.20			6.71
I		5.53		0.61		—		1.21			1.82			(0.61	)		—		—		(0.61	)		1.21			6.74
R3		5.52		0.57		—		1.22			1.79			(0.58	)		—		—		(0.58	)		1.21			6.73
R4		5.53		0.59		—		1.21			1.80			(0.60	)		—		—		(0.60	)		1.20			6.73
R5		5.53		0.60		—		1.21			1.81			(0.61	)		—		—		(0.61	)		1.20			6.73
Y		5.53		0.61		—		1.21			1.82			(0.62	)		—		—		(0.62	)		1.20			6.73
For the Year Ended October 31, 2008 (e)
A		7.92		0.58		—		(2.40	)		(1.82	)		(0.58	)		—		—		(0.58	)		(2.40	)		5.52
B		7.91		0.53		—		(2.41	)		(1.88	)		(0.52	)		—		—		(0.52	)		(2.40	)		5.51
C		7.91		0.53		—		(2.41	)		(1.88	)		(0.52	)		—		—		(0.52	)		(2.40	)		5.51
I		7.93		0.60		—		(2.40	)		(1.80	)		(0.60	)		—		—		(0.60	)		(2.40	)		5.53
R3		7.93		0.56		—		(2.41	)		(1.85	)		(0.56	)		—		—		(0.56	)		(2.41	)		5.52
R4		7.93		0.59		—		(2.41	)		(1.82	)		(0.58	)		—		—		(0.58	)		(2.40	)		5.53
R5		7.93		0.60		—		(2.40	)		(1.80	)		(0.60	)		—		—		(0.60	)		(2.40	)		5.53
Y		7.93		0.60		—		(2.40	)		(1.80	)		(0.60	)		—		—		(0.60	)		(2.40	)		5.53
For the Year Ended October 31, 2007
A		7.93		0.58		—		(0.01	)		0.57			(0.58	)		—		—		(0.58	)		(0.01	)		7.92
B		7.92		0.52		—		(0.01	)		0.51			(0.52	)		—		—		(0.52	)		(0.01	)		7.91
C		7.92		0.53		—		(0.01	)		0.52			(0.53	)		—		—		(0.53	)		(0.01	)		7.91
I(f)		8.25		0.26		—		(0.33	)		(0.07	)		(0.25	)		—		—		(0.25	)		(0.32	)		7.93
R3(i)		8.04		0.48		—		(0.13	)		0.35			(0.46	)		—		—		(0.46	)		(0.11	)		7.93
R4(i)		8.04		0.50		—		(0.13	)		0.37			(0.48	)		—		—		(0.48	)		(0.11	)		7.93
R5(i)		8.04		0.52		—		(0.13	)		0.39			(0.50	)		—		—		(0.50	)		(0.11	)		7.93
Y		7.92		0.71		—		(0.09	)		0.62			(0.61	)		—		—		(0.61	)		0.01			7.93
For the Year Ended October 31, 2006
A		7.76		0.54		—		0.18			0.72			(0.55	)		—		—		(0.55	)		0.17			7.93
B		7.74		0.48		—		0.19			0.67			(0.49	)		—		—		(0.49	)		0.18			7.92
C		7.75		0.49		—		0.17			0.66			(0.49	)		—		—		(0.49	)		0.17			7.92
Y		7.75		0.58		—		0.17			0.75			(0.58	)		—		—		(0.58	)		0.17			7.92
For the Year Ended October 31, 2005
A		8.18		0.48		—		(0.40	)		0.08			(0.50	)		—		—		(0.50	)		(0.42	)		7.76
B		8.17		0.42		—		(0.41	)		0.01			(0.44	)		—		—		(0.44	)		(0.43	)		7.74
C		8.17		0.42		—		(0.39	)		0.03			(0.45	)		—		—		(0.45	)		(0.42	)		7.75
Y		8.17		0.52		—		(0.40	)		0.12			(0.54	)		—		—		(0.54	)		(0.42	)		7.75

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Commenced operations on May 31, 2007.
(g)	Not annualized.
(h)	Annualized.
(i)	Commenced operations on December 22, 2006.

28

— Ratios and Supplemental Data —

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	35.01	%	$	202,256		1.30	%		1.15	%		1.15	%		10.16	%		182	%
	34.05			22,749		2.18			1.80			1.80			9.54			—
	33.90			51,777		1.96			1.90			1.90			9.41			—
	35.30			2,068		0.86			0.86			0.86			10.36			—
	34.68			166		1.69			1.40			1.40			9.89			—
	34.83			18		1.36			1.10			1.10			10.21			—
	35.11			11		0.89			0.89			0.89			10.46			—
	35.21			49,568		0.79			0.79			0.79			10.50			—
	(24.40	)		117,343		1.30			1.15			1.15			8.07			111
	(25.00	)		17,838		2.13			1.87			1.87			7.34			—
	(25.01	)		21,634		1.97			1.90			1.90			7.30			—
	(24.11	)		777		0.82			0.82			0.82			8.82			—
	(24.70	)		14		1.63			1.40			1.40			7.93			—
	(24.32	)		8		1.19			1.10			1.10			8.15			—
	(24.16	)		8		0.90			0.90			0.90			8.35			—
	(24.09	)		13,394		0.79			0.79			0.79			8.57			—
	7.36			171,505		1.36			1.15			1.15			7.26			145
	6.56			31,591		2.17			1.90			1.90			6.51			—
	6.63			35,066		2.03			1.83			1.83			6.58			—
	(0.76	) (g)		149		0.95	(h)		0.75	(h)		0.75	(h)		8.07	(h)		—
	4.49	(g)		10		1.66	(h)		1.40	(h)		1.40	(h)		6.99	(h)		—
	4.75	(g)		10		1.34	(h)		1.10	(h)		1.10	(h)		7.29	(h)		—
	4.96	(g)		11		1.06	(h)		0.85	(h)		0.85	(h)		7.54	(h)		—
	7.96			4,897		0.87			0.67			0.67			7.62			—
	9.57			190,479		1.36			1.20			1.20			6.87			147
	8.90			37,189		2.17			1.95			1.95			6.10			—
	8.84			39,991	��	2.04			1.89			1.89			6.15			—
	10.11			24,374		0.88			0.73			0.73			7.33			—
	0.97			188,599		1.33			1.33			1.33			5.86			113
	0.08			47,071		2.12			2.10			2.10			5.09			—
	0.30			50,945		2.00			2.00			2.00			5.18			—
	1.43			25,974		0.87			0.87			0.87			6.40			—

29

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford High Yield Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks or brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford High Yield Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

30

The Hartford High Yield Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

31

The Hartford High Yield Fund

Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

32

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

33

The Hartford High Yield Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

QII* 100.00 %

* Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.596		N/A		N/A		0.596
Class B		0.559		N/A		N/A		0.559
Class C		0.553		N/A		N/A		0.553
Class I		0.612		N/A		N/A		0.612
Class R3		0.582		N/A		N/A		0.582
Class R4		0.599		N/A		N/A		0.599
Class R5		0.611		N/A		N/A		0.611
Class Y		0.616		N/A		N/A		0.616

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

34

The Hartford High Yield Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,239.30	$	6.55	$	1,000.00	$	1,019.36	$	5.90		1.16	%		184		365
Class B	$	1,000.00	$	1,234.00	$	10.42	$	1,000.00	$	1,015.88	$	9.40		1.85			184		365
Class C	$	1,000.00	$	1,233.70	$	10.70	$	1,000.00	$	1,015.63	$	9.65		1.90			184		365
Class I	$	1,000.00	$	1,240.70	$	4.80	$	1,000.00	$	1,020.92	$	4.33		0.85			184		365
Class R3	$	1,000.00	$	1,237.80	$	7.90	$	1,000.00	$	1,018.15	$	7.12		1.40			184		365
Class R4	$	1,000.00	$	1,239.70	$	6.21	$	1,000.00	$	1,019.66	$	5.60		1.10			184		365
Class R5	$	1,000.00	$	1,241.10	$	4.97	$	1,000.00	$	1,020.77	$	4.48		0.88			184		365
Class Y	$	1,000.00	$	1,241.60	$	4.35	$	1,000.00	$	1,021.32	$	3.92		0.77			184		365

35

The Hartford High Yield Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford High Yield Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

36

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO. The Board noted Management’s proposal to increase the levels above which expenses will be reimbursed for each share class by 0.05%.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

37

The Hartford High Yield Municipal Bond Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited — (continued)

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

38

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-21 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford High Yield Municipal Bond Fund

The Hartford High Yield Municipal Bond Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	5
Investment Valuation Hierarchy Level Summary at October 31, 2009	11
Statement of Assets and Liabilities at October 31, 2009	12
Statement of Operations for the Year Ended October 31, 2009	13
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	14
Notes to Financial Statements	15
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Federal Tax Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	32

The Hartford High Yield Municipal Bond Fund inception 05/31/2007

(subadvised by Hartford Investment Management Company) Investment objective — Seeks to provide a high level of current income which is generally exempt from federal income taxes. Capital appreciation is a secondary objective.

Performance Overview(1) 5/31/07 - 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital Municipal Non-Investment Grade Debt Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4) (as of 10/31/09)

	1			Since
	Year			Inception
High Yield Municipal Bond A#		16.93	%		-3.41	%
High Yield Municipal Bond A##		11.67	%		-5.23	%
High Yield Municipal Bond B#		16.00	%		-4.23	%
High Yield Municipal Bond B##		11.00	%		-5.29	%
High Yield Municipal Bond C#		16.04	%		-4.15	%
High Yield Municipal Bond C##		15.04	%		-4.15	%
High Yield Municipal Bond I#		17.30	%		-3.15	%
Barclays Capital Municipal Non-Investment		14.52	%		-3.46	%
Grade Debt Index

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C and I shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Christopher Bade
Vice President

How did the Fund perform?

The Class A shares of The Hartford High Yield Municipal Bond Fund returned 16.93%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmark, the Barclays Capital Municipal Non-Investment Grade Index returned 14.52% while the average return of the Lipper High Yield Municipal Funds category, a group of funds with investment strategies similar to those of the Fund, was 16.94%.

Why did the Fund perform this way?

Like most fixed income markets, the municipal market recovered dramatically over the twelve-month period ended October 31, 2009, after ending last fiscal year in a relative free-fall. Performance over the period was driven by a significant demand/supply imbalance leading to price appreciation as credit spreads tightened (i.e. short and long term interest rates moving closer together) and the municipal curve flattened (yield difference decreased between long and short-term maturities). Demand was strong over this period, particularly from retail investors and retail buyers of municipal mutual funds that were drawn to the market given the

2

“cheap” municipal pricing versus other taxable benchmarks, attractive incremental yield (for additional risk), possibility of higher federal taxes going forward, and the low historical default rates of municipal credits even during recessionary times.

Total municipal issuance for the period was down approximately 6% year-over-year, while issuance in high yield municipals (non-investment grade) was extremely limited. Supply within the traditional municipal high yield market should return as the economy improves. In the meantime, investors have been able to find excellent opportunities for yield generation within the investment grade municipal space. Total tax-exempt supply was down more than 11% due to the introduction of Build America Bonds (BABs), which are taxable bonds created under the 2009 stimulus package that allow municipal issuers to access a broader investor base and derive savings through a direct subsidy from the Federal government. After a slow start, BAB issuance picked up substantially later in the year with the total amount at about $51 billion thus far in 2009, culminating in October where BAB issuance accounted for more than 30% of total municipal issuance volume.

The primary drivers of performance over the period relative (i.e. performance of the Fund as measured against the benchmark) to the benchmark were curve positioning (the Fund was long vs. the benchmark), sector allocation, and an underweight (i.e. the Fund’s sector position was less than the benchmark position) to non-investment grade bonds earlier in the period. The Fund’s underweight to non-investment grade bonds significantly supported benchmark relative performance during the severe selloff and credit spread widening (i.e. short and long term interest rates moving farther apart) in late 2008, but generally detracted from performance in 2009. The municipal high yield market is highly technical and as such, there is a strong correlation between fund flows into high yield mutual funds (the primary buyers of lower rated/non-rated bonds) and performance. Mutual fund flows were negative in 2008, but were robust for most of 2009 beginning in the first quarter.

In other words, there were two distinct periods of performance; late 2008 and 2009. The Fund’s fiscal year started with the continued technical weakness that hurt performance in 2008, but a powerful rally ensued in 2009 as liquidity and technical conditions improved, and the demand for high yield bonds increased. The Fund outperformed the benchmark during the first two months of 2009 based on the Fund’s higher quality bias (lower exposure to non-investment grade bonds), but underperformed the rest of the year as non-investment grade paper rallied and credit spreads tightened. The Fund has been and remains biased towards higher quality municipals in an effort to mitigate volatility during this fundamentally weak credit cycle that we expect will continue into 2010.

The Fund’s benchmark relative underweight to Industrial Revenue Bonds (corporate-backed bonds) hurt performance in 2009 as credit spreads collapsed in this sector due to increased demand for corporate bonds at distressed levels. An allocation to Non-rated Long-Term Care Facilities and Special Assessment Bonds also hurt performance as those issues continued to suffer from the housing recession and general economic downturn. Land secured bonds continued to be negatively impacted by stalled housing developments and increasing delinquencies/foreclosures.

The Fund benefited from sector allocations to Health Care, Education, Gaming, and Prison Bonds which outperformed as credit spreads tightened. An overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Investment Grade Tobacco Bonds also contributed positively to performance over the period.

The Fund’s duration (i.e. sensitivity to changes in interest rates) was actively managed for optimal positioning during certain times of the year: a cash allocation and shorter bonds in 2008 (as needed) and then extending out longer on the municipal curve (22 years +) later in the fiscal year. This movement was consistent with the Fund’s primary objective of seeking high current income with a secondary objective of growth of capital since longer maturity bonds provided the best yield and outperformed as the curve flattened in 2009 (attributed to greater demand in the long end by mutual funds and the crowding out of tax-exempt supply by long taxable BABs).

What is your Outlook?

Following a powerful rally in the municipal high yield market, we remain selective on new purchases as credit spreads have tightened considerably and pricing is not as cheap as it once was. We expect further credit stress and “headline” risk in the municipal market as municipal issuers continue to address declining revenues and severe budget imbalances. Municipal fundamentals are likely to worsen into 2010 with lower tax revenues and wider budget gaps even as the national economy continues to recover. This will likely keep credit spreads wide on a historical basis and could potentially cause them to widen further. Although we expect fundamental conditions to worsen with more credit downgrades and negative headlines, the default experience for all municipal bonds has been historically low during all economic cycles. Downgrades and defaults may be more substantial for lower rated municipals, but they still should be relatively low compared to other taxable investments.

In the Fund, we will continue to look for opportunities further out on the curve (20+ years) where the supply/demand imbalance is most acute. Although we are not out of the woods fundamentally, we do not expect a substantial increase in municipal defaults, including high yield municipals, with the exception of Special Assessment and Land-Secured Bonds. During this period of weak municipal credit conditions, we remain cautious on high yield credit and will selectively buy non-investment grade bonds. However, with very limited high yield municipal supply, we will continue to actively purchase investment grade municipal bonds (while they remain at attractive spreads) which have less risk and volatility than traditional high yield municipals, yet are still generating attractive yields.

Distribution by Credit Quality
as of October 31, 2009

	Percentage of
	Long-Term
Rating	Holdings
AAA		3.1	%
AA		6.8
A		19.7
BBB		33.9
BB		8.7
B		5.3
CCC		2.7
Not Rated		19.8
	��
Total		100.0	%

3

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry	Net Assets
Airport Revenues		4.6	%
General Obligations		10.3
Health Care/Services		23.9
Higher Education (Univ., Dorms, etc.)		16.4
Housing (HFA’S, etc.)		0.6
Industrial		8.7
Miscellaneous		14.4
Prerefunded		3.1
Public Facilities		1.1
Special Tax Assessment		3.7
Tax Allocation		4.5
Transportation		0.8
Utilities — Electric		3.5
Utilities — Gas		0.5
Utilities — Water and Sewer		1.4
Short-Term Investments		0.8
Other Assets and Liabilities		1.7
Total		100.0	%

Distribution by State
as of October 31, 2009

	Percentage of
State	Net Assets
Alaska		0.3	%
Arizona		2.1
California		6.9
Colorado		2.1
Connecticut		0.7
Delaware		0.3
District of Columbia		1.6
Florida		8.6
Georgia		1.3
Hawaii		0.5
Idaho		0.6
Illinois		4.7
Indiana		0.3
Kansas		0.1
Louisiana		3.1
Maryland		0.2
Massachusetts		1.9
Michigan		5.6
Minnesota		0.4
Missouri		1.6
Nebraska		0.8
Nevada		0.7
New Hampshire		0.5
New Jersey		4.1
New Mexico		1.3
New York		7.7
North Carolina		0.3
Ohio		4.4
Oklahoma		0.1
Other U.S. Territories		1.8
Pennsylvania		3.3
Rhode Island		2.5
South Carolina		0.4
South Dakota		1.9
Texas		13.0
Utah		1.3
Virginia		1.9
Washington		3.2
West Virginia		0.7
Wisconsin		4.7
Short-Term Investments		0.8
Other Assets and Liabilities		1.7
Total		100.0	%

4

The Hartford High Yield Municipal Bond Fund
Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount				Market Value ╪
MUNICIPAL BONDS - 97.5%
		Alaska - 0.3%
		Alaska Municipal Bond Bank Auth GO
$	375	5.75%, 09/01/2033		$	389
		Anchorage, AK, GO
	605	5.25%, 08/01/2028			652
					1,041
		Arizona - 2.1%
		Estrella Mountain Ranch Community GO
	265	6.20%, 07/15/2032 ⌂			244
		Mohave County Industrial DA Correctional Fac Contract
	3,000	8.00%, 05/01/2025			3,578
		Pima County, AZ, Industrial Development Auth Education Rev
	1,500	8.50%, 07/01/2039			1,552
		Pinal County, AZ, Electric Dist #4
	1,150	6.00%, 12/01/2038			1,148
		Scottsdale, AZ, IDA
	1,000	5.25%, 09/01/2030			964
		Show Low Bluff, AZ, Community Fac Dist Special Assessment
	200	5.60%, 07/01/2031 ⌂			146
		Tartesso West Community Facilities Dist GO
	1,000	5.90%, 07/15/2032 ⌂			797
					8,429
		California - 6.9%
		California State GO
	4,985	6.50%, 04/01/2033			5,592
		California State Public Works Board
	2,000	6.25%, 04/01/2034			2,051
		California Statewide Community DA, California Baptist University
	2,800	5.50%, 11/01/2038			2,139
		California Statewide Community DA, Drew School
	250	5.30%, 10/01/2037			177
		California Statewide Community DA, Huntington Park Rev
	200	5.15%, 07/01/2030			143
		California Statewide Community DA, Thomas Jefferson School of Law
	4,100	7.25%, 10/01/2032			4,159
		Morongo Band of Mission Indians Enterprise Rev
	1,595	6.50%, 03/01/2028 §			1,356
		MSR Energy Auth
	2,000	6.50%, 11/01/2039			2,135
		Rialto, CA, Redev Agency
	2,000	5.88%, 09/01/2033			1,879
		San Diego, CA, Redev Agency Tax Allocation
	3,000	7.00%, 11/01/2039			3,143
		San Francisco City & County Redev Agency
	530	6.13%, 08/01/2031			468
	590	6.25%, 08/01/2033			558
		San Jose, CA, Redev Agency
	500	6.50%, 08/01/2023			553
		Santa Cruz County, CA, Redev Agency
	1,335	6.63%, 09/01/2029			1,441
		Turlock, CA, Health Facilities Rev
	2,675	5.38%, 10/15/2034			2,294
					28,088
		Colorado - 2.1%
		Baptist Road Rural Transportation Auth, Sales & Use Tax Rev
	800	5.00%, 12/01/2026			534
		Colorado E-470 Public Highway Auth Rev
	1,875	5.50%, 09/01/2024			1,791
		Colorado Educational & Cultural FA Rev, Charter School-Windsor Academy Proj
	500	5.70%, 05/01/2037 ⌂			378
		Colorado Health FA Rev
	2,500	5.50%, 05/15/2028			2,466
		Denver, CO, City & County Special Fac Airport AMT
	4,000	5.25%, 10/01/2032			2,827
		North Range, CO, Metropolitan Dist #2
	500	5.50%, 12/15/2027			370
		Park Meadows, CO, Business Improvement Dist Shared Sales Tax Rev
	360	5.35%, 12/01/2031			292
					8,658
		Connecticut - 0.7%
		Connecticut State Health & Educational Facilities
	3,000	5.50%, 07/01/2022			3,012
		Delaware - 0.3%
		Millsboro, DE, Special Obligation Plantation Lakes Special Development
	500	5.45%, 07/01/2036 ⌂			334
		Sussex County, DE, Del Rev
	1,235	5.90%, 01/01/2026			1,014
					1,348
		District of Columbia - 1.6%
		District of Columbia Tobacco Settlement Financing Corp
	6,675	6.50%, 05/15/2033			6,433
		Florida - 8.6%
		Beeline Community Development Dist
	1,205	7.00%, 05/01/2037			1,141
		Colonial Country Club Community Development Dist, Capital Improvement Rev
	2,080	6.40%, 05/01/2033			2,148
		Florida Village Community Development
	980	6.50%, 05/01/2033			996
		Florida Village Community Development Dist No 8
	2,840	6.38%, 05/01/2038			2,463
		Highlands County, FL, Adventist Health (Prerefunded with US Gov’t Securities)
	125	5.25%, 11/15/2036			145
		Hillsborough County, FL, IDA
	1,150	8.00%, 08/15/2032			1,266
		Jacksonville, FL, Econ Development Community Health Care Facilities
	2,000	6.25%, 09/01/2027			1,852
		Lakeland Florida Retirement Community Rev	��
	1,750	6.38%, 01/01/2043			1,550
		Lee County, FL, Industrial Development Auth
	1,000	5.25%, 06/15/2027			776

The accompanying notes are an integral part of these financial statements.

5

The Hartford High Yield Municipal Bond Fund
Schedule of Investments — (continued) 
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
MUNICIPAL BONDS - 97.5% - (continued)
		Florida - 8.6% - (continued)
		Magnolia Creek, FL, Community Development Dist Capital Improvement
$	500	5.90%, 05/01/2039 ⌂	$	296
		Miami-Dade County, FL, Aviation Rev
	4,220	5.50%, 10/01/2036		4,265
		Miami-Dade County, FL, Educational Facilities Auth
	3,000	5.75%, 04/01/2028		3,119
		Palm Beach County, FL, Health FA Rev Waterford Proj
	2,400	5.88%, 11/15/2037		2,110
		Parker Road, FL, Community Development Dist Cap Improvement Ser A
	195	5.60%, 05/01/2038 ⌂		111
		Putnam County, FL, DA
	3,125	5.35%, 03/15/2042		3,219
		River Bend Community Development Dist, Capital Improvement Rev
	1,945	0.00%, 11/01/2015 •		1,205
		Seminole Tribe of Florida
	4,500	5.25%, 10/01/2027 §		4,028
	1,000	5.50%, 10/01/2024 §		939
		Six Mile Creek, FL, Community Development Dist
	1,525	5.88%, 05/01/2038		654
		St. Johns County, FL, IDA
	1,765	5.00%, 02/15/2027		1,571
		Tolomato, FL, Community Development Dist
	800	6.65%, 05/01/2040		583
		University Square Community Development
	495	5.88%, 05/01/2038		360
				34,797
		Georgia - 1.3%
		Atlanta Water & Wastewater Rev
	2,000	6.00%, 11/01/2022		2,157
		Augusta, GA, Airport Rev AMT
	165	5.35%, 01/01/2028		137
	230	5.45%, 01/01/2031		188
		Dekalb County, GA, DA
	1,500	6.00%, 07/01/2034		1,635
		Marietta, GA, DA
	1,500	7.00%, 06/15/2030		1,398
				5,515
		Hawaii - 0.5%
		Hawaii State Dept of Budget & Fin
	1,750	9.00%, 11/15/2044		1,860
		Idaho - 0.6%
		Idaho Arts Charter School
	1,000	6.25%, 12/01/2028		857
		Idaho Board Bank Auth
	1,465	5.63%, 09/15/2026		1,679
				2,536
		Illinois - 4.7%
		Aurora, IL, Tax Increment Rev
	1,000	6.75%, 12/30/2027		966
		Belleville, IL, Tax Increment
	1,000	5.70%, 05/01/2036 ⌂		826
		Chicago, IL, O’Hare Int’l Airport Rev
	2,210	6.00%, 01/01/2017		2,288
		Hampshire, IL, Special Service Area #13, Tuscany Woods Proj
	200	5.75%, 03/01/2037 ⌂		104
		Hampshire, IL, Special Service Area #16, Prairie Ridge Proj
	200	6.00%, 03/01/2046		143
		Illinois FA Rev
	1,200	5.25%, 11/01/2039		1,221
	2,870	5.38%, 07/01/2033 - 11/15/2039		2,762
	6,000	5.50%, 08/15/2030		5,742
	1,400	6.00%, 03/01/2038		1,516
	190	6.25%, 02/01/2033		197
		Illinois FA, Children’s Memorial Hospital Ser B
	1,500	5.50%, 08/15/2028		1,508
		Springfield, IL, Water Rev
	500	5.25%, 03/01/2026		536
		University of Illinois Rev
	1,205	5.75%, 04/01/2038		1,307
				19,116
		Indiana - 0.3%
		Indiana Municipal Power Agency
	1,000	5.75%, 01/01/2034		1,039
		Vigo County, IN, Union Hospital
	500	5.70%, 09/01/2037 §		419
				1,458
		Kansas - 0.1%
		Olathe, KS, Tax Increment Rev, West Village Center
	500	5.50%, 09/01/2026 ⌂		392
		Louisiana - 3.1%
		Louisiana Local Government Environmental Facilities & Community Development
	6,000	6.75%, 11/01/2032		5,904
		Louisiana Public Fac Auth
	3,500	6.75%, 07/01/2039		3,802
		Louisiana Public Fac Auth, Susla Fac, Inc.
	500	5.75%, 07/01/2039 ⌂		357
		New Orleans Aviation Board Revenues
	2,500	6.00%, 01/01/2023		2,722
				12,785
		Maryland - 0.2%
		Maryland State Health & Higher Education FA Rev
	770	6.00%, 01/01/2028		801
		Massachusetts - 1.9%
		Massachusetts Development Fin Agency Rev
	1,200	8.00%, 04/15/2031		1,286
		Massachusetts State Health & Education Facilities
	1,000	5.13%, 07/01/2033		949
	3,000	5.50%, 10/01/2024		3,134
	2,355	8.00%, 10/01/2039		2,616
				7,985

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
MUNICIPAL BONDS - 97.5% - (continued)
		Michigan - 5.6%
		Detroit, MI, GO
$	4,500	5.00%, 04/01/2016	$	4,080
		Flint, MI, International Academy
	3,985	5.75%, 10/01/2037		3,178
		Kent Hospital FA
	3,000	6.00%, 07/01/2035		2,430
		Michigan Public Educational Facilities
	2,025	6.35%, 11/01/2028		2,007
	5,000	6.50%, 09/01/2037 §		4,158
		Michigan State Hospital FA, McLaren Health Care
	3,000	5.63%, 05/15/2028		3,017
		Michigan Tobacco Settlement FA Ser A
	2,000	6.00%, 06/01/2048		1,531
		Royal Oak Hospital Financial Auth
	2,000	8.25%, 09/01/2039		2,351
				22,752
		Minnesota - 0.4%
		Baytown Township, MN
	750	7.00%, 08/01/2038		659
		Falcon Heights, MN, Lease Rev
	525	6.00%, 11/01/2037		413
		Minneapolis, MN, Multifamily Housing Rev AMT
	200	5.40%, 04/01/2028		159
				1,231
		Missouri - 1.6%
		Branson Hills, MO, Infrastructure Fac
	100	5.50%, 04/01/2027		81
		Branson, MO, Regional Airport Transportation Development AMT
	1,300	6.00%, 07/01/2025		954
		Kansas City, MO, Tax Increment Rev Maincor Proj Ser A
	500	5.25%, 03/01/2018		466
		St Louis, MO, Airport Rev
	5,000	6.63%, 07/01/2034		5,248
				6,749
		Nebraska - 0.8%
		Madison County Hospital Auth
	2,000	6.00%, 07/01/2033		2,092
		Omaha Public Power Dist
	1,000	5.50%, 02/01/2033		1,082
				3,174
		Nevada - 0.7%
		Las Vegas, NV, Special Improvement Dist #808 & 810, Summerlin Village
	500	6.13%, 06/01/2031 ⌂		355
		Mesquite Special Improvement Dist #07-01
	500	6.00%, 08/01/2027		388
		Sparks Tourism Improvement
	2,240	6.75%, 06/15/2028 §		2,116
				2,859
		New Hampshire - 0.5%
		New Hampshire Business Financing Auth Rev
	2,000	6.88%, 10/01/2039		1,974
		New Hampshire State Business Fin Rev AMT
	200	5.20%, 05/01/2027		190
				2,164
		New Jersey - 4.1%
		Burlington County, NJ, Bridge Commission Econ Development Rev, The Evergreen Proj
	1,500	5.63%, 01/01/2038		1,328
		New Jersey Econ DA
	4,800	6.25%, 09/15/2019		4,362
		New Jersey Health Care Facilities FA
	4,000	6.63%, 07/01/2038		4,072
		New Jersey Health Care Facilities FA Rev
	2,855	5.75%, 10/01/2031		3,002
		New Jersey Health Care Services FA
	800	5.50%, 07/01/2030		746
		New Jersey State Educational FA Rev
	2,000	7.50%, 12/01/2032		2,260
		Tobacco Settlement Financing Corp, NJ
	2,000	5.00%, 06/01/2041		1,344
				17,114
		New Mexico - 1.3%
		Los Alamos County, NM
	3,000	5.88%, 06/01/2027		3,282
		Montecito Estates Public Improvement Rev
	1,000	7.00%, 10/01/2037 ⌂		809
		Otero County, NM, Jail Proj Rev
	1,370	6.00%, 04/01/2028		1,118
				5,209
		New York - 7.7%
		Erie County, NY, IDA Global Concepts Charter School Proj
	2,070	6.25%, 10/01/2037		1,689
		Genesee County, NY, IDA Civic Fac Rev, United Memorial Medical Center
	500	5.00%, 12/01/2027		378
		Long Island Power Auth
	3,000	6.25%, 04/01/2033		3,394
		Nassau County, NY, IDA Continuing Care Retirement
	2,500	6.70%, 01/01/2043		2,129
		Nassau County, NY, IDA Continuing Care Retirement, Amsterdam at Harborside, Ser A
	1,000	6.50%, 01/01/2027		892
		New York State Dormitory Auth Non State Supported Debt, Orange Regional Med Center
	3,125	6.13%, 12/01/2029		2,842
		New York State Dormitory Auth Rev Non St Supported Debt
	2,000	6.00%, 07/01/2033		2,143
		New York, NY, GO
	4,000	6.25%, 10/15/2028		4,642
		New York, NY, IDA American Airlines JFK International Airport AMT
	6,860	7.63%, 08/01/2025		6,583
	4,865	8.00%, 08/01/2012		4,857
		Ulster County, NY, IDA
	3,250	6.00%, 09/15/2037 - 09/15/2042		2,478
				32,027

The accompanying notes are an integral part of these financial statements.

7

The Hartford High Yield Municipal Bond Fund
Schedule of Investments — (continued) 
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
MUNICIPAL BONDS - 97.5% - (continued)
		North Carolina - 0.3%
		North Carolina Eastern Municipal Power Agency
$	1,000	5.50%, 01/01/2026	$	1,052
		Ohio - 4.4%
		Buckeye Tobacco Settlement FA
	7,000	5.88%, 06/01/2047		5,165
	12,500	6.50%, 06/01/2047		10,078
		Ohio State Higher Educational Facilities Rev
	3,000	5.50%, 12/01/2036		3,097
				18,340
		Oklahoma - 0.1%
		Oklahoma Development FA, Hospital Rev Great Plains Regional Medical Center
	500	5.13%, 12/01/2036		436
		Other U.S. Territories - 1.8%
		Guam Government
	935	5.75%, 12/01/2034		950
	3,000	6.75%, 11/15/2029		3,217
		Puerto Rico Commonwealth
	3,570	5.50%, 07/01/2032		3,471
				7,638
		Pennsylvania - 3.3%
		Erie Higher Educational Building Auth
	1,000	5.50%, 03/15/2038		973
		Northampton County, PA
	2,000	5.50%, 08/15/2035		1,954
		Pennsylvania Econ Development FA
	3,000	7.00%, 07/15/2039		3,168
		Pennsylvania State Higher Educational FA Rev
	855	5.75%, 07/01/2028		817
		Pennsylvania Turnpike Commission
	1,335	6.00%, 06/01/2028		1,511
		Philadelphia GO
	1,000	7.00%, 07/15/2028		1,180
		Philadelphia, PA, IDA
	500	5.25%, 05/01/2037		362
		Philadelphia, PA, Municipal Auth
	750	6.38%, 04/01/2029		789
	1,000	6.50%, 04/01/2034		1,053
		Philadelphia, PA, Water & Wastewater Rev
	1,000	5.25%, 01/01/2036		1,015
				12,822
		Rhode Island - 2.5%
		Rhode Island Health & Educational Building Corp
	2,000	7.00%, 05/15/2039		2,192
		Rhode Island Tobacco Settlement Funding Corp
	750	6.00%, 06/01/2023		761
		Tobacco Settlement Financing Corp
	8,000	6.25%, 06/01/2042		7,271
				10,224
		South Carolina - 0.4%
		Lancaster County, SC, Sun City Assessment
	1,987	7.70%, 11/01/2017		1,805
		South Dakota - 1.9%
		South Dakota Educational Enhancement Funding Corp
	6,030	6.50%, 06/01/2032		5,695
		South Dakota Housing DA
	1,985	6.13%, 05/01/2033		2,128
				7,823
		Texas - 13.0%
		Brazos County Health Facilities Development Corp
	3,260	5.50%, 01/01/2038		2,980
		Brazos County, TX, Health Facilities Development Corp
	3,310	5.50%, 01/01/2033		3,072
		Burnet County, TX, Public Fac Proj Rev
	4,000	7.75%, 08/01/2029		4,046
		Clifton Higher Education Fin Corp
	2,000	8.75%, 02/15/2028		2,343
		Dallas County Utility & Reclamation Dist
	5,000	5.38%, 02/15/2029		4,739
		Dallas Fort Worth, TX, International Airport
	3,000	6.00%, 11/01/2032		3,001
		Dallas-Fort Worth, TX, International Airport AMT
	2,000	6.15%, 01/01/2016		1,961
		Garza County, TX, Public Fac Corp Rev
	350	5.75%, 10/01/2025		358
		Harris County, TX, Cultural Education Fac Baylor CLG Medicine
	2,855	5.63%, 11/15/2032		2,588
		Houston, TX, Airport System Rev
	6,500	6.75%, 07/01/2021		6,110
		Kimble County Texas Hospital Dist
	2,500	6.25%, 08/15/2033		2,431
		La Vernia Texas Higher Education
	2,105	9.00%, 08/15/2038		2,499
		Lewisville, TX, Combination Contract Rev
	4,000	6.13%, 09/01/2029		4,118
		Lower Colorado River Auth Rev
	3,000	7.25%, 05/15/2037		3,306
		Maverick County, TX, Public Fac Corp Proj Rev
	1,495	6.25%, 02/01/2024		1,315
		Mc Lennan County, TX, Public Fac
	3,000	6.63%, 06/01/2035		3,275
		Texas Midwest Public Facilities Corp Rev
	3,000	9.00%, 10/01/2030		3,118
		Travis County, TX, Health Fac, Querencia Barton Creek Project
	600	5.65%, 11/15/2035		474
		Willacy County, TX, GO
	2,445	6.88%, 09/01/2028		2,036
				53,770
		Utah - 1.3%
		Provo, UT, Lakeview Charter School
	1,300	5.63%, 07/15/2037		994
		Provo, UT, Renaissance Charter School
	200	5.63%, 07/15/2037		158
		Utah County, UT, Charter School Rev
	1,000	6.00%, 02/15/2038		797

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount					Market Value ╪
MUNICIPAL BONDS - 97.5% - (continued)
		Utah - 1.3% - (continued)
		Utah State Charter School FA, Channing Hall Ser A
$	750	5.88%, 07/15/2027 §			$	580
	700	6.00%, 07/15/2037 §				522
		Utah State Charter School FA, Charter School Rev
	2,000	6.75%, 08/15/2028				1,791
		Utah State Charter School FA, Summit Academy Ser A
	1,500	5.80%, 06/15/2038				1,151
						5,993
		Virginia - 1.9%
		Lexington, VA, IDA Residential Care Fac Rev
	1,050	5.50%, 01/01/2037				813
		Norfolk, VA, Redev & Housing Auth Rev
	2,005	6.13%, 01/01/2035				1,705
		Peninsula, VA, Turn Center Community Dev DA
	300	6.45%, 09/01/2037				259
		Virginia Small Business Financing Auth Rev
	3,000	9.00%, 07/01/2039				3,046
		Washington County Hospital Fac Rev
	1,750	7.75%, 07/01/2038				2,000
						7,823
		Washington - 3.2%
		King County, WA, Public Hospital
	3,000	7.25%, 12/01/2038				3,093
		Skagit County, WA, Public Hospital Rev
	2,000	5.75%, 12/01/2032				1,982
		Washington Health Care Facilities Auth
	4,000	6.25%, 10/01/2028				4,350
		Washington State Health Care FA Rev
	3,600	6.13%, 08/15/2037				3,670
						13,095
		West Virginia - 0.7%
		West Virginia State Hospital FA Rev, Thomas Health Systems
	3,500	6.50%, 10/01/2028 - 10/01/2038				3,237
		Wisconsin - 4.7%
		Badger Tobacco Asset Securitization Corp of WI (Prerefunded with US Gov’t Securities)
	10,575	6.13%, 06/01/2027				11,457
	1,000	6.38%, 06/01/2032				1,120
		Wisconsin State General Fund
	185	5.75%, 05/01/2033				203
	1,295	6.00%, 05/01/2036				1,433
		Wisconsin State Health & Educational FA Rev
	2,500	5.50%, 08/15/2023				2,503
	1,000	7.25%, 09/15/2029				1,027
	1,000	7.63%, 09/15/2039				1,040
		Wisconsin State Health & Educational FA, Wellington Homes Wis LLC
	600	6.75%, 09/01/2037				477
						19,260
		Total municipal bonds (cost $404,199)			$	400,851
		Total long-term investments (cost $404,199)			$	400,851
SHORT-TERM INVESTMENTS - 0.8%
		Investment Pools and Funds - 0.8%
	3,281	State Street Bank Tax Free Money Market Fund			$	3,281
		Total short-term investments (cost $3,281)			$	3,281
		Total investments (cost $407,480) ▲	98.3	%	$	404,132
		Other assets and liabilities	1.7	%		6,978
		Total net assets	100.0	%	$	411,110

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $407,480 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	16,813
Unrealized Depreciation		(20,161	)
Net Unrealized Depreciation	$	(3,348	)

•	Currently non-income producing. For long-term debt securities, items identified are in default as to payment of interest and/or principal.
§	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities            at October 31, 2009, was $14,118, which represents 3.43% of total net assets.
⌂	The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period		Shares/
Acquired		Par		Security	Cost Basis
	09/2007	$	1,000	Belleville, IL, Tax Increment, 5.70%, 05/01/2036	$	994
	06/2007	$	500	Colorado Educational & Cultural FA Rev, Charter School-Windsor Academy Proj, 5.70%, 05/01/2037		500
	11/2007	$	265	Estrella Mountain Ranch Community GO, 6.20%, 07/15/2032		265
	05/2007	$	200	Hampshire, IL, Special Service Area #13, Tuscany Woods Proj, 5.75%, 03/01/2037		200
	08/2007	$	500	Las Vegas, NV, Special Improvement Dist #808 & 810, Summerlin Village, 6.13%, 06/01/2031		499
	07/2007	$	500	Louisiana Public Fac Auth, Susla Fac, Inc., 5.75%, 07/01/2039 - 144A		503

The accompanying notes are an integral part of these financial statements.

9

The Hartford High Yield Municipal Bond Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Period		Shares/
Acquired		Par		Security	Cost Basis
	06/2007	$	500	Magnolia Creek, FL, Community Development Dist Capital Improvement, 5.90%, 05/01/2039		496
	06/2007	$	500	Millsboro, DE, Special Obligation Plantation Lakes Special Development, 5.45%, 07/01/2036		500
	12/2007	$	1,000	Montecito Estates Public Improvement Rev, 7.00%, 10/01/2037		1,000
	06/2007	$	500	Olathe, KS, Tax Increment Rev, West Village Center, 5.50%, 09/01/2026		498
	05/2007	$	195	Parker Road, FL, Community Development Dist Cap Improvement
				Ser A, 5.60%, 05/01/2038		194
	05/2007	$	200	Show Low Bluff, AZ, Community Fac Dist Special Assessment, 5.60%, 07/01/2031 - 144A		200
	09/2007	$	1,000	Tartesso West Community Facilities Dist GO, 5.90%, 07/15/2032		1,000

The aggregate value of these securities at October 31, 2009 was $5,149 which represents 1.25% of total net assets.

AMT	—   Alternative Minimum Tax
DA	—   Development Authority
FA	—   Finance Authority
GO	—   General Obligations
IDA	—   Industrial Development Authority Bond
PA	—   Port Authority
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

10

The Hartford High Yield Municipal Bond Fund
Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Municipal Bonds	$	400,851	$	—	$	400,851	$	—
Short-Term Investments		3,281		3,281		—		—
Total	$	404,132	$	3,281	$	400,851	$	—

The accompanying notes are an integral part of these financial statements.

11

The Hartford High Yield Municipal Bond Fund
Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $407,480)	$	404,132
Receivables:
Fund shares sold		968
Dividends and interest		7,611
Other assets		100
Total assets		412,811
Liabilities:
Payables:
Fund shares redeemed		951
Investment management fees		37
Dividends		641
Distribution fees		29
Accrued expenses		43
Total liabilities		1,701
Net assets	$	411,110
Summary of Net Assets:
Capital stock and paid-in-capital		443,066
Accumulated undistributed net investment income		242
Accumulated net realized loss on investments		(28,850	)
Unrealized depreciation of investments		(3,348	)
Net assets	$	411,110
Shares authorized		650,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	8.02/$8.40
Shares outstanding		27,737
Net assets	$	222,328
Class B: Net asset value per share	$	8.01
Shares outstanding		939
Net assets	$	7,523
Class C: Net asset value per share	$	8.02
Shares outstanding		13,852
Net assets	$	111,097
Class I: Net asset value per share	$	8.03
Shares outstanding		8,740
Net assets	$	70,162

The accompanying notes are an integral part of these financial statements.

12

The Hartford High Yield Municipal Bond Fund
Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Interest	$	22,847
Total investment income		22,847
Expenses:
Investment management fees		1,887
Transfer agent fees		177
Distribution fees
Class A		482
Class B		60
Class C		899
Custodian fees		4
Accounting services fees		62
Registration and filing fees		87
Board of Directors’ fees		11
Audit fees		22
Other expenses		94
Total expenses (before waivers and fees paid indirectly)		3,785
Expense waivers		(245	)
Custodian fee offset		(1	)
Total waivers and fees paid indirectly		(246	)
Total expenses, net		3,539
Net Investment Income		19,308
Net Realized Loss on Investments:
Net realized loss on investments in securities		(15,644	)
Net Realized Loss on Investments		(15,644	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		53,982
Net Changes in Unrealized Appreciation of Investments		53,982
Net Gain on Investments		38,338
Net Increase in Net Assets Resulting from Operations	$	57,646

The accompanying notes are an integral part of these financial statements.

13

The Hartford High Yield Municipal Bond Fund
Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	19,308		$	11,520
Net realized loss on investments		(15,644	)		(12,685	)
Net unrealized appreciation (depreciation) of investments		53,982			(56,281	)
Net Increase (Decrease) In Net Assets Resulting From Operations		57,646			(57,446	)
Distributions to Shareholders:
From net investment income
Class A		(11,198	)		(6,892	)
Class B		(299	)		(156	)
Class C		(4,527	)		(2,367	)
Class I		(3,265	)		(2,152	)
Total distributions		(19,289	)		(11,567	)
Capital Share Transactions:
Class A		29,534			164,319
Class B		2,097			4,369
Class C		24,151			81,960
Class I		10,347			59,280
Net increase from capital share transactions		66,129			309,928
Net Increase In Net Assets		104,486			240,915
Net Assets:
Beginning of period		306,624			65,709
End of period	$	411,110		$	306,624
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	242		$	223

The accompanying notes are an integral part of these financial statements.

14

The Hartford High Yield Municipal Bond Fund
Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1. Organization:

	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford High Yield Municipal Bond Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a non-diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to

15

The Hartford High Yield Municipal Bond Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Debt securities (other than short-term obligations) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the valuation date.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

16

	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income are declared daily and paid monthly. Dividends are paid on shares beginning on the business day after the day when the funds used to purchase the shares are collected by the transfer agent for the Fund. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
d)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
e)	Securities Purchased on a When-Issued or Delayed-Delivery Basis — Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of October 31, 2009, the Fund had no outstanding when-issued or delayed delivery securities.
f)	Credit Risk — Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a Fund which holds securities with higher credit risk may fluctuate more than with less aggressive bond funds.

17

The Hartford High Yield Municipal Bond Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

g)	Prepayment Risks — Certain debt securities allow for prepayment of principal without penalty. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. In addition, with respect to securities, rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. The potential for the value of a debt security to increase in response to interest rate declines is limited. For certain securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.
h)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
i)	Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)	Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Tax Exempt Income †	$	19,343	$	10,972

† The Fund designates these distributions as exempt interest pursuant to IRC Sec. 852(b)(5).

18

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	883
Accumulated Capital Losses *		(28,850	)
Unrealized Depreciation †		(3,348	)
Total Accumulated Deficit	$	(31,315	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund had no reclassifications.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2015	$	284
2016		12,922
2017		15,644
Total	$	28,850

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

19

The Hartford High Yield Municipal Bond Fund
Notes to Financial Statements — (continued) 
October 31, 2009
(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.5500	%
On next $500 million		0.5000	%
On next $4 billion		0.4750	%
On next $5 billion		0.4550	%
Over $10 billion		0.4450	%

	HIFSCO had voluntarily agreed to waive 0.20% of the management fees until February 28, 2009.
b)	Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I
1.00%	1.75%	1.75%	0.75%

d)	Fees Paid Indirectly — The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2009, this amount is included in the Statement of Operations.
	The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,
	2009			2008			2007
Class A Shares		0.85	%		0.40	%		0.25	%*
Class B Shares		1.68			1.19			1.00	*
Class C Shares		1.62			1.17			1.01	*
Class I Shares		0.62			0.17			0.00	*

* From May 31, 2007 (date shares became available to the public), through October 31, 2007.

e) Distribution and Service Plan for Class A, B and C Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-

20

	dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $1,461 and contingent deferred sales charges of $152 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B and C shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the Distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $31. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $173 for providing such services. These fees are accrued daily and paid monthly.

5. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	175,555
Sales Proceeds Excluding U.S. Government Obligations		83,656

21

The Hartford High Yield Municipal Bond Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

6.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009											For the Year Ended October 31, 2008
			Shares					Shares						Shares					Shares
			Issued for					Issued		Net Increase				Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		15,946		922		(12,703	)		—		4,165		25,895		436		(7,649	)		—		18,682
Amount	$	115,075	$	6,760	$	(92,301	)	$	—	$	29,534	$	225,224	$	3,641	$	(64,546	)	$	—	$	164,319
Class B
Shares		433		24		(160	)		—		297		575		10		(84	)		—		501
Amount	$	3,086	$	171	$	(1,160	)	$	—	$	2,097	$	5,013	$	83	$	(727	)	$	—	$	4,369
Class C
Shares		5,702		325		(2,718	)		—		3,309		10,561		131		(1,336	)		—		9,356
Amount	$	41,448	$	2,391	$	(19,688	)	$	—	$	24,151	$	91,857	$	1,083	$	(10,980	)	$	—	$	81,960
Class I
Shares		5,463		334		(4,485	)		—		1,312		8,828		182		(2,309	)		—		6,701
Amount	$	40,444	$	2,451	$	(32,548	)	$	—	$	10,347	$	76,859	$	1,510	$	(19,089	)	$	—	$	59,280

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		5	$	34
For the Year Ended October 31, 2008		—	$	—

7.

Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

8. Subsequent Events:

Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

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23

The Hartford High Yield Municipal Bond Fund
Financial Highlights

	- Selected Per-Share Data (a) -
	Net Asset						Net Realized																Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions							(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized		Distributions		Total			Net Asset			Value at End
Class(a)	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains		from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	7.27	$	0.42	$	—	$	0.76		$	1.18		$	(0.43	)	$	—	$	—	$	(0.43	)	$	0.75		$	8.02
B		7.26		0.36		—		0.76			1.12			(0.37	)		—		—		(0.37	)		0.75			8.01
C		7.27		0.37		—		0.75			1.12			(0.37	)		—		—		(0.37	)		0.75			8.02
I		7.27		0.44		—		0.76			1.20			(0.44	)		—		—		(0.44	)		0.76			8.03
For the Year Ended October 31, 2008
A		9.46		0.49		—		(2.19	)		(1.70	)		(0.49	)		—		—		(0.49	)		(2.19	)		7.27
B		9.46		0.42		—		(2.19	)		(1.77	)		(0.43	)		—		—		(0.43	)		(2.20	)		7.26
C		9.46		0.42		—		(2.18	)		(1.76	)		(0.43	)		—		—		(0.43	)		(2.19	)		7.27
I		9.47		0.51		—		(2.19	)		(1.68	)		(0.52	)		—		—		(0.52	)		(2.20	)		7.27
From (date shares became available to the public) May 31, 2007, through October 31, 2007
A(e)		10.00		0.20		—		(0.54	)		(0.34	)		(0.20	)		—		—		(0.20	)		(0.54	)		9.46
B(e)		10.00		0.17		—		(0.54	)		(0.37	)		(0.17	)		—		—		(0.17	)		(0.54	)		9.46
C(e)		10.00		0.17		—		(0.54	)		(0.37	)		(0.17	)		—		—		(0.17	)		(0.54	)		9.46
I(e)		10.00		0.21		—		(0.53	)		(0.32	)		(0.21	)		—		—		(0.21	)		(0.53	)		9.47

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Shares became available to the public on May 31, 2007.
(f)	Not annualized.
(g)	Annualized.

24

- Ratios and Supplemental Data -
					Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
					Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Turnover Rate(d)
	16.93	%	$	222,328		0.92	%		0.85	%		0.85	%		5.81	%		26	%
	16.00			7,523		1.75			1.68			1.68			4.97			—
	16.04			111,097		1.69			1.62			1.62			5.04			—
	17.30			70,162		0.69			0.62			0.62			6.04			—
	(18.60	)		171,281		0.92			0.40			0.40			5.61			65
	(19.36	)		4,664		1.73			1.19			1.19			4.81			—
	(19.24	)		76,650		1.70			1.17			1.17			4.86			—
	(18.50	)		54,029		0.69			0.17			0.17			5.84			—
	(3.41	) (f)		46,261		1.03	(g)		0.25	(g)		0.25	(g)		4.83	(g)		23
	(3.71	) (f)		1,333		1.82	(g)		1.00	(g)		1.00	(g)		4.05	(g)		—
	(3.71	) (f)		11,236		1.81	(g)		1.00	(g)		1.00	(g)		4.19	(g)		—
	(3.21	) (f)		6,879		0.80	(g)		—	(g)		—	(g)		5.22	(g)		—

25

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford High Yield Municipal Bond Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford High Yield Municipal Bond Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

26

The Hartford High Yield Municipal Bond Fund
Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

27

The Hartford High Yield Municipal Bond Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

28

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29

The Hartford High Yield Municipal Bond Fund
Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

	Tax-Exempt
	Income		Income		Total
Class A		N/A		0.425		0.425
Class B		N/A		0.366		0.366
Class C		N/A		0.369		0.369
Class I		N/A		0.440		0.440

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

30

The Hartford High Yield Municipal Bond Fund
Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,152.90	$	5.05	$	1,000.00	$	1,020.52	$	4.74		0.93	%		184		365
Class B	$	1,000.00	$	1,146.80	$	9.47	$	1,000.00	$	1,016.38	$	8.89		1.75			184		365
Class C	$	1,000.00	$	1,148.50	$	9.21	$	1,000.00	$	1,016.64	$	8.64		1.70			184		365
Class I	$	1,000.00	$	1,154.00	$	3.80	$	1,000.00	$	1,021.68	$	3.57		0.70			184		365

31

The Hartford High Yield Municipal Bond Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford High Yield Municipal Bond Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

32

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered

33

The Hartford High Yield Municipal Bond Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited — (continued)

representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

34

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-22 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford Income Fund

The Hartford Income Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	12
Statement of Assets and Liabilities at October 31, 2009	13
Statement of Operations for the Year Ended October 31, 2009	14
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	15
Notes to Financial Statements	16
Financial Highlights	28
Report of Independent Registered Public Accounting Firm	30
Directors and Officers (Unaudited)	31
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	33
Quarterly Portfolio Holdings Information (Unaudited)	33
Federal Tax Information (Unaudited)	34
Expense Example (Unaudited)	35
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	36

The Hartford Income Fund inception 10/31/2002
(subadvised by Hartford Investment Management Company)	Investment objective — Seeks to provide a high level of current
	income. Capital appreciation is a secondary objective.

Performance Overview(1) 10/31/02 - 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
Income A#		21.83	%		3.14	%		4.72	%
Income A##		16.34	%		2.19	%		4.04	%
Income B#		20.85	%		2.36	%		3.94	%
Income B##		15.85	%		2.03	%		3.94	%
Income C#		20.76	%		2.35	%		3.97	%
Income C##		19.76	%		2.35	%		3.97	%
Income Y#		22.07	%		3.39	%		3.96	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		5.05	%		5.10	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.
(5)	Class Y shares commened operations on 11/28/03.

Portfolio Managers
William H. Davison, Jr.	Michael Gray, CFA	Christopher J. Zeppieri, CFA
Managing Director	Managing Director	Vice President

How did the Fund perform?

The Class A shares of The Hartford Income Fund returned 21.83%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmark, the Barclays Capital U.S. Aggregate Bond Index returned 13.79%, while the average return of the Lipper Corporate Debt A-Rated Funds category, a group of funds with investment strategies similar to those of the Fund, was 18.36%

Why did the Fund perform this way?

The twelve-month period ending October 31, 2009, had three phases. The last two months of 2008 were marked by continued broad weakness in asset prices. The first quarter of 2009 was unique for the recovery in industrial debt spreads across the rating spectrum, but weakness continued in equities, commercial real estate and bank and finance company debt. The third phase began mid March with the recovery of equities and was perpetuated by the expansion of Term Asset-Backed Securities Loan Facility (TALF), the initiation of Public-Private Investment Program (PPIP) and the successful results of the U. S. Department of the Treasury’s bank stress tests. Since the early part of second quarter 2009 all fixed income spread sectors (i.e. issues yielding more than Treasuries) have experienced spread tightening (i.e. short and long term interest rates moving closer together) and significant outperformance versus like maturity Treasuries.

2

The Fund began the year overweight (i.e. the Fund’s sector position was greater than the benchmark position) spread sectors such as Investment Grade and High Yield Corporate debt and subsequently added to those overweights as confidence was restored to the financial markets. It was this overweight to spread product and well timed expansion of the overweight that led to benchmark outperformance over the period.

The Fund maintained sizeable allocations to non-investment grade securities throughout the period. Specifically, the Fund had an average allocation to High Yield Corporate Bonds of 9% throughout the year. In addition, the Fund averaged a 6% allocation to bank loans. These sectors returned 48.0% and 32.7% for the twelve-month period as measured by the Barclays Capital U.S. Corporate High Yield Bond Index and the Barclay’s High Yield Bank Loan indices, respectively.

The Fund also had a benchmark overweight to investment grade credit throughout the period. The bulk of the overweight was expressed in the industrial sector. This average overweight to the asset class contributed positively to benchmark outperformance. The Fund was underweight (i.e. the Fund’s sector position was less than the benchmark position) the benchmark in Treasuries, Mortgage Backed Securities (MBS) and Agencies. Although Agencies and MBS had positive returns over the period, those returns significantly lagged those of the previously mentioned sectors.

Yield curve and duration (i.e. sensitivity to changes in interest rates) exposure was applied tactically throughout the period, but very little performance can be attributed to this positioning. This was due to the fact that the Fund had intermittent periods of both positive and negative contributions from yield curve / duration, in essence canceling each other out.

What is Your Outlook?

Our view of the yield curve is consistent with low growth and low inflation. We expect yields to remain in their current ranges across the curve (ten year range of 3.2%-3.8%). Longer maturities will continue to experience volatility with supply pressure, inflation concerns, dollar policy concerns and weak growth but will likely remain in a range as well. We think the shape of the short end (three months-three years) of the curve already implies the imminent removal of accommodative monetary policy, even though we do not think this is likely happen any time soon. Despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

Structured products, namely Asset Backed Securities (ABS) and Commercial Mortgage Backed Securities (CMBS), have benefited significantly from the TALF and PPIP programs. Despite the tremendous price appreciation experienced in these sectors already, we believe opportunity remains. In the ABS space, auto receivables with accumulated capital cushions remain attractive. Similarly, the higher quality tranches of well underwritten CMBS structures remain attractive despite a less than rosy forecast for commercial real estate.

Corporate credit has had a record breaking year already, especially within the high yield market and investment grade market. Despite this performance, current spread levels remain congruent with past recessions, and we feel that the expected ongoing economic weakness is already “priced-in”.

We expect positive returns from corporate debt in the coming fourth quarter but on a much more modest level relative to the results year to date. These asset classes, in particular high yield bonds offer the most compelling prospects for yield and total return in the Fund. Bank loans, although still attractive on a fundamental basis, are expected to contribute less on a yield basis to the Fund and offer less potential for continued capital appreciation.

Distribution by Credit Quality
as of October 31, 2009

	Percentage of
	Long Term
Rating	Holdings
AAA		55.8	%
AA		3.1
A		13.4
BBB		14.3
BB		7.3
B		4.6
CCC		1.5
Total		100.0	%

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry	Net Assets
Accommodation and Food Services		0.2	%
Administrative Waste Management and Remediation		0.4
Agriculture, Forestry, Fishing and Hunting		0.0
Air Transportation		0.1
Arts, Entertainment and Recreation		1.9
Beverage and Tobacco Product Manufacturing		1.1
Chemical Manufacturing		1.2
Computer and Electronic Product Manufacturing		0.2
Construction		0.5
Educational Services		0.2
Finance and Insurance		22.1
Food Manufacturing		0.4
Foreign Governments		1.2
Health Care and Social Assistance		2.5
Information		5.4
Long Put Future Option Contract		0.0
Mining		1.2
Miscellaneous Manufacturing		1.3
Motor Vehicle & Parts Manufacturing		0.0
Nonmetallic Mineral Product Manufacturing		0.1
Paper Manufacturing		0.3
Petroleum and Coal Products Manufacturing		3.6
Pipeline Transportation		0.8
Primary Metal Manufacturing		1.3
Printing and Related Support Activities		0.0
Professional, Scientific and Technical Services		0.5
Rail Transportation		0.1
Real Estate and Rental and Leasing		1.0
Retail Trade		0.8
Soap, Cleaning Compound and Toilet Manufacturing		0.4
Transit and Ground Passenger Transportation		0.0
Transportation		0.5
U.S. Government Agencies		30.0
U.S. Government Securities		14.3
Utilities		2.8
Water Transportation		0.1
Wholesale Trade		0.2
Short-Term Investments		10.0
Other Assets and Liabilities		(6.7	)
Total		100.0	%

3

The Hartford Income Fund

Schedule of Investments
October 31, 2009

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 9.4%
		Finance and Insurance - 9.4%
		Ally Automotive Receivables Trust
$	50	3.00%, 10/15/2015 ■	$	50
		Banc of America Commercial Mortgage, Inc.
	2,531	5.50%, 11/10/2039 ⌂►		53
	6,439	5.75%, 06/10/2039 ⌂►		36
		Bank of America Automotive Trust
	100	3.03%, 10/15/2016 ■		101
		Bayview Commercial Asset Trust
	200	0.61%, 04/25/2036 ■Δ		114
	5,258	7.00%, 07/25/2037 ⌂►		409
	9,653	7.50%, 09/25/2037 ⌂►		774
		Bear Stearns Commercial Mortgage Securities, Inc.
	345	4.68%, 08/13/2039		347
	540	5.12%, 02/11/2041 Δ		535
	1,650	5.30%, 10/12/2042 Δ		1,670
	1,700	5.33%, 02/11/2044		1,550
	600	5.90%, 09/11/2038 Δ		611
		CBA Commercial Small Balance Commercial Mortgage
	5,891	3.00%, 01/25/2039 ⌂►		236
	4,672	7.00%, 07/25/2035 - 06/25/2038 ⌂►†		323
		Chase Issuance Trust
	360	5.12%, 10/15/2014		391
		Citigroup Commercial Mortgage Trust
	160	5.89%, 12/10/2049 Δ		117
		Citigroup Mortgage Loan Trust, Inc.
	164	2.75%, 01/25/2037 ■Δ		—
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	740	5.89%, 11/15/2044		731
		Commercial Mortgage Pass-Through Certificates
	210	4.72%, 03/10/2039		208
	570	5.46%, 07/10/2037 Δ		572
	4,941	5.50%, 03/10/2039 ⌂►		107
		Countrywide Asset-Backed Certificates
	43	5.46%, 07/25/2035		18
		Credit-Based Asset Servicing and Securitization
	189	0.51%, 05/25/2036 ■Δ		117
		CS First Boston Mortgage Securities Corp.
	290	5.23%, 12/15/2040		288
		Equity One ABS, Inc.
	3	2.74%, 07/25/2034 Δ		—
	27	5.46%, 12/25/2033		5
		Ford Credit Automotive Owner Trust
	600	4.28%, 05/15/2012		617
		GE Business Loan Trust
	5,049	6.14%, 05/15/2034 ⌂►		14
		GE Capital Commercial Mortgage Corp.
	330	5.05%, 07/10/2045 Δ		332
	53,935	6.35%, 11/10/2045 ⌂►		44
		GMAC Commercial Mortgage Securities, Inc.
	200	5.30%, 08/10/2038		202
		GMAC Mortgage Corp. Loan Trust
	176	5.75%, 10/25/2036		129
		Green Tree Financial Corp.
	1	7.30%, 01/15/2026		1
	7	7.35%, 05/15/2027		7
		Greenwich Capital Commercial Funding Corp.
	387	0.00%, 11/05/2021 ⌂•Δ		2
	970	4.80%, 08/10/2042		926
	475	5.44%, 03/10/2039 Δ		424
	640	6.12%, 07/10/2038 Δ		614
		JP Morgan Automotive Receivable Trust
	75	12.85%, 03/15/2012 ⌂†		19
		JP Morgan Chase Commercial Mortgage Securities Corp.
	278	4.72%, 01/15/2038		273
	535	5.04%, 03/15/2046 Δ		535
	1,550	5.34%, 12/15/2044 Δ		1,556
	550	5.34%, 05/15/2047		495
	240	5.40%, 05/15/2045		223
	502	5.47%, 04/15/2043 Δ		488
	2,057	5.50%, 01/15/2038 ⌂►		51
	190	6.16%, 05/12/2034		200
		LB-UBS Commercial Mortgage Trust
	213	4.48%, 10/15/2029		209
	20,420	5.26%, 06/15/2036 ⌂►		42
	210	5.88%, 06/15/2038 Δ		207
		Lehman Brothers Small Balance Commercial
	120	5.62%, 09/25/2036 ■		100
		Long Beach Asset Holdings Corp.
	45	0.00%, 04/25/2046 ■•		—
		Marlin Leasing Receivables LLC
	227	5.33%, 09/16/2013 ■		227
		Merrill Lynch Mortgage Trust
	113	5.83%, 06/12/2050 Δ		97
		Merrill Lynch/Countrywide Commercial Mortgage Trust
	270	5.38%, 08/12/2048		212
		Morgan Stanley Capital I
	560	4.70%, 07/15/2056		553
	540	5.01%, 01/14/2042		547
		Nationstar Home Equity Loan Trust
	22	0.00%, 03/25/2037 ⌂•		—
		PSE&G Transition Funding LLC
	70	6.61%, 06/15/2015		79
		Renaissance Home Equity Loan Trust
	401	5.58%, 11/25/2036 Δ		351
	78	5.75%, 05/25/2036 Δ		60
	200	6.16%, 05/25/2036		34
		Residential Funding Mortgage Securities, Inc.
	1,252	6.00%, 07/25/2037		1,061
		USAA Automotive Owner Trust
	698	5.36%, 06/15/2012		715
		Wachovia Automotive Loan Owner Trust
	250	5.15%, 07/20/2012 ■		255
	260	5.29%, 06/20/2012 ■		265
		Wachovia Bank Commercial Mortgage Trust
	505	5.31%, 11/15/2048		489
	529	5.34%, 12/15/2043		408
	210	5.41%, 07/15/2041 Δ		211
	6,071	5.50%, 02/15/2041 ⌂►		127
		Wamu Commercial Mortgage Securities Trust
	1,220	6.31%, 03/23/2045 ■ΔΨ		411

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 9.4% - (continued)
		Finance and Insurance - 9.4% - (continued)
		Wells Fargo Alternative Loan Trust
$	899	6.25%, 11/25/2037 ⌂	$	659
				23,834
		Utilities - 0.0%
		Detroit Edison Securitization
	40	6.19%, 03/01/2013		42
		Total asset & commercial mortgage backed securities (cost $24,740)	$	23,876
CORPORATE BONDS: INVESTMENT GRADE - 29.9%
		Administrative Waste Management and Remediation - 0.3%
		Allied Waste North America, Inc.
$	385	6.88%, 06/01/2017	$	408
	390	7.25%, 03/15/2015		410
				818
		Air Transportation - 0.0%
		United Air Lines, Inc.
	73	7.19%, 04/01/2011		72
		Arts, Entertainment and Recreation - 0.7%
		News America Holdings, Inc.
	337	6.90%, 08/15/2039 ■		358
		Time Warner Entertainment Co., L.P.
	1,210	8.38%, 07/15/2033		1,451
				1,809
		Beverage and Tobacco Product Manufacturing - 1.0%
		Altria Group, Inc.
	790	10.20%, 02/06/2039		1,053
		Anheuser-Busch Cos., Inc.
	280	8.20%, 01/15/2039 ■		353
		Anheuser-Busch InBev N.V.
	955	7.75%, 01/15/2019 ■		1,113
				2,519
		Chemical Manufacturing - 1.0%
		Dow Chemical Co.
	1,550	8.55%, 05/15/2019		1,769
		Yara International ASA
	770	7.88%, 06/11/2019 ■		878
				2,647
		Construction - 0.2%
		CRH America, Inc.
	330	8.13%, 07/15/2018		381
		Educational Services - 0.2%
		President & Fellows of Harvard
	368	6.00%, 01/15/2019 ■		416
		Finance and Insurance - 11.8%
		ABX Financing Co.
	365	6.35%, 10/15/2036 ■		380
		Bank of America Corp.
	2,000	2.10%, 04/30/2012		2,033
	715	6.50%, 08/01/2016		765
	355	7.38%, 05/15/2014		398
		Barclays Bank plc
	670	6.05%, 12/04/2017 ■		682
		Capital One Bank
	1,370	8.80%, 07/15/2019		1,623
		Citigroup, Inc.
	550	2.13%, 04/30/2012		561
	477	6.38%, 08/12/2014		506
	510	8.13%, 07/15/2039		593
	842	8.50%, 05/22/2019		984
		Comerica Capital Trust II
	1,066	6.58%, 02/20/2037 Δ		768
		Corpoacion Andina De Fomento
	90	8.13%, 06/04/2019		107
		Credit Agricole S.A.
	835	6.64%, 05/31/2017 ■♠Δ		660
		Deutsche Bank Capital Funding Trust
	90	5.63%, 01/19/2016 ■♠		68
		Goldman Sachs Capital Trust II
	2,007	5.79%, 06/01/2012 ♠Δ		1,493
		Guardian Life Insurance Co.
	1,079	7.38%, 09/30/2039 ■		1,091
		Jefferies Group, Inc.
	904	8.50%, 07/15/2019		982
		JP Morgan Chase & Co.
	430	6.30%, 04/23/2019		472
		JP Morgan Chase Capital II
	210	0.98%, 02/01/2027 Δ		149
		JP Morgan Chase Capital XXV
	698	6.80%, 10/01/2037		687
		Key Bank NA
	1,705	5.80%, 07/01/2014		1,678
	715	6.95%, 02/01/2028		628
		Lincoln National Corp.
	530	6.05%, 04/20/2067		411
		Manufacturers & Traders Trust Co.
	605	5.59%, 12/28/2020		499
		Massachusetts Mutual Life Insurance Co.
	330	8.88%, 06/01/2039 ■		402
		MBNA America Bank N.A.
	505	7.13%, 11/15/2012		549
		Mellon Capital IV
	764	6.24%, 06/20/2012 ♠Δ		598
		Morgan Stanley
	1,190	7.30%, 05/13/2019		1,333
		New York Life Insurance Co.
	1,083	6.75%, 11/15/2039 ■		1,098
		Northgroup Preferred Capital Corp.
	638	6.38%, 10/15/2017 ■♠Δ		553
		PNC Preferred Funding Trust II
	1,200	6.11%, 03/15/2012 ■♠Δ		812
		Progressive Corp.
	225	6.70%, 06/15/2037 Δ		197
		Prudential Financial, Inc.
	224	7.38%, 06/15/2019		250
		Rabobank Netherlands
	219	11.00%, 06/30/2019 ■♠		275
		Shurgard Storage Centers, Inc.
	75	5.88%, 03/15/2013		76
		Simon Property Group L.P.
	351	6.75%, 05/15/2014		378

The accompanying notes are an integral part of these financial statements.

5

The Hartford Income Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE - - 29.9% - (continued)
		Finance and Insurance - 11.8% - (continued)
		State Street Capital Trust III
$	1,015	8.25%, 03/15/2042 Δ	$	1,024
		State Street Capital Trust IV
	735	1.30%, 06/15/2037 Δ		493
		Transcapitalinvest Ltd.
	400	5.67%, 03/05/2014 §		394
		UBS Preferred Funding Trust I
	1,920	8.62%, 10/01/2010 ♠		1,785
		USB Capital IX
	1,300	6.19%, 04/15/2011 ♠Δ		998
		Wells Fargo Bank NA
	555	0.65%, 05/16/2016 Δ		480
		Westpac Capital Trust IV
	100	5.26%, 03/31/2016 ■♠		79
		ZFS Finance USA Trust I
	182	6.50%, 05/09/2037 ■Δ		147
				30,139
		Foreign Governments - 0.4%
		Banco Nacional De Desenvolvimento
	200	6.50%, 06/10/2019 ■		211
		Colombia (Republic of)
	100	7.38%, 03/18/2019		113
		El Salvador (Republic of)
	282	7.65%, 06/15/2035 §		282
		Hungary (Republic of)
	380	4.75%, 02/03/2015		376
				982
		Health Care and Social Assistance - 1.2%
		Amgen, Inc.
	236	6.40%, 02/01/2039		270
		CVS Corp.
	1,056	8.35%, 07/10/2031 ■		1,199
		Pfizer, Inc.
	515	6.20%, 03/15/2019		586
	535	7.20%, 03/15/2039		672
		Roche Holdings, Inc.
	255	7.00%, 03/01/2039 ■		313
				3,040
		Information - 2.4%
		AT&T, Inc.
	455	6.55%, 02/15/2039		492
		Cingular Wireless Services, Inc.
	210	8.13%, 05/01/2012		240
	455	8.75%, 03/01/2031		600
		France Telecom S.A.
	150	7.75%, 03/01/2011 ‡Δ		162
		Hanaro Telecom, Inc.
	140	7.00%, 02/01/2012 ■		145
		Rogers Cable, Inc.
	205	8.75%, 05/01/2032		263
		Rogers Communications, Inc.
	931	7.50%, 03/15/2015		1,082
		Telecom Italia Capital
	279	7.18%, 06/18/2019		310
	797	7.72%, 06/04/2038		924
		Time Warner Cable, Inc.
	52	8.25%, 04/01/2019		63
		Verizon Wireless
	1,467	8.50%, 11/15/2018 ■		1,828
				6,109
		Mining - 1.0%
		Anglo American Capital plc
	852	9.38%, 04/08/2014 ■		995
		Barrick Gold Corp.
	170	6.95%, 04/01/2019		194
		Rio Tinto Finance USA Ltd.
	880	5.88%, 07/15/2013		948
	265	9.00%, 05/01/2019		330
				2,467
		Miscellaneous Manufacturing - 0.9%
		Meccanica Holdings USA, Inc.
	1,257	6.25%, 07/15/2019 - 01/15/2040 ■		1,320
		Tyco International Ltd.
	792	8.50%, 01/15/2019		966
				2,286
		Nonmetallic Mineral Product Manufacturing - 0.1%
		Holcim Ltd.
	199	6.00%, 12/30/2019 ■		205
		Petroleum and Coal Products Manufacturing - 3.1%
		Anadarko Petroleum Corp.
	635	6.45%, 09/15/2036		661
		Cenovus Energy, Inc.
	780	6.75%, 11/15/2039 ■		852
		ConocoPhillips
	875	6.50%, 02/01/2039		979
		Diamond Offshore Drilling, Inc.
	441	5.70%, 10/15/2039		431
		EnCana Corp.
	110	6.50%, 05/15/2019		122
		Gazprom International S.A.
	105	7.20%, 02/01/2020 §		108
		Husky Energy, Inc.
	315	7.25%, 12/15/2019		364
		Nabors Industries, Inc.
	537	9.25%, 01/15/2019		649
		Petrobras International Finance Co.
	770	6.88%, 01/20/2040		769
		Sempra Energy
	560	6.50%, 06/01/2016		615
	588	9.80%, 02/15/2019		750
		TNK-BP Finance S.A.
	200	6.63%, 03/20/2017 §		191
		Valero Energy Corp.
	1,120	6.63%, 06/15/2037		1,028
	385	9.38%, 03/15/2019		456
				7,975
		Pipeline Transportation - 0.6%
		Kinder Morgan Energy Partners L.P.
	230	6.50%, 02/01/2037		232
	350	6.95%, 01/15/2038		375
		Tennessee Gas Pipeline Co.
	100	8.38%, 06/15/2032		119
		TransCanada Pipelines Ltd.
	705	7.25%, 08/15/2038		857
				1,583

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE - - 29.9% - (continued)
		Primary Metal Manufacturing - 1.3%
		Alcan, Inc.
$	240	6.13%, 12/15/2033	$	242
		ArcelorMittal
	1,870	7.00%, 10/15/2039		1,768
	1,135	9.00%, 02/15/2015		1,311
				3,321
		Rail Transportation - 0.1%
		Canadian Pacific Railway Co.
	202	7.25%, 05/15/2019		233
		Real Estate and Rental and Leasing - 1.0%
		American Real Estate Partners L.P.
	390	7.13%, 02/15/2013		383
		COX Communications, Inc.
	350	6.25%, 06/01/2018 ■		368
	300	8.38%, 03/01/2039 ■		360
		ERAC USA Finance Co.
	946	5.60%, 05/01/2015 ■		955
		US Bank Realty Corp.
	625	6.09%, 01/15/2012 ■♠Δ		436
				2,502
		Retail Trade - 0.2%
		Ahold Lease USA, Inc.
	617	8.62%, 01/02/2025		620
		Utilities - 2.3%
		CenterPoint Energy Resources Corp.
	207	6.63%, 11/01/2037		209
		Commonwealth Edison Co.
	1,405	5.80%, 03/15/2018		1,517
		Duke Energy Corp.
	441	6.35%, 08/15/2038		506
	250	7.00%, 11/15/2018		297
		Electricite de France
	560	6.95%, 01/26/2039 ■		679
		Enel Finance International S.A.
	1,013	6.00%, 10/07/2039 ■		1,036
		Exelon Generation Co. LLC
	415	6.25%, 10/01/2039		433
		Florida Power Corp.
	296	5.80%, 09/15/2017		326
		Pacific Gas & Electric Energy Recovery Funding LLC
	701	8.25%, 10/15/2018		882
				5,885
		Water Transportation - 0.1%
		Carnival Corp.
	110	6.65%, 01/15/2028		113
		Total corporate bonds: investment grade (cost $70,621)	$	76,122
CORPORATE BONDS: NON-INVESTMENT GRADE - 9.4%
		Accommodation and Food Services - 0.2%
		Ameristar Casinos, Inc.
$	175	9.25%, 06/01/2014 ■	$	182
		MGM Mirage, Inc.
	105	10.38%, 05/15/2014 ■		112
	130	11.13%, 11/15/2017 ■		143
				437
		Agriculture, Forestry, Fishing and Hunting - 0.0%
		Tyson Foods, Inc.
	115	10.50%, 03/01/2014		131
		Air Transportation - 0.1%
		Continental Airlines, Inc.
	100	6.56%, 02/15/2012		95
	69	6.80%, 08/02/2018		62
				157
		Arts, Entertainment and Recreation - 0.7%
		AMC Entertainment, Inc.
	500	11.00%, 02/01/2016		525
		Echostar DBS Corp.
	110	7.75%, 05/31/2015		112
		FireKeepers Development Authority
	500	13.88%, 05/01/2015 ■		540
		Pinnacle Entertainment, Inc.
	160	8.63%, 08/01/2017 ■		159
		Virgin Media, Inc.
	340	6.50%, 11/15/2016 ۞ ■		360
				1,696
		Beverage and Tobacco Product Manufacturing - 0.1%
		Constellation Brands, Inc.
	160	8.38%, 12/15/2014		169
		Chemical Manufacturing - 0.1%
		Ashland, Inc.
	170	9.13%, 06/01/2017 ■		184
		Computer and Electronic Product Manufacturing - 0.2%
		Seagate Technology International
	505	10.00%, 05/01/2014 ■		561
		Construction - 0.3%
		Desarrolladora Homes S.A.
	147	7.50%, 09/28/2015		143
		KB Home & Broad Home Corp.
	200	6.38%, 08/15/2011		200
		Odebrecht Finance Ltd.
	373	7.00%, 04/21/2020 ■		353
				696
		Finance and Insurance - 0.9%
		Ford Motor Credit Co.
	475	7.50%, 08/01/2012		463
		Lloyds Banking Group plc
	500	5.92%, 10/01/2015 ■♠		315
		LPL Holdings, Inc.
	1,530	10.75%, 12/15/2015 ■		1,549
				2,327
		Foreign Governments - 0.8%
		Argentina (Republic of)
	493	7.00%, 10/03/2015		367
		Indonesia (Republic of)
	255	6.88%, 01/17/2018 §		271
		Philippines (Republic of)
	100	6.38%, 10/23/2034		98
	200	6.50%, 01/20/2020		212
	100	8.38%, 06/17/2019		121
		Turkey (Republic of)
	478	7.25%, 03/15/2015		533

The accompanying notes are an integral part of these financial statements.

7

The Hartford Income Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: NON-INVESTMENT GRADE - 9.4% - (continued)
		Foreign Governments - 0.8% - (continued)
		Venezuela (Republic of)
$	623	5.75%, 02/26/2016 §	$	419
				2,021
		Health Care and Social Assistance - 0.8%
		HCA, Inc.
	255	8.50%, 04/15/2019 ■		270
	165	9.25%, 11/15/2016		173
		IASIS Healthcare Capital Corp.
	490	8.75%, 06/15/2014		502
		Inverness Medical Innovation, Inc.
	295	9.00%, 05/15/2016		299
		Psychiatric Solutions, Inc.
	215	7.75%, 07/15/2015		212
		Warner Chilcott Corp.
	500	8.75%, 02/01/2015		518
				1,974
		Information - 2.2%
		Canwest MediaWorks L.P.
	400	0.00%, 08/01/2015 ■•		80
		Charter Communications Operating LLC
	415	10.00%, 04/30/2012 ■Ψ		421
		Citizens Communications Co.
	440	9.00%, 08/15/2031		434
		CSC Holdings, Inc.
	425	8.50%, 04/15/2014 ■		449
		Frontier Communications Corp.
	225	8.25%, 05/01/2014		231
		Intelsat Bermuda Ltd.
	730	9.25%, 06/15/2016 ⌂		701
		Intelsat Corp.
	600	9.25%, 06/15/2016		610
		Level 3 Financing, Inc.
	265	12.25%, 03/15/2013		276
		MetroPCS Wireless, Inc.
	720	9.25%, 11/01/2014		726
		Qwest Communications International, Inc.
	820	7.50%, 02/15/2014		804
		Sprint Capital Corp.
	140	8.75%, 03/15/2032		121
		Windstream Corp.
	685	8.63%, 08/01/2016		704
				5,557
		Mining - 0.2%
		Drummond Co., Inc.
	390	7.38%, 02/15/2016 ■		357
		Teck Resources Ltd.
	215	10.75%, 05/15/2019		250
				607
		Miscellaneous Manufacturing - 0.4%
		Graham Packaging Co., Inc.
	650	8.50%, 10/15/2012		655
		L-3 Communications Corp.
	340	5.88%, 01/15/2015		330
				985
		Paper Manufacturing - 0.1%
		Georgia-Pacific LLC
	350	8.25%, 05/01/2016 ■		371
		Petroleum and Coal Products Manufacturing - 0.5%
		Chesapeake Energy Corp.
	480	7.00%, 08/15/2014		484
	245	9.50%, 02/15/2015		265
		Headwaters, Inc.
	260	11.38%, 11/01/2014 ■		261
		Inergy L.P.
	150	8.25%, 03/01/2016		152
				1,162
		Pipeline Transportation - 0.2%
		Copano Energy LLC
	315	8.13%, 03/01/2016		308
		El Paso Corp.
	115	7.00%, 06/15/2017		115
				423
		Printing and Related Support Activities - 0.0%
		Sheridan Group, Inc.
	150	10.25%, 08/15/2011		132
		Professional, Scientific and Technical Services - 0.5%
		Affinion Group, Inc.
	1,200	11.50%, 10/15/2015		1,254
		Retail Trade - 0.6%
		Federated Retail Holdings, Inc.
	100	5.90%, 12/01/2016		92
		Parkson Retail Group Ltd.
	460	7.88%, 11/14/2011		475
		Supervalu, Inc.
	140	8.00%, 05/01/2016		142
		United Components, Inc.
	1,000	9.38%, 06/15/2013		948
				1,657
		Transit and Ground Passenger Transportation - 0.0%
		Grupo Senda Autotransporte
	100	10.50%, 10/03/2015 ■		81
		Utilities - 0.3%
		AES Corp.
	110	8.00%, 10/15/2017		110
		AES El Salvador Trust
	200	6.75%, 02/01/2016 §		172
		NRG Energy, Inc.
	275	7.25%, 02/01/2014		273
	160	8.50%, 06/15/2019		162
				717
		Wholesale Trade - 0.2%
		SGS International, Inc.
	150	12.00%, 12/15/2013		142
		Supervalu, Inc.
	420	7.50%, 11/15/2014		419
				561
		Total corporate bonds: non-investment grade (cost $22,402)	$	23,860

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
MUNICIPAL BONDS - 0.5%
		Transportation - 0.5%
		Bay Area Toll Auth
$	675	6.26%, 04/01/2049 ☼	$	682
		North Texas Tollway Auth Rev
	584	6.72%, 01/01/2049		636
				1,318
		Total municipal bonds (cost $1,273)	$	1,318
SENIOR FLOATING RATE INTERESTS: INVESTMENT GRADE♦ - 0.3%
		Health Care and Social Assistance - 0.3%
		Life Technologies Corp.
$	675	5.25%, 11/23/2015 ±	$	678
		Total senior floating rate interests: investment grade (cost $663)	$	678
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE♦ - 2.9%
		Administrative Waste Management and Remediation - 0.1%
		Affinion Group, Inc.
$	183	2.74%, 10/17/2012 ±	$	175
		Arts, Entertainment and Recreation - 0.5%
		Cedar Fair L.P.
	72	2.24%, 08/30/2012 ±		69
	260	4.24%, 12/31/2014 ±		251
		Cenveo, Inc., Delayed Draw Term Loan
	1	4.79%, 06/21/2013 ±		1
		Cenveo, Inc., Term Loan C
	51	4.79%, 06/21/2013 ±		50
		R.H. Donnelley, Inc.
	622	6.75%, 10/24/2014 ±Ψ		539
		Regal Cinemas, Inc.
	317	4.03%, 10/27/2013 ±		313
				1,223
		Chemical Manufacturing - 0.1%
		Huntsman International LLC
	288	1.99%, 04/19/2014 ±		261
		Food Manufacturing - 0.4%
		Dole Food Co., Inc.
	94	0.28%, 04/12/2013 ±		95
	164	7.97%, 04/12/2013 ±		165
	588	8.00%, 04/12/2013 ±		592
		Roundy’s Supermarkets, Inc.
	109	3.02%, 11/03/2011 ±		108
				960
		Health Care and Social Assistance - 0.2%
		HCA, Inc.
	319	1.53%, 11/17/2012 ±		296
	259	2.53%, 11/17/2013 ±		240
		Skilled Healthcare Group, Inc.
	74	2.28%, 06/15/2012 ±		69
				605
		Information - 0.8%
		Charter Communications Operating LLC
	459	6.25%, 03/06/2014 ±Ψ		417
		Intelsat Bermuda Ltd., Term Loan B 2A
	62	2.75%, 01/03/2014 ±		58
		Intelsat Bermuda Ltd., Term Loan B 2B
	62	2.75%, 01/03/2014 ±		58
		Intelsat Bermuda Ltd., Term Loan B 2C
	62	2.75%, 01/03/2014 ±		58
		MetroPCS Wireless, Inc.
	172	2.66%, 11/04/2013 ±		161
		Time Warner Telecom Holdings, Inc.
	45	2.01%, 01/07/2013 ±		43
		UPC Financing Partnership
	275	3.75%, 12/31/2016 ±		264
		West Corp.
	493	7.25%, 10/24/2013 ±		493
		WideOpenWest Finance LLC
	567	7.30%, 06/29/2015 ±		434
				1,986
		Motor Vehicle & Parts Manufacturing - 0.0%
		AM General LLC
	3	0.24%, 09/30/2012 ±		3
	62	3.27%, 09/30/2013 ±		57
				60
		Paper Manufacturing - 0.2%
		Georgia-Pacific LLC
	358	2.32%, 12/20/2012 ±		344
	197	3.59%, 12/20/2014 ±		195
				539
		Retail Trade - 0.0%
		Michaels Stores, Inc.
	184	2.52%, 10/31/2013 ±		164
		Soap, Cleaning Compound and Toilet Manufacturing - 0.4%
		Jarden Corp.
	988	3.53%, 01/24/2015 ±		980
		Utilities - 0.2%
		Texas Competitive Electric Holdings Co. LLC
	591	3.74%, 10/12/2014 ±		453
		Total senior floating rate interests: non-investment grade (cost $7,736)	$	7,406
U.S. GOVERNMENT AGENCIES - 30.0%
		Federal Home Loan Mortgage Corporation - 10.5%
$	276	5.50%, 10/01/2032	$	292
	19,374	6.00%, 01/15/2032 - 11/01/2037		20,375
	5,681	6.50%, 05/01/2037 - 05/01/2038 □		6,100
				26,767
		Federal National Mortgage Association - 19.2%
	411	5.00%, 11/01/2017 - 01/01/2022		438
	159	5.25%, 12/01/2035 Δ		167
	2,263	5.50%, 12/01/2032 - 10/01/2034		2,392
	24,399	6.00%, 07/01/2036 - 05/01/2038 ☼		25,968
	14,273	6.50%, 03/01/2036 - 08/01/2038		15,348
	4,319	7.00%, 09/01/2038		4,717
				49,030

The accompanying notes are an integral part of these financial statements.

9

The Hartford Income Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount						Market Value ╪
U.S. GOVERNMENT AGENCIES - 30.0% - (continued)			��
		Other Government Agencies - 0.3%
		Small Business Administration
		Participation Certificates:
	661	4.92%, 10/01/2023					698
		Total U.S. government agencies (cost $73,782)				$	76,495
U.S. GOVERNMENT SECURITIES - 14.3%
		U.S. Treasury Securities - 14.3%
		U.S. Treasury Notes - 14.3%
$	18,916	1.00%, 09/30/2011 ‡				$	18,969
	14,979	2.25%, 05/31/2014					15,044
	1,109	3.63%, 08/15/2019 ‡					1,130
	1,372	4.50%, 08/15/2039 ‡					1,433
							36,576
		Total U.S. government securities (cost $36,310)				$	36,576
Contracts						Market Value ╪
PUT OPTIONS PURCHASED - 0.0%
		Long Put Future Option Contract - 0.0%
		U.S. 10 Year Note Option
	—	Expiration: February, 2010, Exercise Price:
		$110.00				$	34
		Total put options purchased (cost $41)				$	34
		Total long-term investments (cost $237,568)				$	246,365
Shares or Principal Amount						Market Value ╪
SHORT-TERM INVESTMENTS - 10.0%
		Investment Pools and Funds - 4.7%
	11,971	JP Morgan U.S. Government Money Market Fund				$	11,971
	—	State Street Bank U.S. Government Money Market Fund					—
	—	Wells Fargo Advantage Government Money Market Fund					—
							11,971
		Repurchase Agreements - 5.3%
		BNP Paribas Securities Corp. Repurchase Agreement (maturing on 11/02/2009 in the amount of $6,813, collateralized by U.S. Treasury Bond 5.25% - 7.88%, 2021 - 2029, value of $7,056)
$	6,813	0.06%, 10/30/2009					6,813
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $3,427, collateralized by U.S. Treasury Bond 5.00%, 2037, U.S. Treasury Note 3.13% - 4.63%, 2013 - 2017, value of $3,496)
	3,427	0.06%, 10/30/2009					3,427
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/02/2009 in the amount of $3,139, collateralized by U.S. Treasury Note 1.50%, 2010, value of $3,182)
	3,139	0.04%, 10/30/2009					3,139
							13,379
		Total short-term investments (cost $25,350)				$	25,350
		Total investments (cost $262,918) ▲		106.7	%	$	271,715
		Other assets and liabilities		(6.7	)%		(16,994	)
		Total net assets		100.0	%	$	254,721

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 7.7% of total net assets at October 31, 2009.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $263,146 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	14,960
Unrealized Depreciation		(6,391	)
Net Unrealized Appreciation	$	8,569

†	The aggregate value of securities valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Fund’s Board of Directors at October 31, 2009, was $342, which represents 0.13% of total net assets.
•	Currently non-income producing. For long-term debt securities, items identified are in default as to payment of interest and/or principal.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2009.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2009, was $28,655, which represents 11.25% of total net assets.
§	Securities contain some restrictions as to public resale. These securities comply with Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933, and determined to be liquid. At October 31, 2009, the market value of these securities amounted to $1,837 or 0.72% of total net assets.
♠	Perpetual maturity security. Maturity date shown is the first call date.

The accompanying notes are an integral part of these financial statements.

10

۞	Convertible security.
►	The interest rates disclosed for interest only strips represent effective yields based upon estimated future cash flows at October 31, 2009.
☼	The cost of securities purchased on a when-issued or delayed delivery basis at October 31, 2009 was $22,267.
±	The interest rate disclosed for these securities represents the average coupon as of October 31, 2009.
Ψ	The company is in bankruptcy. The investment held by the fund is current with respect to interest payments.
♦	Senior loans in which the Fund invests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank’s certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.
□	Security pledged as initial margin deposit for open futures contracts at October 31, 2009.

Futures Contracts Outstanding at October 31, 2009

					Unrealized
	Number of			Expiration	Appreciation/
Description	Contracts*		Position	Month	(Depreciation)
10 Year U.S. Treasury Note		72	Long	Dec 2009	$	9
U.S. 2 Year Note		31	Long	Dec 2009	$	25
U.S. 5 Year Note		99	Short	Dec 2009	$	(77	)
U.S. Long Bond		3	Short	Dec 2009	$	7
					$	(36	)

*	The number of contracts does not omit 000’s.
⌂	The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period	Shares/
Acquired	Par		Security	Cost Basis
03/2004	$	2,531	Banc of America Commercial Mortgage, Inc., 5.50%, 11/10/2039 - 144A	$	52
07/2004	$	6,439	Banc of America Commercial Mortgage, Inc., 5.75%, 06/10/2039 - 144A		31
05/2007 - 02/2009	$	5,258	Bayview Commercial Asset Trust, 7.00%, 07/25/2037 - 144A		717
08/2007	$	9,653	Bayview Commercial Asset Trust, 7.50%, 09/25/2037 - 144A		1,308
11/2006 - 08/2007	$	5,891	CBA Commercial Small Balance Commercial Mortgage, 3.00%, 01/25/2039 - 144A		507
04/2006 - 08/2007	$	4,672	CBA Commercial Small Balance Commercial Mortgage, 7.00%, 07/25/2035 - 06/25/2038 - 144A		12
03/2004	$	4,941	Commercial Mortgage Pass-Through Certificates, 5.50%, 03/10/2039 - 144A		124
06/2006	$	5,049	GE Business Loan Trust, 6.14%, 05/15/2034 - 144A		9
12/2005	$	53,935	GE Capital Commercial Mortgage Corp., 6.35%, 11/10/2045 - 144A		33
05/2007	$	387	Greenwich Capital Commercial Funding Corp., 0.00%, 11/05/2021 - 144A		375
06/2006 - 06/2007	$	730	Intelsat Bermuda Ltd., 9.25%, 06/15/2016		766
03/2007	$	75	JP Morgan Automotive Receivable Trust, 12.85%, 03/15/2012		75
03/2004 - 08/2006	$	2,057	JP Morgan Chase Commercial Mortgage Securities Corp., 5.50%, 01/15/2038 - 144A		51
04/2005 - 10/2007	$	20,420	LB-UBS Commercial Mortgage Trust, 5.26%, 06/15/2036 - 144A		11
04/2007	$	22	Nationstar Home Equity Loan Trust, 0.00%, 03/25/2037 - 144A		22
02/2004	$	6,071	Wachovia Bank Commercial Mortgage Trust, 5.50%, 02/15/2041 - 144A		112
03/2008	$	899	Wells Fargo Alternative Loan Trust, 6.25%, 11/25/2037		726

	The aggregate value of these securities at October 31, 2009 was $3,597 which represents 1.41% of total net assets.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Income Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009

(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	23,876	$	—	$	21,166	$	2,710
Corporate Bonds: Investment Grade		76,122		—		75,430		692
Corporate Bonds: Non-Investment Grade		23,860		—		23,336		524
Municipal Bonds		1,318		—		1,318		—
Put Options Purchased		34		34		—		—
Senior Floating Rate Interests: Investment Grade		678		—		678		—
Senior Floating Rate Interests: Non-Investment Grade		7,406		—		7,406		—
U.S. Government Agencies		76,495		—		76,495		—
U.S. Government Securities		36,576		21,532		15,044		—
Short-Term Investments		25,350		11,971		13,379		—
Total	$	271,715	$	33,537	$	234,252	$	3,926
Other Financial Instruments *	$	41	$	41	$	—	$	—
Liabilities:
Other Financial Instruments *	$	77	$	77	$	—	$	—

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of					Change in						Transfers In			Balance as of
	October 31,		Realized Gain			Unrealized						and/or Out of			October 31,
	2008		(Loss)			Appreciation			Net Sales			Level 3			2009
Assets:
Asset & Commercial Mortgage Backed Securities		6,168		(3,885	)		2,024	*		(297	)		(1,300	)		2,710
Corporate Bonds		2,806		(1,186	)		1,547	†		(958	)		(993	)		1,216
Total	$	8,974	$	(5,071	)	$	3,571		$	(1,255	)	$	(2,293	)	$	3,926

*	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $(996).
†	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $501.

The accompanying notes are an integral part of these financial statements.

12

The Hartford Income Fund

Statement of Assets and Liabilities

October 31, 2009

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $262,918)	$	271,715
Receivables:
Investment securities sold		2,891
Fund shares sold		792
Dividends and interest		2,517
Variation margin		37
Other assets		71
Total assets		278,023
Liabilities:
Payables:
Investment securities purchased		22,827
Fund shares redeemed		243
Investment management fees		23
Dividends		49
Distribution fees		10
Variation margin		65
Accrued expenses		46
Other liabilities		39
Total liabilities		23,302
Net assets	$	254,721
Summary of Net Assets:
Capital stock and paid-in-capital		290,979
Accumulated undistributed net investment income		95
Accumulated net realized loss on investments and foreign currency transactions		(45,114	)
Unrealized appreciation of investments		8,761
Net assets	$	254,721
Shares authorized		300,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	9.54/$9.99
Shares outstanding		11,687
Net assets	$	111,456
Class B: Net asset value per share	$	9.53
Shares outstanding		1,090
Net assets	$	10,389
Class C: Net asset value per share	$	9.55
Shares outstanding		2,432
Net assets	$	23,237
Class Y: Net asset value per share	$	9.52
Shares outstanding		11,514
Net assets	$	109,639

The accompanying notes are an integral part of these financial statements.

13

The Hartford Income Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Interest	$	14,619
Securities lending		44
Total investment income		14,663
Expenses:
Investment management fees		1,249
Transfer agent fees		234
Distribution fees
Class A		226
Class B		86
Class C		175
Custodian fees		11
Accounting services fees		41
Registration and filing fees		60
Board of Directors’ fees		8
Audit fees		13
Other expenses		49
Total expenses (before waivers and fees paid indirectly)		2,152
Expense waivers		(146	)
Transfer agent fee waivers		(3	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(149	)
Total expenses, net		2,003
Net Investment Income		12,660
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized loss on investments in securities		(28,771	)
Net realized gain on futures		1,770
Net realized loss on swap contracts		(380	)
Net realized loss on forward foreign currency contracts		(6	)
Net realized gain on other foreign currency transactions		4
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(27,383	)
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		59,541
Net unrealized depreciation of futures		(88	)
Net unrealized depreciation of forward foreign currency contracts		(5	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		7
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		59,455
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		32,072
Net Increase in Net Assets Resulting from Operations	$	44,732

The accompanying notes are an integral part of these financial statements.

14

The Hartford Income Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	12,660		$	18,842
Net realized loss on investments, other financial instruments and foreign currency transactions		(27,383	)		(16,896	)
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		59,455			(46,211	)
Net Increase (Decrease) In Net Assets Resulting From Operations		44,732			(44,265	)
Distributions to Shareholders:
From net investment income
Class A		(5,026	)		(5,406	)
Class B		(417	)		(446	)
Class C		(831	)		(699	)
Class Y		(6,601	)		(11,948	)
Total distributions		(12,875	)		(18,499	)
Capital Share Transactions:
Class A		16,535			2,065
Class B		1,344			(252	)
Class C		7,581			1,637
Class Y		(44,886	)		(33,960	)
Net decrease from capital share transactions		(19,426	)		(30,510	)
Net Increase (Decrease) In Net Assets		12,431			(93,274	)
Net Assets:
Beginning of period		242,290			335,564
End of period	$	254,721		$	242,290
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	95		$	172

The accompanying notes are an integral part of these financial statements.

15

The Hartford Income Fund

Notes to Financial Statements

October 31, 2009

(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Income Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Trade date for senior floating rate interests purchased in the primary market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary market is the date on which the transaction is entered into.
	Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are

16

significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Debt securities (other than short-term obligations and senior floating rate interests) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Senior floating rate interests generally trade in over-the-counter markets and are priced through an independent pricing service utilizing market quotations from loan dealers or financial institutions. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Options contracts on securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at their last reported sale price at the Valuation Time on the Primary Market on which the instrument is primarily traded. If the instrument did not trade on the Primary Market, it may be valued at the most recent sale price at the Valuation Time on another exchange or market where it did trade. If it is not possible to determine the last reported sale price on the Primary Market or another exchange or market at the Valuation Time, the value of the security shall be taken to be the most recent mean between bid and asked prices on such exchange or market at the Valuation Time. Absent both bid and asked prices on such exchange, the bid price may be used.

Futures contracts are valued at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively. If a settlement price is not available, futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the mean of the closing bid and asked prices as of the Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Fund’s Board of Directors.

17

The Hartford Income Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the valuation date.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.
	Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

18

d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Hartford Investment Management Company (“Hartford Investment Management”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
g)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding forward foreign currency contracts as of October 31, 2009.
h)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income are declared daily and paid monthly. Dividends are paid on shares beginning on the business day after the day when the funds used to purchase the shares are collected by the transfer agent for the Fund. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.

19

The Hartford Income Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
i)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
j)	Securities Purchased on a When-Issued or Delayed-Delivery Basis — Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery securities as of October 31, 2009.
k)	Credit Risk — Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a Fund which holds securities with higher credit risk may fluctuate more than with less aggressive bond funds.
l)	Senior Floating Rate Interests — The Fund, as shown in the Schedule of Investments, may invest in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income which would result in a reduction of income to the Fund and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.
m)	Prepayment Risks — Most senior floating rate interests and certain debt securities allow for prepayment of principal without penalty. Senior floating rate interests and securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. In addition, with respect to securities, rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment risk is a major risk of mortgage-backed securities and certain asset-backed securities. Accordingly, the potential for the value of a senior floating rate interest or debt security to increase in response to interest rate declines is limited. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the

20

	Schedule of Investments. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.
	Senior floating rate interests or debt securities purchased to replace a prepaid loan or a debt security may have lower yields than the yield on the prepaid loan or debt security. Senior floating rate interests generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for the Borrower to repay, prepayments of senior floating rate interests may occur. As a result, the actual remaining maturity of senior floating rate interests held may be substantially less than the stated maturities shown in the Schedule of Investments.
n)	Credit Default Swaps — The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into event linked swaps, including credit default swap contracts. The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a credit event, such as payment default or bankruptcy.
	Under a credit default swap, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities) or by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. The Fund will generally not buy protection on issuers that are not currently held by the Fund. The Fund had no outstanding credit default swaps as of October 31, 2009.
o)	Interest Rate Swaps — The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap contracts. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate benchmark (i.e. LIBOR, etc.), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When the interest rate swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.
	If an interest rate swap agreement provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayment rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that amount is positive. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty or by posting collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. As of October 31, 2009, the Fund had no outstanding interest rate swaps.
p)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.

21

The Hartford Income Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

q)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives			Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location			Statement of Assets and Liabilities Location
Interest rate contracts	Investments in securities, at value	$	34
	(Purchased Options), Market Value
Interest rate contracts	Summary of Net Assets - Unrealized appreciation		41	Summary of Net Assets - Unrealized depreciation	77

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps			Total
Interest rate contracts	$	—	$	19	$	1,770	$	—		$	—		$	1,789
Foreign exchange contracts		—		—		—		(6	)		—			(6	)
Credit contracts		—		—		—		—			(380	)		(380	)
Total	$	—	$	19	$	1,770	$	(6	)	$	(380	)	$	1,403

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
									Forward
			Purchased						Currency
Risk Exposure Category	Written Options		Options			Futures			Contracts			Swaps		Total
Interest rate contracts		—		(7	)		(88	)		—			—	$	(95	)
Foreign exchange contracts		—		—			—			(5	)		—		(5	)
Total	$	—	$	(7	)	$	(88	)	$	(5	)	$	—	$	(100	)

r) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Futures and Options:

Futures and Options Transactions — The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.

At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.

22

The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of October 31, 2009.

An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.

The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. The Fund, as shown on the Schedule of Investments, had outstanding purchased option contracts as of October 31, 2009. There were no transactions involving written option contracts during the year ended October 31, 2009.

4. Federal Income Taxes:

a)	Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	12,921	$	18,595

23

The Hartford Income Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	171
Accumulated Capital Losses *		(44,922	)
Unrealized Appreciation †		8,568
Total Accumulated Deficit	$	(36,183	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase undistributed net investment income by $138, decrease accumulated net realized loss on investments by $137, and decrease paid-in-capital by $1.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2013	$	311
2014		262
2015		161
2016		16,662
2017		27,526
Total	$	44,922

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

5. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

24

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.55	%
On next $4.5 billion		0.50	%
On next $5 billion		0.48	%
Over $10 billion		0.47	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class Y
0.95%	1.70%	1.70%	0.70%

Effective November 1, 2009, HIFSCO has agreed to revise the voluntary limit (which is the permanent expense limitation) on total operating expenses for the Fund, exclusive of taxes, interest, brokerage commissions, certain distribution expenses and extraordinary expenses. The new expense limitation is as follows:

Class A	Class B	Class C	Class Y
1.00%	1.75%	1.75%	0.75%

d)	Fees Paid Indirectly — The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2009, this amount is included in the Statement of Operations.
	The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Class B Shares		1.67			1.70			1.70			1.70			1.70
Class C Shares		1.70			1.70			1.70			1.70			1.70
Class Y Shares		0.64			0.63			0.68			0.70			0.70

e) Distribution and Service Plan for Class A, B and C Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $883 and contingent deferred sales charges of $18 from the Fund.

25

The Hartford Income Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B and C shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the Distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $9. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $225 for providing such services. These fees are accrued daily and paid monthly.

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	148,806
Sales Proceeds Excluding U.S. Government Obligations		201,370
Cost of Purchases for U.S. Government Obligations		236,293
Sales Proceeds for U.S. Government Obligations		206,320

26

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		5,906		525		(4,596	)		—		1,835			5,059		410		(5,290	)		—		179
Amount	$	51,605	$	4,607	$	(39,677	)	$	—	$	16,535		$	49,096	$	3,912	$	(50,943	)	$	—	$	2,065
Class B
Shares		522		40		(412	)		—		150			343		38		(412	)		—		(31	)
Amount	$	4,571	$	355	$	(3,582	)	$	—	$	1,344		$	3,347	$	368	$	(3,967	)	$	—	$	(252	)
Class C
Shares		1,308		61		(505	)		—		864			1,001		44		(881	)		—		164
Amount	$	11,508	$	541	$	(4,468	)	$	—	$	7,581		$	9,674	$	423	$	(8,460	)	$	—	$	1,637
Class Y
Shares		685		752		(6,849	)		—		(5,412	)		2,605		1,250		(8,011	)		—		(4,156	)
Amount	$	6,248	$	6,530	$	(57,664	)	$	—	$	(44,886	)	$	25,488	$	11,985	$	(71,433	)	$	—	$	(33,960	)

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		53	$	462
For the Year Ended October 31, 2008		35	$	336

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

27

The Hartford Income Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized																	Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	8.28	$	0.48	$	—	$	1.27		$	1.75		$	(0.49	)	$	—		$	—	$	(0.49	)	$	1.26		$	9.54
B		8.28		0.42		—		1.26			1.68			(0.43	)		—			—		(0.43	)		1.25			9.53
C		8.30		0.42		—		1.25			1.67			(0.42	)		—			—		(0.42	)		1.25			9.55
Y		8.27		0.51		—		1.25			1.76			(0.51	)		—			—		(0.51	)		1.25			9.52
For the Year Ended October 31, 2008
A		10.14		0.54		—		(1.87	)		(1.33	)		(0.53	)		—			—		(0.53	)		(1.86	)		8.28
B		10.14		0.47		—		(1.87	)		(1.40	)		(0.46	)		—			—		(0.46	)		(1.86	)		8.28
C		10.16		0.47		—		(1.87	)		(1.40	)		(0.46	)		—			—		(0.46	)		(1.86	)		8.30
Y		10.12		0.57		—		(1.86	)		(1.29	)		(0.56	)		—			—		(0.56	)		(1.85	)		8.27
For the Year Ended October 31, 2007
A		10.33		0.57		—		(0.19	)		0.38			(0.57	)		—			—		(0.57	)		(0.19	)		10.14
B		10.33		0.50		—		(0.20	)		0.30			(0.49	)		—			—		(0.49	)		(0.19	)		10.14
C		10.35		0.50		—		(0.19	)		0.31			(0.50	)		—			—		(0.50	)		(0.19	)		10.16
Y		10.32		0.60		—		(0.20	)		0.40			(0.60	)		—			—		(0.60	)		(0.20	)		10.12
For the Year Ended October 31, 2006
A		10.24		0.54		—		0.08			0.62			(0.53	)		—			—		(0.53	)		0.09			10.33
B		10.24		0.46		—		0.08			0.54			(0.45	)		—			—		(0.45	)		0.09			10.33
C		10.26		0.46		—		0.08			0.54			(0.45	)		—			—		(0.45	)		0.09			10.35
Y		10.24		0.56		—		0.08			0.64			(0.56	)		—			—		(0.56	)		0.08			10.32
For the Year Ended October 31, 2005
A		10.72		0.51		—		(0.44	)		0.07			(0.51	)		(0.04	)		—		(0.55	)		(0.48	)		10.24
B		10.72		0.43		—		(0.43	)		—			(0.44	)		(0.04	)		—		(0.48	)		(0.48	)		10.24
C		10.74		0.43		—		(0.43	)		—			(0.44	)		(0.04	)		—		(0.48	)		(0.48	)		10.26
Y		10.72		0.52		—		(0.42	)		0.10			(0.54	)		(0.04	)		—		(0.58	)		(0.48	)		10.24

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

28

- Ratios and Supplemental Data -

					Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
					Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Turnover Rate(d)
	21.83	%	$	111,456		1.08	%		0.95	%		0.95	%		5.46	%		178	%
	20.85			10,389		1.96			1.67			1.67			4.74			—
	20.76			23,237		1.76			1.70			1.70			4.66			—
	22.07			109,639		0.64			0.64			0.64			5.88			—
	(13.71	)		81,569		1.02			0.95			0.95			5.53			177
	(14.36	)		7,779		1.91			1.70			1.70			4.79			—
	(14.34	)		13,007		1.76			1.70			1.70			4.79			—
	(13.37	)		139,935		0.63			0.63			0.63			5.85			—
	3.77			98,047		1.08			0.95			0.95			5.72			147
	3.00			9,837		1.95			1.70			1.70			4.92			—
	3.01			14,263		1.82			1.70			1.70			4.92			—
	3.97			213,417		0.68			0.68			0.68			5.95			—
	6.24			37,168		1.21			0.95			0.95			5.35			175
	5.45			7,224		2.06			1.70			1.70			4.60			—
	5.44			8,101		1.96			1.70			1.70			4.61			—
	6.41			60,690		0.78			0.70			0.70			5.63			—
	0.70			28,942		1.20			0.95			0.95			4.80			188
	(0.04	)		5,973		2.06			1.70			1.70			4.05			—
	(0.03	)		5,142		1.96			1.70			1.70			4.05			—
	0.98			16,431		0.79			0.70			0.70			5.16			—

29

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Income Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks or brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Income Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

30

The Hartford Income Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

31

The Hartford Income Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

32

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov . The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

33

The Hartford Income Fund
Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	5.00	%
Other Securities	95.00	%
Total	100.00	%
QII†	100.00	%

*	The income received from federal obligations.
†	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.488		N/A		N/A		0.488
Class B		0.426		N/A		N/A		0.426
Class C		0.424		N/A		N/A		0.424
Class Y		0.513		N/A		N/A		0.513

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

34

The Hartford Income Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,137.60	$	5.12	$	1,000.00	$	1,020.42	$	4.84		0.95	%		184		365
Class B	$	1,000.00	$	1,133.80	$	9.04	$	1,000.00	$	1,016.74	$	8.54		1.68			184		365
Class C	$	1,000.00	$	1,133.30	$	9.14	$	1,000.00	$	1,016.64	$	8.64		1.70			184		365
Class Y	$	1,000.00	$	1,139.60	$	3.29	$	1,000.00	$	1,022.13	$	3.11		0.61			184		365

35

The Hartford Income Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Income Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

36

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO. The Board noted Management’s proposal to increase the levels above which expenses will be reimbursed for each share class by 0.05%.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered

37

The Hartford Income Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

38

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-23 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford Inflation Plus Fund

The Hartford Inflation Plus Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	6
Statement of Assets and Liabilities at October 31, 2009	7
Statement of Operations for the Year Ended October 31, 2009	8
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	9
Notes to Financial Statements	10
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Federal Tax Information (Unaudited)	28
Expense Example (Unaudited)	29
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	30

The Hartford Inflation Plus Fund inception 10/31/2002

(subadvised by Hartford Investment Management Company) Investment objective — Seeks a total return that exceeds the rate of inflation over an economic cycle.

Performance Overview(1) 10/31/02 - 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital U.S. TIPS Index represents securities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
Inflation Plus A#		17.20	%		4.66	%		5.52	%
Inflation Plus A##		11.93	%		3.70	%		4.83	%
Inflation Plus B#		16.30	%		3.86	%		4.75	%
Inflation Plus B##		11.30	%		3.52	%		4.75	%
Inflation Plus C#		16.32	%		3.85	%		4.74	%
Inflation Plus C##		15.32	%		3.85	%		4.74	%
Inflation Plus I#		17.53	%		4.87	%		5.67	%
Inflation Plus R3#		16.78	%		4.52	%		4.98	%
Inflation Plus R4#		17.14	%		4.69	%		5.12	%
Inflation Plus R5#		17.30	%		4.84	%		5.24	%
Inflation Plus Y#		17.44	%		4.91	%		5.31	%
Barclays Capital U.S. TIPS Index		17.15	%		4.83	%		6.11	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.
(5)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance, which commenced operations on 11/28/03.

Portfolio Managers

John Hendricks

Senior Vice President

How did the Fund perform?

The Class A shares of The Hartford Inflation Plus Fund returned 17.20%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmark, the Barclays Capital U.S. TIPS Index, returned 17.15% while the average return of the Lipper Treasury Inflation Protected Securities peer group, a group of funds with investment strategies similar to those of the Fund, was 16.25%.

Why did the Fund perform this way?

The Consumer Price Index (CPI) headline inflation a year ago this October was at 3.7%. That is in sharp contrast with the negative 1.3% print for September 2009 (the most recent month reporting period). The year to year decline in CPI for September was largely due to a sharp decline in energy prices from one year ago. The energy sub-index of CPI dropped 21.6% over the last twelve-months, as all its major components continued to decline.

2

Looking ahead, headline CPI will likely revert back to positive on a year to year basis by the end of 2009. Headline CPI prints are still suffering from a “base effect” caused by extremely high energy prices in the first half of 2008. The low print for headline CPI this year probably already occurred in July when it was negative 2.1%. In contrast to the collapse in energy prices at the end of 2008, prices have trended higher for most of 2009. Crude oil has more than doubled in price since the beginning of the year. Oil tends to garner significant attention in the Treasury Inflation Protected Securities (TIPS) market and is one of the major factors contributing to the recovery in TIPS prices since the end of 2008. In the background of all this is a steady erosion in the value of the U.S. dollar and a steady rise in the price of gold. The combination of all these factors has resulted in a steady recovery in TIPS breakevens (i.e. the spread between nominal yields on Treasuries and the real yield on TIPS). Ten year breakevens, which turned negative at one point in November 2008, recovered all the way to positive 200 basis points by the middle of 2009.

The Fund maintained a high weight (93% plus) to TIPS over the period. Duration (i.e. sensitivity to changes in interest rates) and security selection both detracted from performance over the period but this was more than offset by the positive contribution from positioning along the real yield curve and sector allocation. As the financial crisis accelerated in the 4th quarter of 2008, the Fund’s cash position was increased, and the Fund’s TIPS holdings were shifted further out on the yield curve (i.e. purchasing bonds with a longer maturity date). These changes helped the Fund avoid the significant negative impacts of short real yields rising sharply as commodity prices collapsed at the end of 2008. The negative contribution to performance (primarily in January) from security selection was largely the result of investors purchasing newer TIPS issues with low inflation accruals over older TIPS issues with high accrued inflation. While TIPS issues with low index ratios (i.e. primarily more recently auctioned issues without much accrued inflation) continue to trade richly, the disparity we saw earlier in the year has been dissipating. Our short-term view on inflation indicates no inflationary pressure for at least 12-24 months. As such, the Fund continues to avoid making any allocations to short TIPS (ie. 2yrs and under). Liquidity in the TIPS market has come back significantly from the poor conditions we saw at the end of 2008 and early 2009; however, the market is not back to pre-crisis conditions. As a result the Fund continues to actively manage interest rate risk and the volatility of the basis between TIPs and nominal Treasuries, primarily through the use of financial futures contracts (an exchange traded contract to buy or sell a financial instrument at a certain date in the future).

What is your outlook?

There remains wide spread disagreement between economists about the outlook for inflation. However, the TIPS market seems to be taking its cues from the equity markets and the growing perception that the recession ended in June or July. With the Fed continuing to emphasize that policy will remain accommodative for an “extended period of time,” investors both domestically and overseas have continued to favor TIPS.

The Federal Reserve (the Fed) has tried to reassure the markets that inflation will remain subdued, if for no other reason than to support the U.S. dollar. If the dollar continues to slide on fears of the Fed reflating the economy, it will complicate the Fed’s ability to maintain low rates and simultaneously prevent inflationary expectations from rising.

The combination of rising unemployment, falling wages and global slack will likely keep inflation in check for the foreseeable future. Our greatest concern going forward is the absolute level of real yields. Real yields across the board are historically low. At the end of the quarter, 20 year real yields dipped below 2%. While this is not an all time low, the level is worrisome when considered in the context of extremely low policy rates, a growing budget deficit , the winding down of quantitative easing and an economy that is recovering more quickly than expected.

The concern among investors remains the real possibility of a policy mistake as the economy moves out of recession. When the Fed decides to reverse course, the moves may not be as incremental as in the past. Some Fed governors have even hinted as much in their recent speeches, and if interest rate movements come at a faster pace than they have historically, the market reaction will not be good, particularly in the short end of the yield curve.

On August 5, 2009, the Board of Directors of The Hartford Mutual Funds II, Inc. approved on behalf of The Hartford U.S. Government Securities Fund (“U.S. Government Securities”) and the Board of Directors of The Hartford Mutual Funds, Inc. approved on behalf of The Hartford Inflation Plus Fund (“Inflation Plus”), a Form of Agreement and Plan of Reorganization that provides for the reorganization of U.S. Government Securities, a series of The Hartford Mutual Funds II, Inc., into Inflation Plus, a series of The Hartford Mutual Funds, Inc. (“Reorganization”). The Reorganization does not require shareholder approval. The Reorganization is expected to occur on or about the close of business on February 19, 2010 or on such other date as the officers of the Hartford Mutual Funds determine.

Distribution by Credit Quality
as of October 31, 2009

	Percentage of
	Long Term
Rating	Holdings
AAA		99.9	%
Not Rated		0.1
Total		100.0	%

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry	Net Assets
Long Call Index Option Contract		0.0	%
Long Put Future Option Contract		0.1
U.S. Government Securities		90.6
Short-Term Investments		9.7
Other Assets and Liabilities		(0.4	)
Total		100.0	%

3

The Hartford Inflation Plus Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
U.S. GOVERNMENT SECURITIES - 90.6%
		U.S. Treasury Securities - 90.6%
		U.S. Treasury Bonds - 21.6%
$	44,740	1.75%, 01/15/2028 ◄	$	44,372
	38,975	2.00%, 01/15/2026 ◄		42,761
	194,505	2.38%, 01/15/2025 - 01/15/2027 ◄		224,702
	5,000	3.63%, 04/15/2028 ◄		8,273
				320,108
		U.S. Treasury Notes - 69.0%
	30,000	0.63%, 04/15/2013 ◄		30,902
	24,702	1.63%, 01/15/2015 ◄		28,871
	41,000	1.88%, 07/15/2019 ◄		43,297
	73,575	1.88%, 07/15/2013 - 07/15/2015 ◄		89,644
	312,894	2.00%, 04/15/2012 - 01/15/2016 ◄		364,884
	48,950	2.13%, 01/15/2019 ◄		52,380
	25,000	2.38%, 10/31/2014		25,065
	47,852	2.38%, 01/15/2017 ◄		55,227
	169,165	2.50%, 07/15/2016 - 01/15/2029 ◄		190,550
	12,585	2.63%, 07/15/2017 ◄		14,422
	43,785	3.00%, 08/31/2016 - 09/30/2016		43,933
	61,432	3.00%, 07/15/2012 ◄		79,176
	1,715	3.38%, 01/15/2012 ◄		2,231
				1,020,582
				1,340,690
		Total U.S. government securities (cost $1,286,356)	$	1,340,690

Contracts			Market Value ╪
CALL OPTIONS PURCHASED - 0.0%
		Long Call Index Option Contract - 0.0%
		U.S. 5 Year Note Option
	1	Expiration: November, 2009, Exercise Price:$117.00 Θ	$	408
		Total call options purchased (cost $305)	$	408

Contracts			Market Value ╪
PUT OPTIONS PURCHASED - 0.1%
		Long Put Future Option Contract - 0.1%
		U.S. 10 Year Note Option
	2	Expiration: February, 2010, Exercise Price:$110.00	$	759
		Total put options purchased (cost $1,091)	$	759
		Total long-term investments (cost $1,287,752)	$	1,341,857

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 9.7%
		Investment Pools and Funds - 6.6%
$	66,829	JP Morgan U.S. Government Money Market Fund			$	66,829
	—	State Street Bank U.S. Government Money Market Fund				—
	31,001	Wells Fargo Advantage Government Money Market Fund				31,001
						97,830
		Repurchase Agreements - 3.0%
		BNP Paribas Securities Corp. Repurchase Agreement (maturing on 11/02/2009 in the amount of $22,899, collateralized by U.S. Treasury Bond 5.25% - 7.88%, 2021 - 2029, value of $23,715)
	22,899	0.06%, 10/30/2009				22,898
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $11,519, collateralized by U.S. Treasury Bond 5.00%, 2037, U.S. Treasury Note 3.13% - 4.63%, 2013 - 2017, value of $11,749)
	11,519	0.06%, 10/30/2009				11,519
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/02/2009 in the amount of $10,550, collateralized by U.S. Treasury Note 1.50%, 2010, value of $10,694)
	10,550	0.04%, 10/30/2009				10,550
						44,967
		U.S. Treasury Bills - 0.1%
	930	0.08%, 1/14/2010o ○				930
		Total short-term investments (cost $143,727)			$	143,727
		Total investments (cost $1,431,479)▲	100.4	%	$	1,485,584
		Other assets and liabilities	(0.4	)%		(5,943	)
		Total net assets	100.0	%	$	1,479,641

▲  At October 31, 2009, the cost of securities for federal income tax purposes was $1,447,982 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	54,437
Unrealized Depreciation		(16,835	)
Net Unrealized Appreciation	$	37,602

◄	U.S. Treasury inflation-protected securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.
○	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

The accompanying notes are an integral part of these financial statements.

4

□	Security pledged as initial margin deposit for open futures contracts at October 31, 2009.
	Futures Contracts Outstanding at October 31, 2009

					Unrealized
	Number of			Expiration	Appreciation/
Description	Contracts*		Position	Month	(Depreciation)
U.S. 5 Year Note		200	Long	Dec 2009	$	174
U.S. 5 Year Note		200	Short	Dec 2009	$	(160	)
U.S. Long Bond		33	Long	Dec 2009	$	29
					$	43

*	The number of contracts does not omit 000’s.
Θ	At October 31, 2009, these securities were designated to cover open call options written as follows:

							Unrealized
Issuer/ Exercise Price/	Number of		Market		Premiums		Appreciation
Expiration Date	Contracts*		Value ╪		Received		(Depreciation)
U.S. 5 Year Note Option, $118.00, Nov, 2009		1,374	$	86	$	60	$	(26	)

* The number of contracts does not omit 000’s.

Forward Foreign Currency Contracts Outstanding at October 31, 2009

							Unrealized
	Market		Contract		Delivery		Appreciation/
Description	Value ╪		Amount		Date		(Depreciation)
Australian Dollar (Buy)	$	7,237	$	7,285		11/03/09	$	(48	)
Euro (Buy)		42,558		43,008		11/13/09		(450	)
Euro (Sell)		14,142		14,197		11/13/09		55
Japanese Yen (Buy)		30,051		30,297		11/09/09		(246	)
Japanese Yen (Sell)		27,708		27,461		11/09/09		(247	)
Japanese Yen (Buy)		12,264		12,030		11/09/09		234
Japanese Yen (Sell)		14,606		14,654		11/09/09		48
							$	(654	)

╪  See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Inflation Plus Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Call Options Purchased	$	408	$	408	$	—	$	—
Put Options Purchased		759		759		—		—
U.S. Government Securities		1,340,690		148,696		1,191,994		—
Short-Term Investments		143,727		97,830		45,897		—
Total	$	1,485,584	$	247,693	$	1,237,891	$	—
Other Financial Instruments *	$	540	$	203	$	337	$	—
Liabilities:
Other Financial Instruments *	$	1,177	$	186	$	991	$	—

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Inflation Plus Fund

Statement of Assets and Liabilities

October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $1,431,479)	$	1,485,584
Foreign currency on deposit with custodian (cost $9)		9
Unrealized appreciation on forward foreign currency contracts		337
Receivables:
Investment securities sold		382
Fund shares sold		17,476
Dividends and interest		7,470
Variation margin		150
Other assets		253
Total assets		1,511,661
Liabilities:
Unrealized depreciation on forward foreign currency contracts		991
Payables:
Investment securities purchased		25,011
Fund shares redeemed		5,006
Investment management fees		124
Dividends		360
Distribution fees		116
Variation margin		122
Accrued expenses		201
Written options (proceeds $60)		86
Other liabilities		3
Total liabilities		32,020
Net assets	$	1,479,641
Summary of Net Assets:
Capital stock and paid-in-capital		1,430,586
Accumulated undistributed net investment income		2,905
Accumulated net realized loss on investments and foreign currency transactions		(7,318	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		53,468
Net assets	$	1,479,641
Shares authorized		600,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	11.39/$11.93
Shares outstanding		53,416
Net assets	$	608,161
Class B: Net asset value per share	$	11.30
Shares outstanding		8,492
Net assets	$	95,935
Class C: Net asset value per share	$	11.29
Shares outstanding		41,074
Net assets	$	463,764
Class I: Net asset value per share	$	11.45
Shares outstanding		12,038
Net assets	$	137,773
Class R3: Net asset value per share	$	11.36
Shares outstanding		472
Net assets	$	5,355
Class R4: Net asset value per share	$	11.40
Shares outstanding		242
Net assets	$	2,758
Class R5: Net asset value per share	$	11.42
Shares outstanding		23
Net assets	$	258
Class Y: Net asset value per share	$	11.43
Shares outstanding		14,487
Net assets	$	165,637

The accompanying notes are an integral part of these financial statements.

7

The Hartford Inflation Plus Fund

Statement of Operations

For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Interest	$	16,216
Total investment income		16,216
Expenses:
Investment management fees		5,564
Administrative services fees		5
Transfer agent fees		1,150
Distribution fees
Class A		1,115
Class B		859
Class C		3,271
Class R3		7
Class R4		3
Custodian fees		7
Accounting services fees		191
Registration and filing fees		168
Board of Directors’ fees		25
Audit fees		40
Other expenses		239
Total expenses (before waivers and fees paid indirectly)		12,644
Expense waivers		(1,023	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(1,023	)
Total expenses, net		11,621
Net Investment Income		4,595
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		9,746
Net realized gain on futures		6,388
Net realized loss on written options		(4,698	)
Net realized gain on forward foreign currency contracts		1,480
Net realized loss on other foreign currency transactions		(410	)
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		12,506
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		143,170
Net unrealized appreciation of futures		43
Net unrealized depreciation of written options		(78	)
Net unrealized depreciation of forward foreign currency contracts		(1,398	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		43
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		141,780
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		154,286
Net Increase in Net Assets Resulting from Operations	$	158,881

The accompanying notes are an integral part of these financial statements.

8

The Hartford Inflation Plus Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	4,595		$	40,628
Net realized gain on investments, other financial instruments and foreign currency transactions		12,506			2,090
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		141,780			(90,885	)
Net Increase (Decrease) In Net Assets Resulting From Operations		158,881			(48,167	)
Distributions to Shareholders:
From net investment income
Class A		(2,454	)		(14,746	)
Class B		(368	)		(3,680	)
Class C		(1,322	)		(10,507	)
Class I		(375	)		(791	)
Class R3		(7	)		(6	)
Class R4		(4	)		(1	)
Class R5		(1	)		(1	)
Class Y		(1,001	)		(10,227	)
Total distributions		(5,532	)		(39,959	)
Capital Share Transactions:
Class A		236,750			159,030
Class B		7,786			14,863
Class C		176,476			109,914
Class I		101,702			28,077
Class R3		4,939			237
Class R4		2,575			8
Class R5		212			19
Class Y		5,207			(13,282	)
Net increase from capital share transactions		535,647			298,866
Net Increase In Net Assets		688,996			210,740
Net Assets:
Beginning of period		790,645			579,905
End of period	$	1,479,641		$	790,645
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	2,905		$	2,715

The accompanying notes are an integral part of these financial statements.

9

The Hartford Inflation Plus Fund

Notes to Financial Statements

October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Inflation Plus Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a non-diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Trade date for senior floating rate interests purchased in the primary market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary market is the date on which the transaction is entered into.
	Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the

10

security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Debt securities (other than short-term obligations and senior floating rate interests) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Senior floating rate interests generally trade in over-the-counter markets and are priced through an independent pricing service utilizing market quotations from loan dealers or financial institutions. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Options contracts on securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at their last reported sale price at the Valuation Time on the Primary Market on which the instrument is primarily traded. If the instrument did not trade on the Primary Market, it may be valued at the most recent sale price at the Valuation Time on another exchange or market where it did trade. If it is not possible to determine the last reported sale price on the Primary Market or another exchange or market at the Valuation Time, the value of the security shall be taken to be the most recent mean between bid and asked prices on such exchange or market at the Valuation Time. Absent both bid and asked prices on such exchange, the bid price may be used.

Futures contracts are valued at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively. If a settlement price is not available, futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the mean of the closing bid and asked prices as of the Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

11

The Hartford Inflation Plus Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the valuation date.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

12

d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Hartford Investment Management Company (“Hartford Investment Management”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
g)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared daily and paid monthly. Dividends are paid on shares beginning on the business day after the day when the funds used to purchase the shares are collected by the transfer agent for the Fund. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
h)	Securities Purchased on a When-Issued or Delayed-Delivery Basis — Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of October 31, 2009, the Fund had no outstanding when-issued or delayed delivery securities.

13

The Hartford Inflation Plus Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

i)	Credit Risk — Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a Fund which holds securities with higher credit risk may fluctuate more than with less aggressive bond funds.
j)	Senior Floating Rate Interests — The Fund may invest in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income which would result in a reduction of income to the Fund and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated. The Fund had no outstanding senior floating rate interests as of October 31, 2009.
k)	Prepayment Risks — Most senior floating rate interests and certain debt securities allow for prepayment of principal without penalty. Senior floating rate interests and securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. In addition, with respect to securities, rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment risk is a major risk of mortgage-backed securities and certain asset-backed securities. Accordingly, the potential for the value of a senior floating rate interest or debt security to increase in response to interest rate declines is limited. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.
	Senior floating rate interests or debt securities purchased to replace a prepaid loan or a debt security may have lower yields than the yield on the prepaid loan or debt security. Senior floating rate interests generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for the Borrower to repay, prepayments of senior floating rate interests may occur. As a result, the actual remaining maturity of senior floating rate interests held may be substantially less than the stated maturities shown in the Schedule of Investments.
l)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
m)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives		Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location		Statement of Assets and Liabilities Location
Interest rate contracts			Written Options, Market Value	86
Interest rate contracts	Summary of Net Assets — Unrealized appreciation	203	Summary of Net Assets — Unrealized depreciation	160
Interest rate contracts	Investments in securities, at value (Purchased Options), Market Value	1,167
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	337	Unrealized depreciation on forward foreign currency contracts	991

14

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
								Forward
				Purchased				Currency
Risk Exposure Category	Written Options			Options		Futures		Contracts		Swaps		Total
Interest rate contracts	$	(4,698	)	$	6,110	$	6,388	$	—	$	—	$	7,800
Foreign exchange contracts		—			—		—		1,480		—		1,480
Total	$	(4,698	)	$	6,110	$	6,388	$	1,480	$	—	$	9,280

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
									Forward
				Purchased					Currency
Risk Exposure Category	Written Options			Options			Futures		Contracts			Swaps		Total
Interest rate contracts		(78	)		(101	)		43		—			—	$	(136	)
Foreign exchange contracts		—			—			—		(1,398	)		—		(1,398	)
Total	$	(78	)	$	(101	)	$	43	$	(1,398	)	$	—	$	(1,534	)

n) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Futures and Options:

Futures and Options Transactions — The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.

At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.

The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of October 31, 2009.

An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.

15

The Hartford Inflation Plus Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. The Fund, as shown on the Schedule of Investments, had outstanding purchased option contracts as of October 31, 2009. Transactions involving written option contracts during the year ended October 31, 2009, are summarized below:

Options Contract Activity During the Year Ended October 31, 2009
Call Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		1,000		$	216
Written		32,100			23,305
Expired		—			—
Closed		(31,726	)		(23,461	)
Exercised		—			—
End of Period		1,374		$	60

Put Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		—		$	—
Written		28,814			22,335
Expired		(1,872	)		(111	)
Closed		(26,942	)		(22,224	)
Exercised		—			—
End of Period		—		$	—

* The number of contracts does not omit 000’s.

4. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

16

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	5,319	$	40,029

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	11,813
Unrealized Appreciation *		37,602
Total Accumulated Earnings	$	49,415

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)	Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase accumulated undistributed net investment income by $1,127, decrease accumulated net realized loss on investments by $1,070, and decrease paid-in-capital by $57.
e)	Capital Loss Carryforward — The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2009.
f)	Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

5. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

17

The Hartford Inflation Plus Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.55	%
On next $4.5 billion		0.50	%
On next $5 billion		0.48	%
Over $10 billion		0.47	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
0.85%	1.60%	1.60%	0.60%	1.25%	1.00%	0.76%	0.60%

Effective November 1, 2009, HIFSCO has agreed to revise the voluntary limit (which is the permanent expense limitation) on total operating expenses for the Fund, exclusive of taxes, interest, brokerage commissions, certain distribution expenses and extraordinary expenses. The new expense limitation is as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
0.90%	1.65%	1.65%	0.65%	1.25%	1.00%	0.81%	0.65%

d) Fees Paid Indirectly — The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2009, this amount is included in the Statement of Operations.

18

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		0.85	%		0.85	%		0.85	%		0.95	%		0.95	%
Class B Shares		1.60			1.60			1.60			1.70			1.70
Class C Shares		1.60			1.60			1.60			1.70			1.70
Class I Shares		0.60			0.60			0.58		0.70 *
Class R3 Shares		1.25			1.25			1.23	†
Class R4 Shares		1.00			1.00			0.99	†
Class R5 Shares		0.76			0.70			0.72	†
Class Y Shares		0.59			0.60			0.56			0.68			0.68

*	From August 31, 2006 (commencement of operations), through October 31, 2006.
†	From December 22, 2006 (commencement of operations), through October 31, 2007.

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $4,996 and contingent deferred sales charges of $435 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $76. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the

19

The Hartford Inflation Plus Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $1,086 for providing such services. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	76,226
Sales Proceeds Excluding U.S. Government Obligations		101,506
Cost of Purchases for U.S. Government Obligations		1,890,232
Sales Proceeds for U.S. Government Obligations		1,417,554

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009											For the Year Ended October 31, 2008
			Shares					Shares						Shares					Shares
			Issued for					Issued		Net Increase				Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		42,591		190		(20,853	)		—		21,928		25,993		1,034		(12,853	)		—		14,174
Amount	$	458,293	$	2,018	$	(223,561	)	$	—	$	236,750	$	288,295	$	11,450	$	(140,715	)	$	—	$	159,030
Class B
Shares		2,833		28		(2,137	)		—		724		2,544		258		(1,479	)		—		1,323
Amount	$	30,124	$	289	$	(22,627	)	$	—	$	7,786	$	28,133	$	2,852	$	(16,122	)	$	—	$	14,863
Class C
Shares		23,968		89		(7,728	)		—		16,329		14,894		669		(5,776	)		—		9,787
Amount	$	257,766	$	933	$	(82,223	)	$	—	$	176,476	$	165,357	$	7,411	$	(62,854	)	$	—	$	109,914
Class I
Shares		13,345		25		(4,098	)		—		9,272		4,848		56		(2,466	)		—		2,438
Amount	$	145,997	$	266	$	(44,561	)	$	—	$	101,702	$	53,494	$	615	$	(26,032	)	$	—	$	28,077
Class R3
Shares		537		1		(88	)		—		450		38		1		(18	)		—		21
Amount	$	5,902	$	7	$	(970	)	$	—	$	4,939	$	424	$	6	$	(193	)	$	—	$	237
Class R4
Shares		253		—		(13	)		—		240		1		—		—			—		1
Amount	$	2,717	$	4	$	(146	)	$	—	$	2,575	$	7	$	1	$	—		$	—	$	8
Class R5
Shares		28		—		(8	)		—		20		2		—		—			—		2
Amount	$	304	$	1	$	(93	)	$	—	$	212	$	18	$	1	$	—		$	—	$	19
Class Y
Shares		3,778		95		(3,497	)		—		376		3,285		920		(5,452	)		—		(1,247	)
Amount	$	41,289	$	998	$	(37,080	)	$	—	$	5,207	$	36,316	$	10,241	$	(59,839	)	$	—	$	(13,282	)

20

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		125	$	1,341
For the Year Ended October 31, 2008		56	$	621

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Subsequent Events:
	Reorganization of The Hartford U.S. Government Securities Fund with and into the Fund:
	On August 5, 2009, the Board of Directors of the The Hartford Mutual Funds II, Inc. approved on behalf of The Hartford U.S. Government Securities Fund and the Board of Directors of the Company approved on behalf of the Fund, a Form of Agreement and Plan of Reorganization that provides for the reorganization of The Hartford U.S. Government Securities Fund, a series of The Hartford Mutual Funds II, Inc., into the Fund. The reorganization does not require shareholder approval.
	Effective September 30, 2009, Classes A, B, C, L and Y of The Hartford U.S. Government Securities Fund are no longer sold to new investors or existing shareholders (except through reinvested dividends) nor are they eligible for exchanges from other Hartford Mutual Funds.
	The reorganization is expected to occur on or about the close of business on February 19, 2010 or on such other date as the officers of The Hartford Mutual Funds determine.
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

21

The Hartford Inflation Plus Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	9.78	$	0.09		$	—	$	1.59		$	1.68		$	(0.07	)	$	—		$	—	$	(0.07	)	$	1.61		$	11.39
B		9.76		(0.07	)		—		1.66			1.59			(0.05	)		—			—		(0.05	)		1.54			11.30
C		9.75		(0.01	)		—		1.60			1.59			(0.05	)		—			—		(0.05	)		1.54			11.29
I		9.81		0.19			—		1.52			1.71			(0.07	)		—			—		(0.07	)		1.64			11.45
R3		9.78		0.26			—		1.38			1.64			(0.06	)		—			—		(0.06	)		1.58			11.36
R4		9.79		0.30			—		1.37			1.67			(0.06	)		—			—		(0.06	)		1.61			11.40
R5		9.80		0.30			—		1.39			1.69			(0.07	)		—			—		(0.07	)		1.62			11.42
Y		9.80		0.02			—		1.68			1.70			(0.07	)		—			—		(0.07	)		1.63			11.43
For the Year Ended October 31, 2008
A		10.66		0.60			—		(0.87	)		(0.27	)		(0.61	)		—			—		(0.61	)		(0.88	)		9.78
B		10.64		0.53			—		(0.88	)		(0.35	)		(0.53	)		—			—		(0.53	)		(0.88	)		9.76
C		10.63		0.52			—		(0.87	)		(0.35	)		(0.53	)		—			—		(0.53	)		(0.88	)		9.75
I		10.68		0.62			—		(0.85	)		(0.23	)		(0.64	)		—			—		(0.64	)		(0.87	)		9.81
R3		10.67		0.53			—		(0.85	)		(0.32	)		(0.57	)		—			—		(0.57	)		(0.89	)		9.78
R4		10.67		0.57			—		(0.86	)		(0.29	)		(0.59	)		—			—		(0.59	)		(0.88	)		9.79
R5		10.68		0.58			—		(0.83	)		(0.25	)		(0.63	)		—			—		(0.63	)		(0.88	)		9.80
Y		10.69		0.66			—		(0.91	)		(0.25	)		(0.64	)		—			—		(0.64	)		(0.89	)		9.80
For the Year Ended October 31, 2007
A		10.44		0.39			—		0.21			0.60			(0.38	)		—			—		(0.38	)		0.22			10.66
B		10.45		0.29			—		0.23			0.52			(0.33	)		—			—		(0.33	)		0.19			10.64
C		10.44		0.29			—		0.23			0.52			(0.33	)		—			—		(0.33	)		0.19			10.63
I		10.44		0.31			—		0.32			0.63			(0.39	)		—			—		(0.39	)		0.24			10.68
R3(f)		10.41		0.39			—		0.22			0.61			(0.35	)		—			—		(0.35	)		0.26			10.67
R4(f)		10.41		0.41			—		0.22			0.63			(0.37	)		—			—		(0.37	)		0.26			10.67
R5(f)		10.41		0.43			—		0.22			0.65			(0.38	)		—			—		(0.38	)		0.27			10.68
Y		10.45		0.38			—		0.26			0.64			(0.40	)		—			—		(0.40	)		0.24			10.69
For the Year Ended October 31, 2006
A		10.67		0.49			—		(0.26	)		0.23			(0.43	)		(0.03	)		—		(0.46	)		(0.23	)		10.44
B		10.68		0.40			—		(0.25	)		0.15			(0.35	)		(0.03	)		—		(0.38	)		(0.23	)		10.45
C		10.67		0.40			—		(0.25	)		0.15			(0.35	)		(0.03	)		—		(0.38	)		(0.23	)		10.44
I(i)		10.48		0.05			—		(0.05	)		—			(0.04	)		—			—		(0.04	)		(0.04	)		10.44
Y		10.68		0.51			—		(0.25	)		0.26			(0.46	)		(0.03	)		—		(0.49	)		(0.23	)		10.45
For the Year Ended October 31, 2005
A		10.95		0.41			—		(0.18	)		0.23			(0.42	)		(0.09	)		—		(0.51	)		(0.28	)		10.67
B		10.96		0.33			—		(0.18	)		0.15			(0.34	)		(0.09	)		—		(0.43	)		(0.28	)		10.68
C		10.96		0.33			—		(0.19	)		0.14			(0.34	)		(0.09	)		—		(0.43	)		(0.29	)		10.67
Y		10.97		0.47			—		(0.22	)		0.25			(0.45	)		(0.09	)		—		(0.54	)		(0.29	)		10.68

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Commenced operations on December 22, 2006.
(g)	Not annualized.
(h)	Annualized.
(i)	Commenced operations on August 31, 2006.

22

- Ratios and Supplemental Data -

			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
			Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
	Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)	Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
17.20%	$	608,161		0.96	%		0.85	%		0.85	%		0.89	%		145	%
16.30		95,935		1.75			1.60			1.60			(0.64	)		—
16.32		463,764		1.69			1.60			1.60			(0.07	)		—
17.53		137,773		0.74			0.60			0.60			1.92			—
16.78		5,355		1.38			1.25			1.25			2.73			—
17.14		2,758		1.02			1.00			1.00			3.07			—
17.30		258		0.76			0.76			0.76			2.91			—
17.44		165,637		0.59			0.59			0.59			0.16			—
(3.08)		307,863		1.01			0.91			0.85			5.60			437
(3.81)		75,789		1.80			1.66			1.60			4.82			—
(3.82)		241,305		1.75			1.66			1.60			4.86			—
(2.74)		27,135		0.75			0.65			0.60			5.28			—
(3.56)		216		1.43			1.30			1.25			5.63			—
(3.23)		17		1.12			1.06			1.00			5.29			—
(2.94)		28		0.75			0.75			0.70			4.92			—
(2.90)		138,292		0.65			0.65			0.60			5.85			—
5.86		184,558		1.22			1.03			0.85			3.09			608
5.05		68,593		2.01			1.78			1.60			2.51			—
5.05		159,067		1.97			1.78			1.60			2.31			—
6.22		3,501		0.71			0.61			0.58			2.85			—
5.98 (g)		10		1.59	(h)		1.40	(h)		1.23	(h)		4.36	(h)		—
6.15 (g)		10		1.28	(h)		1.15	(h)		0.99	(h)		4.61	(h)		—
6.42 (g)		11		0.99	(h)		0.89	(h)		0.72	(h)		4.86	(h)		—
6.23		164,155		0.82			0.72			0.56			3.71			—
2.29		282,362		1.02			0.95			0.95			4.50			193
1.51		92,340		1.82			1.70			1.70			3.76			—
1.51		247,091		1.78			1.70			1.70			3.72			—
0.04 (g)		18		0.98	(h)		0.70	(h)		0.70	(h)		4.43	(h)		—
2.58		140,796		0.68			0.68			0.68			5.05			—
2.10		414,778		1.00			0.95			0.95			3.88			71
1.33		119,302		1.81			1.70			1.70			3.09			—
1.24		373,750		1.76			1.70			1.70			3.12			—
2.29		95,947		0.68			0.68			0.68			4.42			—

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Inflation Plus Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks or brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Inflation Plus Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

24

The Hartford Inflation Plus Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

The Hartford Inflation Plus Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

26

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

The Hartford Inflation Plus Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	98.00	%
Other Securities	2.00	%
Total	100.00	%
QII†	85.00	%
QSTCG†	100.00	%

*	The income received from federal obligations.
†	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) (QII) and as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) (QSTCG).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.066		N/A		N/A		0.066
Class B		0.047		N/A		N/A		0.047
Class C		0.047		N/A		N/A		0.047
Class I		0.073		N/A		N/A		0.073
Class R3		0.056		N/A		N/A		0.056
Class R4		0.062		N/A		N/A		0.062
Class R5		0.069		N/A		N/A		0.069
Class Y		0.072		N/A		N/A		0.072

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

28

The Hartford Inflation Plus Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,069.20	$	4.43	$	1,000.00	$	1,020.92	$	4.33		0.85	%		184		365
Class B	$	1,000.00	$	1,064.10	$	8.32	$	1,000.00	$	1,017.14	$	8.13		1.60			184		365
Class C	$	1,000.00	$	1,064.20	$	8.32	$	1,000.00	$	1,017.14	$	8.13		1.60			184		365
Class I	$	1,000.00	$	1,070.10	$	3.13	$	1,000.00	$	1,022.18	$	3.06		0.60			184		365
Class R3	$	1,000.00	$	1,067.10	$	6.51	$	1,000.00	$	1,018.90	$	6.36		1.25			184		365
Class R4	$	1,000.00	$	1,068.00	$	5.21	$	1,000.00	$	1,020.16	$	5.09		1.00			184		365
Class R5	$	1,000.00	$	1,069.10	$	3.96	$	1,000.00	$	1,021.37	$	3.87		0.76			184		365
Class Y	$	1,000.00	$	1,069.20	$	3.08	$	1,000.00	$	1,022.23	$	3.01		0.59			184		365

29

The Hartford Inflation Plus Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Inflation Plus Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

30

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and

31

The Hartford Inflation Plus Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO. The Board noted Management’s proposal to increase the levels above which expenses will be reimbursed for each share class by 0.05%.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

32

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

33

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-24 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford n I ternational Growth Fund

The Hartford International Growth Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	5
Investment Valuation Hierarchy Level Summary at October 31, 2009	8
Statement of Assets and Liabilities at October 31, 2009	9
Statement of Operations for the Year Ended October 31, 2009	10
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	11
Notes to Financial Statements	12
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Federal Tax Information(Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Management and Sub-Advisory Agreements (Unaudited)	32

The Hartford International Growth Fund inception 04/30/2001

(subadvised by Wellington Management Company, LLP) Investment objective – Seeks capital appreciation.

Performance Overview(1) 4/30/01 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

MSCI EAFE Growth Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance (excluding the U.S. and Canada) of the growth securities within the MSCI EAFE Index.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
International Growth A#		13.15	%		-2.35	%		0.41	%
International Growth A##		6.93	%		-3.45	%		-0.25	%
International Growth B#		12.61	%		-3.03	%	NA*
International Growth B##		7.61	%		-3.33	%	NA*
International Growth C#		12.31	%		-3.08	%		-0.32	%
International Growth C##		11.31	%		-3.08	%		-0.32	%
International Growth I#		13.43	%		-2.12	%		0.55	%
International Growth R3#		12.53	%		-2.40	%		0.57	%
International Growth R4#		12.96	%		-2.20	%		0.69	%
International Growth R5#		13.29	%		-2.01	%		0.80	%
International Growth Y#		13.52	%		-1.93	%		0.85	%
MSCI EAFE Growth Index		24.08	%		5.40	%		3.00	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	Inception returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
John A. Boselli, CFA	Jean-Marc Berteaux	Matthew D. Hudson, CFA	Andrew S. Offit, CPA
Director, Partner	Senior Vice President, Partner	Vice President	Senior Vice President, Partner

How did the Fund perform?

The Class A shares of The Hartford International Growth Fund returned 13.15%, before sales charge, for the twelve-month period ended October 31, 2009, underperforming its benchmark, the MSCI EAFE Growth Index, which returned 24.08% for the same period. The Fund also underperformed the 33.16% return of the average fund in the Lipper International Multi-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities declined during the first part of the period amid increasing signs of a deeper and more protracted recession and then rebounded dramatically in the second part of the period as governments around the world increased their involvement to help mitigate the financial crisis. Better-than-expected corporate earnings and generally improving economic data boosted investors’ enthusiasm for stocks. Within the MSCI EAFE Growth Index, all sectors posted positive returns during the period. Telecommunication Services

2

(55%), Materials (48%), and Industrials (32%) gained the most during the period, while Energy (12%) and Health Care (14%) lagged.

The Fund’s underperformance relative (i.e. performance of the Fund as measured against the benchmark) to the MSCI EAFE Growth Index was the result of weak security selection. Stock selection was weakest in Financials, Materials, and Telecommunications Services. Stock selection in Information Technology was positive. Sector positioning, a residual of bottom-up (i.e. stock by stock fundamental research) stock selection, contributed positively to benchmark-relative results during the period primarily due to the Fund’s overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Telecommunication Services and underweight (i.e. the Fund’s sector position was less than the benchmark position) exposure to Utilities and Financials. The Fund also benefited from a moderate cash position, which helped relative performance as the market trended lower from November through February.

UBS (Financials), BHP Billiton (Materials), and Anglo American (Materials) were the leading detractors from benchmark-relative performance during the period. Shares of Switzerland-based financial services provider UBS moved lower after the firm posted a larger-than-expected quarterly loss in the first quarter of 2009. We exited the position during the period. During the early part of the period, shares of Materials company BHP Billiton outperformed due to its strong cash flow generation and relatively healthy balance sheet. We initiated a position during the period, but not holding the benchmark component stock throughout the entire period detracted from relative performance. Shares of mining company Anglo American declined amid falling metals prices and as the company announced plans to reduce planned investment. We exited the position during the period. Other detractors from the Fund’s absolute (i.e. total return) performance were British private equity firm 3i (Financials) and German insurance company Allianz (Financials).

Top contributors to the Fund’s relative performance were Volkswagen (Consumer Discretionary), Autonomy Group (Information Technology), and Standard Chartered (Financials). The Fund benefited on a relative basis by not holding German car maker Volkswagen, which is a component of the benchmark. The stock continued to fall after the rapid appreciation seen in October 2008, which had been driven by Porsche’s move to take a controlling stake in the company. Leading British software company Autonomy announced better-than-expected earnings, reflecting strong demand for its services and driving shares higher. Shares of U.K.-based bank Standard Chartered rose sharply on a strong earnings report driven by wholesale banking revenues and reassurance that its balance sheet remains solid. Credit Suisse (Financials) and Kingfisher (Consumer Discretionary) also contributed positively to the Fund’s absolute performance.

What is the outlook?

Global economies continued the healing process during the latter part of the period. Our overall positioning is consistent with an improving economic outlook as aggressive stimulus measures have proven effective at providing liquidity and have eased financial market pressures. Against this backdrop, we continue to seek globally competitive growth companies within industries with improving fundamentals.

We select stocks individually based on their merits. Our overall positioning is also consistent with an improving economic outlook. During the period we increased our exposure to the cyclically oriented Industrials and Consumer Discretionary sectors, and decreased our exposure to traditionally defensive Health Care and Consumer Staples. As a result, Industrials was the Fund’s largest absolute weight and largest overweight exposure relative to the benchmark at the end of the period. Other sectors where we ended the period with above benchmark weights included Information Technology and Consumer Discretionary. The Fund held less-than-benchmark weights in the Consumer Staples, Telecommunication Services, and Utilities sectors.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		1.6	%
Banks (Financials)		7.4
Capital Goods (Industrials)		9.7
Commercial & Professional Services (Industrials)		3.4
Consumer Durables & Apparel (Consumer Discretionary)		2.2
Consumer Services (Consumer Discretionary)		3.4
Diversified Financials (Financials)		2.1
Energy (Energy)		4.7
Food & Staples Retailing (Consumer Staples)		1.0
Food, Beverage & Tobacco (Consumer Staples)		7.6
Health Care Equipment & Services (Health Care)		2.2
Household & Personal Products (Consumer Staples)		3.0
Insurance (Financials)		3.1
Materials (Materials)		12.2
Media (Consumer Discretionary)		3.5
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		8.7
Real Estate (Financials)		1.2
Retailing (Consumer Discretionary)		1.3
Semiconductors & Semiconductor Equipment (Information Technology)		1.6
Software & Services (Information Technology)		5.0
Technology Hardware & Equipment (Information Technology)		1.9
Telecommunication Services (Services)		2.0
Transportation (Industrials)		6.9
Utilities (Utilities)		1.7
Short-Term Investments		3.1
Other Assets and Liabilities		(0.5	)
Total		100.0	%

3

Diversification by Country
as of October 31, 2009

	Percentage of
Country	Net Assets
Australia		6.0	%
Austria		1.6
Brazil		2.1
Canada		6.3
China		3.9
France		6.7
Germany		5.3
Hong Kong		2.9
India		0.5
Indonesia		0.4
Ireland		0.5
Israel		3.2
Italy		0.8
Japan		6.4
Luxembourg		2.0
Netherlands		2.0
Singapore		1.2
Spain		2.5
Sweden		3.6
Switzerland		12.4
Taiwan		1.1
Turkey		1.4
United Kingdom		23.7
United States		0.9
Short-Term Investments		3.1
Other Assets and Liabilities		(0.5	)
Total		100.0	%

4

The Hartford International Growth Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.8%
		Australia - 6.0%
	199	BHP Billiton Ltd.	$	6,518
	315	Navitas Ltd.		1,048
	584	Toll Holdings Ltd.		4,427
				11,993
		Austria - 1.6%
	32	Andritz AG		1,774
	42	Voestalpine AG		1,436
				3,210
		Brazil - 1.5%
	89	Companhia Energetica de Minas Gerais		1,398
	24	Itau Unibanco Banco Multiplo S.A. ADR		451
	66	Natura Cosmeticos S.A.		1,188
				3,037
		Canada - 6.3%
	67	Barrick Gold Corp.		2,418
	164	CAE, Inc.		1,277
	27	Canadian Natural Resources Ltd.		1,755
	77	CGI Group, Inc. Class A •		937
	26	Petrobank Energy and Resources Ltd. •		1,138
	36	Potash Corp. of Saskatchewan, Inc.		3,323
	43	SNC-Lavalin Group, Inc.		1,745
				12,593
		China - 3.9%
	51	Ctrip.com International Ltd. ADR •		2,740
	775	Dongfeng Motor Group Co., Ltd.		921
	33	Longtop Financial Technologies Ltd. •		875
	8	Shanda Interactive Entertainment Ltd. ADR •		343
	529	Shandong Weigao Group Medical Polymer Co., Ltd.		1,870
	1,102	Zhejiang Expressway Co., Ltd.		937
				7,686
		France - 6.7%
	17	Bureau Veritas S.A.		929
	23	Cie Generale d’Optique Essilor International S.A.		1,275
	149	Club Mediterranee •		3,016
	16	Faiveley S.A.		1,327
	87	Publicis Groupe		3,288
	13	Schneider Electric S.A.		1,399
	12	Vallourec		1,945
				13,179
		Germany - 5.3%
	26	BASF SE		1,400
	19	Beiersdorf AG		1,159
	45	Daimler AG		2,199
	35	HeidelbergCement AG		2,107
	16	Metro AG		910
	42	SGL Group •		1,577
	9	SMA Solar Technology AG		889
				10,241
		Hong Kong - 2.9%
	633	Anta Sports Products Ltd.		763
	777	China High Speed Transmission		1,559
	980	Huabao International Holdings Ltd.		935
	432	Link Reit		972
	87	Sun Hung Kai Properties Ltd.		1,317
				5,546
		India - 0.5%
	9	HDFC Bank Ltd. ADR		951
		Indonesia - 0.4%
	1,902	Bank Central Asia PT		896
		Ireland - 0.5%
	117	Experian plc		1,067
		Israel - 3.2%
	64	Check Point Software Technologies Ltd. ADR •		1,997
	88	Teva Pharmaceutical Industries Ltd. ADR		4,428
				6,425
		Italy - 0.8%
	1,437	Telecom Italia S.p.A.		1,581
		Japan - 6.4%
	25	Astellas Pharma, Inc.		902
	27	Canon, Inc.		1,000
	115	Daiichi Sankyo Co., Ltd.		2,245
	52	Eisai Co., Ltd.		1,838
	518	Hino Motors Ltd.		1,913
	44	Makita Corp.		1,471
	—	Osaka Securities Exchange Co., Ltd.		86
	24	Point, Inc.		1,405
	16	Sankyo Co., Ltd.		928
	23	Takeda Pharmaceutical Co., Ltd.		924
	4	Yamato Kogyo Co.		132
				12,844
		Luxembourg - 2.0%
	27	Oriflame Cosmetics S.A. ADR		1,504
	122	SES Global S.A.		2,639
				4,143
		Netherlands - 2.0%
	148	TNT N.V.		3,932
		Singapore - 1.2%
	434	Oversea-Chinese Banking Corp., Ltd.		2,338
		Spain - 2.5%
	95	Banco Santander Central Hispano S.A.		1,523
	40	Red Electrica Corporacion S.A.		2,075
	53	Telefonica S.A.		1,476
				5,074
		Sweden - 3.6%
	70	Assa Abloy Ab		1,221
	22	Hennes & Mauritz Ab		1,242
	386	Lundin Petroleum Ab •		3,269
	156	Telefonaktiebolaget LM Ericsson ADR		1,618
				7,350
		Switzerland - 12.4%
	92	ABB Ltd.		1,706
	49	Credit Suisse Group AG		2,619
	43	Julius Baer Group Ltd.		1,619
	47	Kuehne & Nagel International AG		4,288
	83	Nestle S.A.		3,869
	19	Roche Holding AG		2,973
	14	Schindler Holding-Part Certificates		982
	1	SGS S.A.		934

The accompanying notes are an integral part of these financial statements.

5

The Hartford International Growth Fund
Schedule of Investments – (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 96.8% — (continued)
		Switzerland - 12.4% — (continued)
	13	Sonova Holding AG			$	1,326
	126	Temenos Group AG •				2,880
	6	Zurich Financial Services AG				1,445
						24,641
		Taiwan - 1.1%
	402	Delta Electronics, Inc.				1,116
	74	MediaTek, Inc.				1,039
						2,155
		Turkey - 1.4%
	160	Akbank T.A.S				866
	29	Bim Birlesik Magazalar AS				1,042
	161	Turkcell Iletisim Hizmetleri A.S.				1,063
						2,971
		United Kingdom - 23.7%
	164	Admiral Group plc				2,757
	141	Antofagasta				1,780
	900	Arm Holdings plc				2,185
	44	AstraZeneca plc				1,973
	119	Babcock International Group plc				1,183
	87	BG Group plc				1,490
	159	British American Tobacco plc				5,072
	146	Burberry Group plc				1,289
	118	Capita Group plc				1,479
	97	GlaxoSmithKline plc				1,980
	123	HSBC Holding plc				1,358
	91	Imperial Tobacco Group plc				2,673
	55	Intertek Group plc				1,129
	229	Lancashire Holdings Ltd.				1,891
	72	Pearson plc				981
	117	Petrofac Ltd.				1,799
	45	Reckitt Benckiser Group plc				2,219
	41	Rio Tinto plc				1,825
	302	Sage Group plc				1,056
	212	Standard Chartered plc				5,195
	115	Unilever plc				3,427
	175	Xstrata plc				2,522
						47,263
		United States - 0.9%
	25	Netease.com, Inc. •				946
	25	Open Text Corp. •				913
						1,859
		Total common stocks (cost $181,709)			$	192,975
PREFERRED STOCKS - 0.6%
		Brazil - 0.6%
	67	Banco Itau Holding			$	1,268
		Total preferred stocks (cost $961)			$	1,268
		Total long-term investments (cost $182,670)			$	194,243
SHORT-TERM INVESTMENTS - 3.1%
		Repurchase Agreements - 3.1%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $250, collateralized by GNMA 5.00%, 2039, value of $255)
$	250	0.08%, 10/30/2009			$	250
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1,462, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $1,491)
	1,462	0.08%, 10/30/2009				1,462
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1,629, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $1,661)
	1,629	0.08%, 10/30/2009				1,629
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $17, collateralized by U.S. Treasury Note 2.75%, 2013, value of $17)
	16	0.05%, 10/30/2009				16
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $2,822, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $2,879)
	2,822	0.07%, 10/30/2009				2,822
						6,179
		Total short-term investments (cost $6,179)			$	6,179
		Total investments (cost $188,849) ▲	100.5	%	$	200,422
		Other assets and liabilities	(0.5	)%		(1,053	)
		Total net assets	100.0	%	$	199,369

Note:

Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 96.5% of total net assets at October 31, 2009. Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.

▲

At October 31, 2009, the cost of securities for federal income tax purposes was $192,975 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	14,924
Unrealized Depreciation		(7,477	)
Net Unrealized Appreciation	$	7,447

The accompanying notes are an integral part of these financial statements.

6

• Currently non-income producing.

Forward Foreign Currency Contracts Outstanding at October 31, 2009

							Unrealized
	Market		Contract		Delivery		Appreciation/
Description	Value ╪		Amount		Date		(Depreciation)
Australian Dollar (Buy)	$	310	$	315		11/05/09	$	(5	)
British Pound (Sell)		546		546		11/02/09		—
British Pound (Sell)		266		268		11/03/09		2
Euro (Buy)		1,032		1,036		11/02/09		(4	)
Japanese Yen (Sell)		32		32		11/02/09		—
Japanese Yen (Sell)		54		54		11/04/09		—
Japanese Yen (Buy)		34		34		11/05/09		—
							$	(7	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

Currency Concentration on Securities at October 31, 2009

	Percentage of
Description	Net Assets
Australian Dollar		6.0	%
Brazilian Real		1.9
British Pound		24.2
Canadian Dollar		3.5
Euro		20.2
Hong Kong Dollar		4.8
Indonesian New Rupiah		0.4
Japanese Yen		6.4
Singapore Dollar		1.2
Swedish Krona		3.5
Swiss Franc		12.4
Taiwanese Dollar		1.1
Turkish New Lira		1.4
United States Dollar		13.5
Other Assets and Liabilities		(0.5	)
Total		100.0	%

The accompanying notes are an integral part of these financial statements.

7

The Hartford International Growth Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks
Automobiles & Components	$	3,120	$	—	$	3,120	$	—
Banks		13,578		1,402		12,176		—
Capital Goods		19,314		3,022		16,292		—
Commercial & Professional Services		6,721		—		6,721		—
Consumer Durables & Apparel		4,451		—		4,451		—
Consumer Services		6,804		2,740		4,064		—
Diversified Financials		4,324		1,619		2,705		—
Energy		9,451		2,893		6,558		—
Food & Staples Retailing		1,952		—		1,952		—
Food, Beverage & Tobacco		15,041		—		15,041		—
Health Care Equipment & Services		4,471		—		4,471		—
Household & Personal Products		6,070		1,188		4,882		—
Insurance		6,093		—		6,093		—
Materials		24,396		5,741		18,655		—
Media		6,908		—		6,908		—
Pharmaceuticals, Biotechnology & Life Sciences		17,263		4,428		12,835		—
Real Estate		2,289		—		2,289		—
Retailing		2,647		—		2,647		—
Semiconductors & Semiconductor Equipment		3,224		—		3,224		—
Software & Services		9,947		6,011		3,936		—
Technology Hardware & Equipment		3,734		1,618		2,116		—
Telecommunication Services		4,120		—		4,120		—
Transportation		13,584		—		13,584		—
Utilities		3,473		1,398		2,075		—
Total		192,975		32,060		160,915		—
Preferred Stocks ‡		1,268		1,268		—		—
Short-Term Investments		6,179		—		6,179		—
Total	$	200,422	$	33,328	$	167,094	$	—
Other Financial Instruments *	$	2	$	—	$	2	$	—
Liabilities:
Other Financial Instruments *	$	9	$	—	$	9	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

The accompanying notes are an integral part of these financial statements.

8

The Hartford International Growth Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $188,849)	$	200,422
Cash		—
Foreign currency on deposit with custodian (cost $9)		9
Unrealized appreciation on forward foreign currency contracts		2
Receivables:
Investment securities sold		951
Fund shares sold		140
Dividends and interest		358
Other assets		102
Total assets		201,984
Liabilities:
Unrealized depreciation on forward foreign currency contracts		9
Payables:
Investment securities purchased		1,781
Fund shares redeemed		557
Investment management fees		31
Distribution fees		13
Accrued expenses		224
Total liabilities		2,615
Net assets	$	199,369
Summary of Net Assets:
Capital stock and paid-in-capital		493,177
Accumulated undistributed net investment income		3,487
Accumulated net realized loss on investments and foreign currency transactions		(308,881	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		11,586
Net assets	$	199,369
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	8.00/$8.47
Shares outstanding		17,698
Net assets	$	141,506
Class B: Net asset value per share	$	7.50
Shares outstanding		2,342
Net assets	$	17,558
Class C: Net asset value per share	$	7.48
Shares outstanding		2,689
Net assets	$	20,105
Class I: Net asset value per share	$	7.95
Shares outstanding		1,653
Net assets	$	13,136
Class R3: Net asset value per share	$	8.08
Shares outstanding		49
Net assets	$	395
Class R4: Net asset value per share	$	8.14
Shares outstanding		37
Net assets	$	305
Class R5: Net asset value per share	$	8.21
Shares outstanding		1
Net assets	$	7
Class Y: Net asset value per share	$	8.24
Shares outstanding		772
Net assets	$	6,357

The accompanying notes are an integral part of these financial statements.

9

The Hartford International Growth Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	8,088
Interest		16
Securities lending		13
Less: Foreign tax withheld		(963	)
Total investment income		7,154
Expenses:
Investment management fees		2,446
Administrative services fees		1
Transfer agent fees		1,505
Distribution fees
Class A		386
Class B		167
Class C		197
Class R3		1
Class R4		1
Custodian fees		68
Accounting services fees		49
Registration and filing fees		105
Board of Directors’ fees		10
Audit fees		18
Other expenses		185
Total expenses (before waivers and fees paid indirectly)		5,139
Expense waivers		(755	)
Transfer agent fee waivers		(726	)
Commission recapture		(48	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(1,529	)
Total expenses, net		3,610
Net Investment Income		3,544
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(51,735	)
Net realized loss on forward foreign currency contracts		(1,574	)
Net realized gain on other foreign currency transactions		1,544
Net Realized Loss on Investments and Foreign Currency Transactions		(51,765	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		74,221
Net unrealized appreciation of forward foreign currency contracts		184
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(258	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		74,147
Net Gain on Investments and Foreign Currency Transactions		22,382
Net Increase in Net Assets Resulting from Operations	$	25,926

The accompanying notes are an integral part of these financial statements.

10

The Hartford International Growth Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	3,544		$	1,647
Net realized loss on investments and foreign currency transactions		(51,765	)		(257,465	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		74,147			(180,270	)
Net Increase (Decrease) In Net Assets Resulting From Operations		25,926			(436,088	)
Distributions to Shareholders:
From net investment income
Class I		(457	)		—
Class R4		(1	)		—
Class R5		—			—
Class Y		(47	)		—
From net realized gain on investments
Class A		—			(55,090	)
Class B		—			(6,887	)
Class C		—			(8,792	)
Class I		—			(462	)
Class R3		—			(2	)
Class R4		—			(2	)
Class R5		—			(2	)
Class Y		—			(9,495	)
Total distributions		(505	)		(80,732	)
Capital Share Transactions:
Class A		(58,136	)		60,051
Class B		(3,461	)		2,861
Class C		(6,175	)		4,415
Class I		(82,255	)		141,027
Class R3		74			472
Class R4		131			254
Class R5		1			2
Class Y		(42,949	)		45,691
Net increase (decrease) from capital share transactions		(192,770	)		254,773
Net Decrease In Net Assets		(167,349	)		(262,047	)
Net Assets:
Beginning of period		366,718			628,765
End of period	$	199,369		$	366,718
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	3,487		$	512

The accompanying notes are an integral part of these financial statements.

11

The Hartford International Growth Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford International Growth Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation - The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are

12

significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

13

The Hartford International Growth Fund

Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

• Level 3 – Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Foreign Currency Transactions - Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account - Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements - A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending - The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that

14

	the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
g)	Forward Foreign Currency Contracts - The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
h)	Indexed Securities - The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had no investments in indexed securities as of October 31, 2009.
i)	Fund Share Valuation and Dividend Distributions to Shareholders - Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
j)	Illiquid and Restricted Securities - The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities,

15

The Hartford International Growth Fund

Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

	commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund had no illiquid or restricted securities as of October 31, 2009.
k)	Securities Purchased on a When-Issued or Delayed-Delivery Basis - Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of October 31, 2009, the Fund had no outstanding when-issued or delayed delivery securities.
l)	Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
m)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives			Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location			Statement of Assets and Liabilities Location
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	2	Unrealized depreciation on forward foreign currency contracts	$	9

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—	$	(1,574	)	$	—	$	(1,574	)
Total	$	—	$	—	$	—	$	(1,574	)	$	—	$	(1,574	)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps		Total
Foreign exchange contracts		—		—		—		184		—	$	184
Total	$	—	$	—	$	—	$	184	$	—	$	184

n) Indemnifications - Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a) Federal Income Taxes - For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income

16

	and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) - Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings - The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	505	$	46,092
Long-Term Capital Gains *		—		34,640

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	3,482
Accumulated Capital Losses *		(304,755	)
Unrealized Appreciation †		7,465
Total Accumulated Deficit	$	(293,808	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts - The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated undistributed net investment income by $64 and increase accumulated net realized gain on investments by $64.

17

The Hartford International Growth Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

e) Capital Loss Carryforward - At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	194,181
2017		110,574
Total	$	304,755

f) Accounting for Uncertainty in Income Taxes - Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a)

Investment Management Agreement - Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.9000	%
On next $500 million		0.8500	%
On next $4 billion		0.8000	%
On next $5 billion		0.7975	%
Over $10 billion		0.7950	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
1.60%		2.35	%		2.35	%		1.35	%		1.85	%		1.55	%		1.25	%		1.20	%

18

d)

Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.37	%		1.47	%		1.48	%		1.56	%		1.53	%
Class B Shares		1.80			2.24			2.32			2.26			2.28
Class C Shares		2.15			2.20			2.19			2.31			2.28
Class I Shares		0.93			1.02			1.09			1.35	*
Class R3 Shares		1.83			1.85			1.83	†
Class R4 Shares		1.50			1.46			1.45	†
Class R5 Shares		1.23			1.08			1.16	†
Class Y Shares		1.03			0.98			1.01			1.12			1.13

*	From August 31, 2006 (commencement of operations), through October 31, 2006.
†	From December 22, 2006 (commencement of operations), through October 31, 2007.

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $529 and contingent deferred sales charges of $46 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $20. These commissions are in turn paid to sales representatives of the broker/dealers.

19

The Hartford International Growth Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

f)	Other Related Party Transactions - Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $822 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.
g)	Payments from Affiliate - The total return in the accompanying financial highlights includes payment from affiliates. Had the payment from affiliates been excluded, the total return for the periods listed below would have been as follows:

	Impact from Payment			Total Return Excluding
	from Affiliate for SEC			Payment from Affiliate
	Settlement for the Year			for the Year Ended
	Ended October 31, 2007			October 31, 2007
Class A		—	%		39.31	%
Class B		—			38.11
Class C		—			38.27
Class I		—			39.73
Class Y		—			40.01

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R5		1

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,040,192
Sales Proceeds Excluding U.S. Government Obligations		1,227,731

20

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
		��	Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		4,066		—		(12,092	)		—		(8,026	)		7,582		3,405		(8,039	)		—		2,948
Amount	$	26,887	$	—	$	(85,023	)	$	—	$	(58,136	)	$	101,116	$	53,556	$	(94,621	)	$	—	$	60,051
Class B
Shares		284		—		(829	)		—		(545	)		472		432		(869	)		—		35
Amount	$	1,744	$	—	$	(5,205	)	$	—	$	(3,461	)	$	6,061	$	6,447	$	(9,647	)	$	—	$	2,861
Class C
Shares		428		—		(1,442	)		—		(1,014	)		795		539		(1,277	)		—		57
Amount	$	2,686	$	—	$	(8,861	)	$	—	$	(6,175	)	$	10,626	$	8,047	$	(14,258	)	$	—	$	4,415
Class I
Shares		4,558		71		(15,238	)		—		(10,609	)		13,176		22		(1,124	)		—		12,074
Amount	$	29,459	$	458	$	(112,172	)	$	—	$	(82,255	)	$	150,705	$	344	$	(10,022	)	$	—	$	141,027
Class R3
Shares		47		—		(39	)		—		8			45		—		(5	)		—		40
Amount	$	344	$	—	$	(270	)	$	—	$	74		$	526	$	2	$	(56	)	$	—	$	472
Class R4
Shares		35		—		(17	)		—		18			19		—		(1	)		—		18
Amount	$	233	$	1	$	(103	)	$	—	$	131		$	261	$	2	$	(9	)	$	—	$	254
Class R5
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	1	$	—	$	—		$	—	$	1		$	—	$	2	$	—		$	—	$	2
Class Y
Shares		588		7		(7,258	)		—		(6,663	)		3,697		588		(794	)		—		3,491
Amount	$	3,905	$	47	$	(46,901	)	$	—	$	(42,949	)	$	46,346	$	9,496	$	(10,151	)	$	—	$	45,691

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		89	$	606
For the Year Ended October 31, 2008		81	$	997

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

21

The Hartford International Growth Fund

Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

10.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

22

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23

The Hartford International Growth Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	7.07	$	0.08		$	—	$	0.85		$	0.93		$	—		$	—		$	—	$	—		$	0.93		$	8.00
B		6.65		0.05			—		0.80			0.85			—			—			—		—			0.85			7.50
C		6.66		0.02			—		0.80			0.82			—			—			—		—			0.82			7.48
I		7.04		0.13			—		0.82			0.95			(0.04	)		—			—		(0.04	)		0.91			7.95
R3		7.18		0.04			—		0.86			0.90			—			—			—		—			0.90			8.08
R4		7.23		0.07			—		0.86			0.93			(0.02	)		—			—		(0.02	)		0.91			8.14
R5		7.28		0.09			—		0.87			0.96			(0.03	)		—			—		(0.03	)		0.93			8.21
Y		7.30		0.10			—		0.88			0.98			(0.04	)		—			—		(0.04	)		0.94			8.24
For the Year Ended October 31, 2008 (e)
A		18.93		0.05			—		(9.50	)		(9.45	)		—			(2.41	)		—		(2.41	)		(11.86	)		7.07
B		18.08		(0.05	)		—		(8.97	)		(9.02	)		—			(2.41	)		—		(2.41	)		(11.43	)		6.65
C		18.10		(0.05	)		—		(8.98	)		(9.03	)		—			(2.41	)		—		(2.41	)		(11.44	)		6.66
I		18.79		0.01			—		(9.35	)		(9.34	)		—			(2.41	)		—		(2.41	)		(11.75	)		7.04
R3		19.24		0.01			—		(9.66	)		(9.65	)		—			(2.41	)		—		(2.41	)		(12.06	)		7.18
R4		19.30		0.02			—		(9.68	)		(9.66	)		—			(2.41	)		—		(2.41	)		(12.07	)		7.23
R5		19.35		0.10			—		(9.76	)		(9.66	)		—			(2.41	)		—		(2.41	)		(12.07	)		7.28
Y		19.38		0.12			—		(9.79	)		(9.67	)		—			(2.41	)		—		(2.41	)		(12.08	)		7.30
For the Year Ended October 31, 2007 (e)
A		14.93		0.02			—		5.35			5.37			(0.01	)		(1.36	)		—		(1.37	)		4.00			18.93
B		14.42		(0.11	)		—		5.13			5.02			—			(1.36	)		—		(1.36	)		3.66			18.08
C		14.42		(0.09	)		—		5.13			5.04			—			(1.36	)		—		(1.36	)		3.68			18.10
I		14.94		(0.01	)		—		5.40			5.39			(0.18	)		(1.36	)		—		(1.54	)		3.85			18.79
R3(g)		14.79		(0.02	)		—		4.47			4.45			—			—			—		—			4.45			19.24
R4(g)		14.79		0.03			—		4.48			4.51			—			—			—		—			4.51			19.30
R5(g)		14.79		0.07			—		4.49			4.56			—			—			—		—			4.56			19.35
Y		15.17		0.02			—		5.55			5.57			—			(1.36	)		—		(1.36	)		4.21			19.38
For the Year Ended October 31, 2006 (e)
A		12.14		0.02			—		2.96			2.98			(0.05	)		(0.14	)		—		(0.19	)		2.79			14.93
B		11.77		(0.08	)		—		2.87			2.79			—			(0.14	)		—		(0.14	)		2.65			14.42
C		11.77		(0.09	)		—		2.88			2.79			—			(0.14	)		—		(0.14	)		2.65			14.42
I(j)		14.34		(0.02	)		—		0.62			0.60			—			—			—		—			0.60			14.94
Y		12.33		0.06			—		3.02			3.08			(0.10	)		(0.14	)		—		(0.24	)		2.84			15.17
For the Year Ended October 31, 2005
A		11.59		0.07			—		0.48			0.55			—			—			—		—			0.55			12.14
B		11.32		(0.01	)		—		0.46			0.45			—			—			—		—			0.45			11.77
C		11.32		(0.01	)		—		0.46			0.45			—			—			—		—			0.45			11.77
Y		11.72		0.08			—		0.53			0.61			—			—			—		—			0.61			12.33

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(g)	Commenced operations on December 22, 2006.
(h)	Not annualized.
(i)	Annualized.
(j)	Commenced operations on August 31, 2006.

24

- Ratios and Supplemental Data -

					Ratio of Expenses to Average Net	Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and	Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including	Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)	Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	13.15	%	$	141,506	1.83%		1.39	%		1.39	%		1.20	%		392	%
	12.78			17,558	2.89		1.82			1.82			0.74			—
	12.31			20,105	2.54		2.17			2.17			0.38			—
	13.59			13,136	1.75		0.95			0.95			1.95			—
	12.53			395	2.06		1.85			1.85			0.57			—
	12.96			305	1.51		1.40			1.40			1.00			—
	13.29			7	1.44		1.25			1.25			1.31			—
	13.52			6,357	1.05		0.96			0.96			1.35			—
	(56.94	)		181,826	1.48		1.48			1.48			0.36			359
	(57.28	)		19,208	2.39		2.25			2.25			(0.40	)		—
	(57.27	)		24,658	2.21		2.21			2.21			(0.37	)		—
	(56.75	)		86,331	1.03		1.03			1.03			0.13			—
	(57.08	)		293	1.89		1.85			1.85			0.09			—
	(56.94	)		139	1.47		1.47			1.47			0.15			—
	(56.77	)		6	1.08		1.08			1.08			0.76			—
	(56.72	)		54,257	0.99		0.99			0.99			0.92			—
	39.31	(f)		431,193	1.49		1.49			1.49			0.14			242
	38.11	(f)		51,577	2.36		2.33			2.33			(0.73	)		—
	38.27	(f)		65,982	2.20		2.20			2.20			(0.61	)		—
	39.73	(f)		3,543	1.12		1.12			1.12			(0.06	)		—
	30.09	(h)		15	1.83 (i)		1.83	(i)		1.83	(i)		(0.15	) (i)		—
	30.49	(h)		13	1.46 (i)		1.46	(i)		1.46	(i)		0.25	(i)		—
	30.83	(h)		13	1.17 (i)		1.17	(i)		1.17	(i)		0.51	(i)		—
	40.01	(f)		76,429	1.03		1.03			1.03			0.17			—
	24.85			213,186	1.70		1.60			1.60			0.12			165
	23.95			33,252	2.56		2.30			2.30			(0.59	)		—
	23.95			43,336	2.40		2.35			2.35			(0.65	)		—
	4.18	(h)		10	1.53 (i)		1.35	(i)		1.35	(i)		(0.49	) (i)		—
	25.38			70,777	1.16		1.16			1.16			0.42			—
	4.74			131,430	1.77		1.60			1.60			0.66			183
	3.98			22,304	2.66		2.35			2.35			(0.09	)		—
	3.98			29,486	2.49		2.35			2.35			(0.07	)		—
	5.20			74,651	1.22		1.20			1.20			0.98			—

25

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford International Growth Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford International Growth Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

26

The Hartford International Growth Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

27

The Hartford International Growth Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 - 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 - 2009.

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Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29

The Hartford International Growth Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

QDI* 100.00 %

* For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

The Fund intends to make an election under the Internal Revenue Code Section 853 to pass-through foreign taxes paid by the Fund to their shareholders in the amount of $704.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class I		0.038		N/A		N/A		0.038
Class R4		0.022		N/A		N/A		0.022
Class R5		0.030		N/A		N/A		0.030
Class Y		0.038		N/A		N/A		0.038

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

30

The Hartford International Growth Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,240.30	$	7.96	$	1,000.00	$	1,018.10	$	7.17		1.41	%		184		365
Class B	$	1,000.00	$	1,237.60	$	10.66	$	1,000.00	$	1,015.68	$	9.60		1.89			184		365
Class C	$	1,000.00	$	1,236.40	$	12.40	$	1,000.00	$	1,014.12	$	11.17		2.20			184		365
Class I	$	1,000.00	$	1,242.20	$	5.88	$	1,000.00	$	1,019.96	$	5.30		1.04			184		365
Class R3	$	1,000.00	$	1,237.40	$	10.72	$	1,000.00	$	1,015.63	$	9.65		1.90			184		365
Class R4	$	1,000.00	$	1,239.00	$	8.52	$	1,000.00	$	1,017.59	$	7.68		1.51			184		365
Class R5	$	1,000.00	$	1,242.10	$	7.01	$	1,000.00	$	1,018.95	$	6.31		1.24			184		365
Class Y	$	1,000.00	$	1,242.80	$	6.05	$	1,000.00	$	1,019.81	$	5.45		1.07			184		365

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The Hartford International Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford International Growth Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

32

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record. The Board considered information indicating that the Fund had underperformed relative to its peers and benchmark for certain periods, and HIFSCO’s initiatives over the course of the year to address performance issues.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets

33

The Hartford International Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

34

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-25 12/09 MUT 8759 Printed in U.S.A. ^© 2009 The Hartford, Hartford, CT 06117

The Hartford International Opportunities Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	7
Statement of Assets and Liabilities at October 31, 2009	8
Statement of Operations for the Year Ended October 31, 2009	9
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	10
Notes to Financial Statements	11
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Federal Tax Information (Unaudited)	28
Expense Example (Unaudited)	29
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	30

The Hartford International Opportunities Fund inception 07/22/1996

(subadvised by Wellington Management Company, LLP) Investment objective — Seeks long-term growth of capital.

Performance Overview(1) 10/31/99 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

MSCI All Country World ex U.S. Index is a broad based, unmanaged, market capitalization weighted, total return index that measures the performance of both developed and emerging stock markets, excluding the U.S. The index is calculated to exclude companies and share classes which cannot be freely purchased by foreigners.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			10
	Year			Year			Year
International Opportunities A#		26.36	%		7.07	%		2.47	%
International Opportunities A##		19.41	%		5.87	%		1.89	%
International Opportunities B#		25.85	%		6.41	%	NA		*
International Opportunities B##		20.85	%		6.09	%	NA		*
International Opportunities C#		25.38	%		6.26	%		1.69	%
International Opportunities C##		24.38	%		6.26	%		1.69	%
International Opportunities I#		26.81	%		7.19	%		2.53	%
International Opportunities R3#		25.94	%		7.11	%		2.73	%
International Opportunities R4#		26.42	%		7.37	%		2.85	%
International Opportunities R5#		26.67	%		7.50	%		2.91	%
International Opportunities Y#		26.94	%		7.62	%		2.97	%
MSCI All Country World ex U.S. Index		34.79	%		7.58	%		3.95	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	10 year returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Class I shares commenced operations on 5/30/08. Performance prior to 5/30/08 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Manager
Nicolas M. Choumenkovitch
Senior Vice President, Partner

How did the Fund perform?

The Class A shares of The Hartford International Opportunities Fund returned 26.36%, before sales charge, for the twelve-month period ended October 31, 2009, underperforming its benchmark, the MSCI All Country World ex U.S. Index, which returned 34.79% for the same period. The Fund outperformed the 23.41% return of the average fund in the Lipper International Large-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Broad global equity markets rose during the period, but this overall increase masks two distinct market environments. From November through early March stocks fell sharply, reflecting deepening economic worries. Beginning in early March stocks rallied through September as investors came to believe that a Depression-like scenario was less likely. All ten sectors within the MSCI All Country World ex U.S. Index had positive returns during the period, with Materials (60%), Financials (40%), and Industrials (40%) gaining the most, while traditionally defensive sectors like Utilities (10%) and Health Care (15%) lagged.

The Fund’s underperformance versus its benchmark was due to weak stock selection. Selection was weakest within Financials, Energy, and Industrials. Allocation among sectors, a result of the bottom-up (i.e. stock

2

by stock fundamental research) stock selection process, was slightly negative, largely due to underweight (i.e. the Fund’s sector position was less than the benchmark position) positions in Industrials and Materials, which were among the top-performing sectors of the market.

The largest detractors from relative (i.e. performance of the Fund as measured against the benchmark) returns were UBS (Financials), National Grid (Utilities), and BG Group (Energy). Shares of Swiss financial services provider UBS fell early in the period when the firm posted a larger-than-expected quarterly loss in the first quarter of 2009, due in part to a charge related to the transfer of risky assets to a fund managed by the Swiss National Bank, which was part of a rescue package set up by the Swiss government. U.K. electricity transmission and distribution company National Grid saw its stock decline in the first part of the period due to a weak U.K. economic outlook and falling power demand expectations. Shares of U.K.-based integrated natural gas company BG Group underperformed during the period due to the impact of flat oil prices and declines in gas prices. Significant detractors from absolute (i.e. total return) returns included Japan Tobacco (Consumer Staples), Roche (Health Care), and British Land (Financials).

Top contributors to relative performance during the period included Rio Tinto (Materials), Volkswagen (Consumer Discretionary), and Toronto-Dominion Bank (Financials). Shares of diversified mining company Rio Tinto benefited from rising copper prices and the company’s reduced balance sheet risk following successful debt and rights issues and a planned iron ore joint venture with BHP. The Fund also gained on a relative basis by not holding German car maker Volkswagen, which is a component of the benchmark. The stock continued to fall after the rapid appreciation seen in October 2008, which had been driven by Porsche’s move to take a controlling stake in the company. Shares of Toronto-Dominion, a Canadian-based bank with significant U.S. operations, rose after the company beat consensus expectations citing better-than-expected net interest income and trading profits. Top absolute contributors also included HSBC (Financials).

What is the outlook?

Global economies continued the healing process during the third quarter of 2009. Aggressive stimulus measures proved effective at providing liquidity and significantly eased financial market pressures. The real economy is also showing signs of life; the pace of layoffs is slowing, consumer spending is up, home sales have bounced off their lows and manufacturers are boosting output after excessive production cuts earlier in the year.

Equity markets rallied sharply as they began to discount the turn in economic sentiment. As a result, much of the valuation gap that existed entering the third quarter has narrowed as prices reflect a more balanced risk/reward profile. The Fund continues to be focused on holding leading franchises who will be market share winners in what we believe is likely to be a low growth environment. We have identified a number of these opportunities in the Financials and Consumer Discretionary sectors, and added to those areas recently.

Regional weights continue to reflect bottom up stock selection. During the period we trimmed exposure to U.K. and European holdings and increased positions in select emerging markets stocks, which we believe to be attractive on a number of valuation measures.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		3.6	%
Banks (Financials)		16.4
Capital Goods (Industrials)		5.6
Consumer Durables & Apparel (Consumer Discretionary)		2.4
Consumer Services (Consumer Discretionary)		1.9
Diversified Financials (Financials)		6.5
Energy (Energy)		9.1
Food, Beverage & Tobacco (Consumer Staples)		5.8
Health Care Equipment & Services (Health Care)		0.9
Insurance (Financials)		2.7
Materials (Materials)		12.4
Media (Consumer Discretionary)		3.1
Other Investment Pools and Funds (Financials)		3.0
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		5.8
Real Estate (Financials)		3.2
Retailing (Consumer Discretionary)		1.0
Software & Services (Information Technology)		1.1
Technology Hardware & Equipment (Information Technology)		3.7
Telecommunication Services (Services)		4.3
Transportation (Industrials)		3.1
Utilities (Utilities)		2.0
Short-Term Investments		2.4
Other Assets and Liabilities		—
Total		100.0	%

Diversification by Country
as of October 31, 2009

	Percentage of
Country	Net Assets
Belgium		1.4	%
Brazil		2.9
Canada		4.2
China		5.6
Denmark		0.9
France		4.9
Germany		7.0
Greece		0.7
Hong Kong		5.8
India		0.9
Indonesia		0.6
Ireland		1.9
Israel		2.0
Japan		9.7
Malaysia		0.1
Mexico		1.1
Netherlands		2.6
South Africa		1.8
Spain		3.3
Switzerland		10.8
Taiwan		1.1
Turkey		0.8
United Kingdom		24.0
United States		3.5
Short-Term Investments		2.4
Other Assets and Liabilities		—
Total		100.0	%

3

The Hartford International Opportunities Fund

Schedule of Investments

October 31, 2009

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 94.5%
		Belgium — 1.4%
	1,289	Fortis	$	5,572
		Brazil — 2.9%
	258	Banco Bradesco S.A. ADR		5,075
	114	Cyrela Brazil Realty S.A.		1,440
	198	Gerdau S.A.		2,977
	87	Itau Unibanco Banco Multiplo S.A. ADR		1,658
				11,150
		Canada — 4.2%
	72	Potash Corp. of Saskatchewan, Inc. ADR		6,705
	51	Research In Motion Ltd. ●		3,001
	207	Suncor Energy, Inc.		6,855
				16,561
		China — 5.6%
	2	Baidu, Inc. ADR ●		756
	2,846	China Construction Bank		2,454
	1,073	China Life Insurance Co., Ltd.		4,934
	30	Ctrip.com International Ltd. ADR ●		1,596
	5,302	Industrial and Commercial Bank of China		4,218
	10	Perfect World Co., Ltd. ADR ●		427
	61	PetroChina Co., Ltd. ADR		7,286
				21,671
		Denmark — 0.9%
	218	DSV A/S		3,393
		France — 4.9%
	76	BNP Paribas		5,690
	113	Groupe Danone		6,770
	95	Renault S.A.		4,247
	22	Schneider Electric S.A.		2,327
				19,034
		Germany — 7.0%
	160	Daimler AG		7,754
	131	Deutsche Post AG		2,223
	62	HeidelbergCement AG		3,685
	55	Man AG		4,548
	61	SAP AG		2,762
	63	Siemens AG		5,699
				26,671
		Greece — 0.7%
	76	National Bank of Greece		2,783
		Hong Kong — 5.8%
	1,490	Cathay Pacific Airways Ltd.		2,414
	612	Esprit Holdings Ltd.		4,071
	983	Hang Lung Properties Ltd.		3,715
	2,094	Shangri-La Asia Ltd.		4,028
	589	Sun Hung Kai Properties Ltd.		8,924
				23,152
		India — 0.9%
	12	HDFC Bank Ltd. ADR		1,327
	58	Reliance Industries Ltd.		2,352
				3,679
		Indonesia — 0.6%
	9,735	Bumi Resources TBK PT		2,344
		Ireland — 1.9%
	261	CRH plc		6,393
	144	Ryanair Holdings plc ●		626
	18	Ryanair Holdings plc ADR ●		487
				7,506
		Israel — 2.0%
	153	Teva Pharmaceutical Industries Ltd. ADR		7,703
		Japan — 9.7%
	80	Eisai Co., Ltd.		2,823
	535	Fujitsu Ltd.		3,150
	559	Hino Motors Ltd.		2,066
	1	KDDI Corp.		3,349
	396	Konica Minolta Holdings, Inc.		3,720
	328	Mitsubishi Electric Corp.		2,495
	1,099	Mitsubishi UFJ Financial Group, Inc.		5,855
	155	Nikon Corp.		2,885
	489	Nomura Holdings, Inc.		3,449
	12	Osaka Titanium Technologies		313
	128	Panasonic Corp.		1,804
	107	Softbank Corp.		2,519
	105	Sumitomo Mitsui Financial Group, Inc.		3,562
	26	Toho Titanium Co., Ltd.		326
				38,316
		Malaysia — 0.1%
	1,442	Air Asia BHD ●		567
		Mexico — 1.1%
	100	America Movil S.A. de C.V. ADR		4,431
		Netherlands — 2.6%
	267	ING Groep N.V.		3,476
	357	Koninklijke (Royal) KPN N.V.		6,483
				9,959
		South Africa — 1.8%
	31	Anglo American Platinum Co., Ltd.		2,650
	206	Impala Platinum Holdings Ltd.		4,530
				7,180
		Spain — 3.3%
	307	Banco Santander Central Hispano S.A.		4,933
	200	Enagas		4,104
	69	Red Electrica Corporacion S.A.		3,550
				12,587
		Switzerland — 10.8%
	132	CIE Financiere Richemont S.A.		3,699
	125	Julius Baer Group Ltd.		4,695
	27	Kuehne & Nagel International AG		2,455
	166	Nestle S.A.		7,700
	45	Roche Holding AG		7,163
	29	Synthes, Inc.		3,409
	813	UBS AG		13,548
				42,669
		Taiwan — 1.1%
	824	Hon Hai Precision Industry Co., Ltd.		3,227
	836	WPG Holdings Co., Ltd.		1,144
				4,371
		Turkey — 0.8%
	886	Turkiye Garanti Bankasi A.S.		3,217

The accompanying notes are an integral part of these financial statements.

4

The Hartford International Opportunities Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 94.5% — (continued)
		United Kingdom — 24.0%
	112	AstraZeneca plc			$	5,027
	447	BAE Systems plc				2,299
	462	Barclays Bank plc				2,420
	481	BG Group plc				8,278
	804	BP plc				7,537
	1,184	GKN plc				2,075
	1,169	HSBC Holding plc				12,921
	285	Imperial Tobacco Group plc				8,387
	2,353	Lloyds Banking Group plc				3,318
	402	Pearson plc				5,464
	804	Rexam plc				3,641
	245	Rio Tinto plc				10,850
	198	Standard Chartered plc				4,848
	579	Thomas Cook Group plc				1,938
	115	Wolseley plc				2,326
	749	WPP plc				6,711
	465	Xstrata plc				6,703
						94,743
		United States — 0.4%
	43	Frontline Ltd.				1,002
	13	Netease.com, Inc. ●				486
						1,488
		Total common stocks (cost $331,505)			$	370,747
EXCHANGE TRADED FUNDS - 3.1%
		United States - 3.1%
	102	iShares MSCI EAFE Index Fund			$	5,442
	36	iShares MSCI Emerging Markets Index Fund				1,337
	75	iShares MSCI Japan				719
	11	iShares MSCI Pac Ex				431
	111	iShares S&P Eur 350				4,162
		Total exchange traded funds (cost $10,280)			$	12,091
		Total long-term investments (cost $341,785)			$	382,838
SHORT-TERM INVESTMENTS - 2.4%
		Repurchase Agreements - 2.4%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $388, collateralized by GNMA 5.00%, 2039, value of $396)
$	388	0.08%, 10/30/2009			$	388
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $2,274, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $2,320)
	2,274	0.08%, 10/30/2009				2,274
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $2,533, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $2,584)
	2,533	0.08%, 10/30/2009				2,533
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $26, collateralized by U.S. Treasury Note 2.75%, 2013, value of $26)
	26	0.05%, 10/30/2009				26
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $4,390, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $4,477)
	4,390	0.07%, 10/30/2009				4,390
						9,611
		Total short-term investments (cost $9,611)			$	9,611
		Total investments (cost $351,396) ▲	100.0	%	$	392,449
		Other assets and liabilities	—	%		30
		Total net assets	100.0	%	$	392,479

Note: Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 94.1% of total net assets at October 31, 2009.

Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $361,442 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	48,052
Unrealized Depreciation		(17,045	)
Net Unrealized Appreciation	$	31,007

• Currently non-income producing.

The accompanying notes are an integral part of these financial statements.

5

The Hartford International Opportunities Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Forward Foreign Currency Contracts Outstanding at October 31, 2009

							Unrealized
	Market		Contract		Delivery		Appreciation/
Description	Value ╪		Amount		Date		(Depreciation)
British Pound (Buy)	$	405	$	405		11/02/09	$	—
British Pound (Sell)		1,189		1,200		11/03/09		11
Euro (Sell)		1,000		1,006		11/02/09		6
Euro (Buy)		1,702		1,701		11/04/09		1
Euro (Buy)		84		85		11/03/09		(1	)
Swiss Franc (Buy)		203		203		11/02/09		—
Swiss Franc (Sell)		606		611		11/03/09		5
Turkish New Lira (Buy)		399		398		11/02/09		1
Turkish New Lira (Buy)		203		204		11/03/09		(1	)
							$	22

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

Currency Concentration on Securities at October 31, 2009

	Percentage of
Description	Net Assets
Brazilian Real		1.2	%
British Pound		24.0
Canadian Dollar		3.4
Danish Kroner		0.9
Euro		21.7
Hong Kong Dollar		8.8
Indian Rupee		0.6
Indonesian New Rupiah		0.6
Japanese Yen		9.7
Malaysian Ringgit		0.1
South African Rand		1.8
Swiss Franc		10.8
Taiwanese Dollar		1.1
Turkish New Lira		0.8
United States Dollar		14.5
Other Assets and Liabilities		—
Total		100.0	%

The accompanying notes are an integral part of these financial statements.

6

The Hartford International Opportunities Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks
Automobiles & Components	$	14,076	$	—	$	14,076	$	—
Banks		64,279		8,060		56,219		—
Capital Goods		21,760		—		21,760		—
Consumer Durables & Apparel		9,828		1,440		8,388		—
Consumer Services		7,562		1,596		5,966		—
Diversified Financials		25,168		4,695		20,473		—
Energy		35,654		15,143		20,511		—
Food, Beverage & Tobacco		22,857		—		22,857		—
Health Care Equipment & Services		3,409		—		3,409		—
Insurance		10,506		—		10,506		—
Materials		48,773		9,682		39,091		—
Media		12,175		—		12,175		—
Pharmaceuticals, Biotechnology & Life Sciences		22,716		7,703		15,013		—
Real Estate		12,639		—		12,639		—
Retailing		4,071		—		4,071		—
Software & Services		4,431		1,669		2,762		—
Technology Hardware & Equipment		14,242		3,001		11,241		—
Telecommunication Services		16,782		4,431		12,351		—
Transportation		12,165		487		11,678		—
Utilities		7,654		—		7,654		—
Total		370,747		57,907		312,840		—
Exchange Traded Funds		12,091		12,091		—		—
Short-Term Investments		9,611		—		9,611		—
Total	$	392,449	$	69,998	$	322,451	$	—
Other Financial Instruments *	$	24	$	—	$	24	$	—
Liabilities:
Other Financial Instruments *	$	2	$	—	$	2	$	—

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

The accompanying notes are an integral part of these financial statements.

7

The Hartford International Opportunities Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $351,396)	$	392,449
Cash		1
Foreign currency on deposit with custodian (cost $16)		16
Unrealized appreciation on forward foreign currency contracts		24
Receivables:
Investment securities sold		8,899
Fund shares sold		1,196
Dividends and interest		709
Other assets		131
Total assets		403,425
Liabilities:
Unrealized depreciation on forward foreign currency contracts		2
Payables:
Investment securities purchased		10,080
Fund shares redeemed		669
Investment management fees		56
Distribution fees		17
Accrued expenses		122
Total liabilities		10,946
Net assets	$	392,479
Summary of Net Assets:
Capital stock and paid-in-capital		461,207
Accumulated undistributed net investment income		2,496
Accumulated net realized loss on investments and foreign currency transactions		(112,299	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		41,075
Net assets	$	392,479
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	12.62/$13.35
Shares outstanding		16,456
Net assets	$	207,600
Class B: Net asset value per share	$	11.65
Shares outstanding		1,493
Net assets	$	17,390
Class C: Net asset value per share	$	11.46
Shares outstanding		2,518
Net assets	$	28,852
Class I: Net asset value per share	$	12.59
Shares outstanding		177
Net assets	$	2,230
Class R3: Net asset value per share	$	12.88
Shares outstanding		36
Net assets	$	466
Class R4: Net asset value per share	$	12.98
Shares outstanding		136
Net assets	$	1,769
Class R5: Net asset value per share	$	13.04
Shares outstanding		16
Net assets	$	210
Class Y: Net asset value per share	$	13.07
Shares outstanding		10,252
Net assets	$	133,962

The accompanying notes are an integral part of these financial statements.

8

The Hartford International Opportunities Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Dividends	$	8,683
Interest		20
Securities lending		49
Less: Foreign tax withheld		(913	)
Total investment income		7,839
Expenses:
Investment management fees		2,513
Administrative services fees		3
Transfer agent fees		890
Distribution fees
Class A		378
Class B		156
Class C		238
Class R3		1
Class R4		3
Custodian fees		44
Accounting services fees		53
Registration and filing fees		102
Board of Directors’ fees		9
Audit fees		15
Other expenses		105
Total expenses (before waivers and fees paid indirectly)		4,510
Expense waivers		(200	)
Transfer agent fee waivers		(318	)
Commission recapture		(12	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(530	)
Total expenses, net		3,980
Net Investment Income		3,859
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(60,339	)
Net realized loss on forward foreign currency contracts		(437	)
Net realized gain on other foreign currency transactions		281
Net Realized Loss on Investments and Foreign Currency Transactions		(60,495	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		131,242
Net unrealized depreciation of forward foreign currency contracts		(44	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		11
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		131,209
Net Gain on Investments and Foreign Currency Transactions		70,714
Net Increase in Net Assets Resulting from Operations	$	74,573

The accompanying notes are an integral part of these financial statements.

9

The Hartford International Opportunities Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	3,859		$	5,223
Net realized loss on investments and foreign currency transactions		(60,495	)		(50,877	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		131,209			(172,731	)
Net Increase (Decrease) In Net Assets Resulting From Operations		74,573			(218,385	)
Distributions to Shareholders:
From net investment income
Class A		(3,361	)		(816	)
Class B		(240	)		—
Class C		(354	)		—
Class I		(6	)		—
Class R3		(4	)		—
Class R4		(29	)		—
Class R5		—			—
Class Y		(2,686	)		(994	)
From net realized gain on investments
Class A		—			(35,677	)
Class B		—			(5,943	)
Class C		—			(4,984	)
Class R3		—			(4	)
Class R4		—			(2	)
Class R5		—			(2	)
Class Y		—			(18,133	)
Total distributions		(6,680	)		(66,555	)
Capital Share Transactions:
Class A		25,960			69,602
Class B		(2,813	)		987
Class C		(3	)		16,805
Class I		1,984			207
Class R3		317			89
Class R4		456			975
Class R5		191			7
Class Y		33,751			23,783
Net increase from capital share transactions		59,843			112,455
Net Increase (Decrease) In Net Assets		127,736			(172,485	)
Net Assets:
Beginning of period		264,743			437,228
End of period	$	392,479		$	264,743
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	2,496		$	5,485

The accompanying notes are an integral part of these financial statements.

10

The Hartford International Opportunities Fund

Notes to Financial Statements

October 31, 2009

(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford International Opportunities Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)

Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost. Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

b)

Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are

11

The Hartford International Opportunities Fund
Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

12

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that

13

The Hartford International Opportunities Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.

g)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
h)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.
i)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
j)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in

14

them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund had no illiquid or restricted securities as of October 31, 2009.

k)	Securities Purchased on a When-Issued or Delayed-Delivery Basis — Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of October 31, 2009, the Fund had no outstanding when-issued or delayed delivery securities.
l)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
m)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives			Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location			Statement of Assets and Liabilities Location
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	24	Unrealized depreciation on forward foreign currency contracts	$	2

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—	$	(437	)	$	—	$	(437	)
Total	$	—	$	—	$	—	$	(437	)	$	—	$	(437	)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts		—		—		—		(44	)		—	$	(44	)
Total	$	—	$	—	$	—	$	(44	)	$	—	$	(44	)

n) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15

The Hartford International Opportunities Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

3. Federal Income Taxes:

a)	Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	6,680	$	37,332
Long-Term Capital Gains *		—		29,223

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	2,497
Accumulated Capital Losses *		(102,253	)
Unrealized Appreciation †		31,028
Total Accumulated Deficit	$	(68,728	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated undistributed net investment income by $168, increase accumulated net realized gain on investments by $679, and decrease paid-in-capital by $511.

16

e) Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	42,414
2017		59,839
Total	$	102,253

	As a result of current or past mergers in the Fund, certain provisions in the Internal Revenue Code may limit the future utilization of capital losses. As of October 31, 2009, the Fund had $730 in expired capital loss carryforwards.
f)	Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a)

Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8500	%
On next $500 million		0.7500	%
On next $4 billion		0.7000	%
On next $5 billion		0.6975	%
Over $10 billion		0.6950	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.57%	2.32%	2.32%	1.32%	1.82%	1.52%	1.22%	1.22%

17

The Hartford International Opportunities Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

d)

Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.42	%		1.47	%		1.49	%		1.54	%		1.52	%
Class B Shares		1.84			2.11			2.18			2.12			2.30
Class C Shares		2.23			2.20			2.21			2.30			2.30
Class I Shares		1.22			1.00	*
Class R3 Shares		1.81			1.79			1.71	†
Class R4 Shares		1.37			1.51			1.40	†
Class R5 Shares		1.08			1.10			1.11	†
Class Y Shares		0.96			0.94			0.95			0.99			1.01

*	From May 30, 2008 (commencement of operations), through October 31, 2008.
†	From December 22, 2006 (commencement of operations), through October 31, 2007.

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $521 and contingent deferred sales charges of $45 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $33. These commissions are in turn paid to sales representatives of the broker/dealers.

18

f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $600 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.
g)	Payments from Affiliate — The total return in the accompanying financial highlights includes payment from affiliates. Had the payment from affiliates been excluded, the total return for the periods listed below would have been as follows:

	Impact from			Total Return
	Payment from			Excluding
	Affiliate for SEC			Payment from
	Settlement for the			Affiliate for the
	Year Ended			Year Ended
	October 31, 2007			October 31, 2007
Class A		0.01	%		39.14	%
Class B		0.01			38.16
Class C		0.01			38.16
Class Y		0.01			39.90

5.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	539,838
Sales Proceeds Excluding U.S. Government Obligations		477,262

19

The Hartford International Opportunities Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

6.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		6,388		330		(5,043	)		—		1,675			6,013		1,986		(4,290	)		—		3,709
Amount	$	74,024	$	3,193	$	(51,257	)	$	—	$	25,960		$	95,937	$	35,697	$	(62,032	)	$	—	$	69,602
Class B
Shares		274		26		(623	)		—		(323	)		565		345		(940	)		—		(30	)
Amount	$	2,683	$	232	$	(5,728	)	$	—	$	(2,813	)	$	8,474	$	5,720	$	(13,207	)	$	—	$	987
Class C
Shares		726		37		(801	)		—		(38	)		1,390		283		(658	)		—		1,015
Amount	$	6,962	$	326	$	(7,291	)	$	—	$	(3	)	$	20,809	$	4,645	$	(8,649	)	$	—	$	16,805
Class I
Shares		184		1		(22	)		—		163			14		—		—			—		14
Amount	$	2,249	$	6	$	(271	)	$	—	$	1,984		$	207	$	—	$	—		$	—	$	207
Class R3
Shares		39		—		(10	)		—		29			6		—		—			—		6
Amount	$	433	$	4	$	(120	)	$	—	$	317		$	85	$	4	$	—		$	—	$	89
Class R4
Shares		59		3		(20	)		—		42			96		—		(2	)		—		94
Amount	$	619	$	29	$	(192	)	$	—	$	456		$	994	$	2	$	(21	)	$	—	$	975
Class R5
Shares		18		—		(3	)		—		15			—		—		—			—		—
Amount	$	225	$	—	$	(34	)	$	—	$	191		$	5	$	2	$	—		$	—	$	7
Class Y
Shares		3,675		269		(430	)		—		3,514			1,549		1,024		(1,498	)		—		1,075
Amount	$	35,950	$	2,686	$	(4,885	)	$	—	$	33,751		$	23,674	$	19,072	$	(18,963	)	$	—	$	23,783

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		161	$	1,614
For the Year Ended October 31, 2008		327	$	5,270

7.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
8.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

20

9.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

21

The Hartford International Opportunities Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	10.23	$	0.13		$	—	$	2.50		$	2.63		$	(0.24	)	$	—		$	—	$	(0.24	)	$	2.39		$	12.62
B		9.40		0.08			—		2.31			2.39			(0.14	)		—			—		(0.14	)		2.25			11.65
C		9.29		0.04			—		2.28			2.32			(0.15	)		—			—		(0.15	)		2.17			11.46
I		10.25		0.05			—		2.60			2.65			(0.31	)		—			—		(0.31	)		2.34			12.59
R3		10.51		0.08			—		2.56			2.64			(0.27	)		—			—		(0.27	)		2.37			12.88
R4		10.58		0.14			—		2.56			2.70			(0.30	)		—			—		(0.30	)		2.40			12.98
R5		10.60		0.08			—		2.66			2.74			(0.30	)		—			—		(0.30	)		2.44			13.04
Y		10.62		0.19			—		2.57			2.76			(0.31	)		—			—		(0.31	)		2.45			13.07
For the Year Ended October 31, 2008 (e)
A		21.79		0.19			—		(8.49	)		(8.30	)		(0.06	)		(3.20	)		—		(3.26	)		(11.56	)		10.23
B		20.34		0.07			—		(7.81	)		(7.74	)		—			(3.20	)		—		(3.20	)		(10.94	)		9.40
C		20.16		0.08			—		(7.75	)		(7.67	)		—			(3.20	)		—		(3.20	)		(10.87	)		9.29
I(f)		17.53		0.06			—		(7.34	)		(7.28	)		—			—			—		—			(7.28	)		10.25
R3		22.33		0.18			—		(8.77	)		(8.59	)		(0.03	)		(3.20	)		—		(3.23	)		(11.82	)		10.51
R4		22.39		0.05			—		(8.59	)		(8.54	)		(0.07	)		(3.20	)		—		(3.27	)		(11.81	)		10.58
R5		22.45		0.25			—		(8.78	)		(8.53	)		(0.12	)		(3.20	)		—		(3.32	)		(11.85	)		10.60
Y		22.48		0.29			—		(8.81	)		(8.52	)		(0.14	)		(3.20	)		—		(3.34	)		(11.86	)		10.62
For the Year Ended October 31, 2007
A		16.13		0.05			—		6.10			6.15			(0.06	)		(0.43	)		—		(0.49	)		5.66			21.79
B		15.14		(0.07	)		—		5.70			5.63			—			(0.43	)		—		(0.43	)		5.20			20.34
C		15.01		(0.07	)		—		5.65			5.58			—			(0.43	)		—		(0.43	)		5.15			20.16
R3(j)		17.07		0.06			—		5.20			5.26			—			—			—		—			5.26			22.33
R4(j)		17.07		0.09			—		5.23			5.32			—			—			—		—			5.32			22.39
R5(j)		17.07		0.13			—		5.25			5.38			—			—			—		—			5.38			22.45
Y		16.67		0.05			—		6.39			6.44			(0.20	)		(0.43	)		—		(0.63	)		5.81			22.48
For the Year Ended October 31, 2006 (e)
A		13.13		0.13			—		2.92			3.05			(0.05	)		—			—		(0.05	)		3.00			16.13
B		12.35		0.03			—		2.76			2.79			—			—			—		—			2.79			15.14
C		12.27		0.01			—		2.73			2.74			—			—			—		—			2.74			15.01
Y		13.55		0.25			—		2.98			3.23			(0.11	)		—			—		(0.11	)		3.12			16.67
For the Year Ended October 31, 2005
A		11.22		0.05			—		1.86			1.91			—			—			—		—			1.91			13.13
B		10.64		(0.04	)		—		1.75			1.71			—			—			—		—			1.71			12.35
C		10.57		(0.04	)		—		1.74			1.70			—			—			—		—			1.70			12.27
Y		11.53		0.12			—		1.90			2.02			—			—			—		—			2.02			13.55

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Commenced operations on May 30, 2008.
(g)	Not annualized.
(h)	Annualized.
(i)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(j)	Commenced operations on December 22, 2006.

22

- Ratios and Supplemental Data -

											Ratio of Expenses to Average
					Ratio of Expenses to Average			Ratio of Expenses to Average			Net Assets After Waivers and			Ratio of Net
					Net Assets Before Waivers and			Net Assets After Waivers and			Reimbursements and			Investment Income
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Excluding Expenses not			to Average Net			Portfolio
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Subject to Cap(c)			Assets			Turnover Rate(d)
	26.36	%	$	207,600		1.65	%		1.42	%		1.42	%		1.20	%		168	%
	25.85			17,390		2.74			1.84			1.84			0.85			—
	25.38			28,852		2.34			2.23			2.23			0.45			—
	26.81			2,230		1.25			1.23			1.23			0.51			—
	25.94			466		1.85			1.82			1.82			0.72			—
	26.42			1,769		1.38			1.38			1.38			1.29			—
	26.67			210		1.09			1.09			1.09			0.62			—
	26.94			133,962		0.96			0.96			0.96			1.73			—
	(44.50	)		151,147		1.47			1.47			1.47			1.23			150
	(44.86	)		17,068		2.45			2.11			2.11			0.50			—
	(44.92	)		23,743		2.20			2.20			2.20			0.54			—
	(41.53	) (g)		143		1.00	(h)		1.00	(h)		1.00	(h)		1.19	(h)		—
	(44.70	)		74		1.99			1.79			1.79			1.13			—
	(44.39	)		1,003		1.52			1.52			1.52			0.54			—
	(44.32	)		10		1.10			1.10			1.10			1.57			—
	(44.22	)		71,555		0.94			0.94			0.94			1.74			—
	39.15	(i)		241,239		1.49			1.49			1.49			0.31			147
	38.17	(i)		37,545		2.46			2.18			2.18			(0.39	)		—
	38.17	(i)		31,076		2.21			2.21			2.21			(0.42	)		—
	30.81	(g)		28		1.71	(h)		1.71	(h)		1.71	(h)		0.40	(h)		—
	31.17	(g)		13		1.41	(h)		1.41	(h)		1.41	(h)		0.53	(h)		—
	31.52	(g)		13		1.11	(h)		1.11	(h)		1.11	(h)		0.83	(h)		—
	39.91	(i)		127,314		0.95			0.95			0.95			0.84			—
	23.25			159,087		1.61			1.57			1.57			0.84			102
	22.59			29,125		2.56			2.15			2.15			0.24			—
	22.33			20,782		2.33			2.33			2.33			0.06			—
	24.00			43,994		1.02			1.02			1.02			1.56			—
	17.02			102,393		1.72			1.57			1.57			0.42			119
	16.07			23,940		2.68			2.35			2.35			(0.36	)		—
	16.08			16,896		2.42			2.35			2.35			(0.37	)		—
	17.52			5,612		1.05			1.05			1.05			0.94			—

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford International Opportunities Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford International Opportunities Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

24

The Hartford International Opportunities Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

The Hartford International Opportunities Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

*   Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

26

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

The Hartford International Opportunities Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	20.00	%
QDI†	100.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

The Fund intends to make an election under the Internal Revenue Code Section 853 to pass-through foreign taxes paid by the Fund to their shareholders in the amount of $648.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term	Long-Term
	Income		Capital Gain	Capital Gain	Total
Class A		0.235	N/A	N/A		0.235
Class B		0.138	N/A	N/A		0.138
Class C		0.145	N/A	N/A		0.145
Class I		0.313	N/A	N/A		0.313
Class R3		0.274	N/A	N/A		0.274
Class R4		0.303	N/A	N/A		0.303
Class R5		0.296	N/A	N/A		0.296
Class Y		0.314	N/A	N/A		0.314

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

28

The Hartford International Opportunities Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,285.10	$	8.41	$	1,000.00	$	1,017.85	$	7.43		1.46	%		184		365
Class B	$	1,000.00	$	1,281.60	$	11.21	$	1,000.00	$	1,015.38	$	9.91		1.95			184		365
Class C	$	1,000.00	$	1,279.00	$	13.04	$	1,000.00	$	1,013.76	$	11.52		2.27			184		365
Class I	$	1,000.00	$	1,287.30	$	7.21	$	1,000.00	$	1,018.90	$	6.36		1.25			184		365
Class R3	$	1,000.00	$	1,282.90	$	10.47	$	1,000.00	$	1,016.03	$	9.25		1.82			184		365
Class R4	$	1,000.00	$	1,285.10	$	7.78	$	1,000.00	$	1,018.40	$	6.87		1.35			184		365
Class R5	$	1,000.00	$	1,287.30	$	6.23	$	1,000.00	$	1,019.76	$	5.50		1.08			184		365
Class Y	$	1,000.00	$	1,287.70	$	5.42	$	1,000.00	$	1,020.47	$	4.79		0.94			184		365

29

The Hartford International Opportunities Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford International Opportunities Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

30

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the

31

The Hartford International Opportunities Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

32

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

33

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-26 12/09 MUT 8759 Printed in U.S.A. ^© 2009 The Hartford, Hartford, CT 06117

The Hartford International Small Company Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	5
Investment Valuation Hierarchy Level Summary at October 31, 2009	8
Statement of Assets and Liabilities at October 31, 2009	9
Statement of Operations for the Year Ended October 31, 2009	10
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	11
Notes to Financial Statements	12
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Federal Tax Information (Unaudited)	28
Expense Example (Unaudited)	29
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	30

The Hartford International Small Company Fund inception 04/30/2001
(subadvised by Wellington Management Company, LLP)	Investment objective — Seeks capital appreciation.

Performance Overview(1) 4/30/01 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

S&P EPAC SmallCap Index, formerly S&P/Citigroup Europe Pacific Asia Composite (EPAC) Extended Market Index (EMI), is a developed-market equity index representing the bottom 15% of the cumulative available capital, by country, of the S&P EPAC Broad Market Index (BMI). The S&P EPAC BMI captures all companies in developed market countries, as defined by Standard & Poor’s, within Europe and the Asia Pacific region. To meet the eligibility criteria, companies must have float-adjusted market capitalizations of at least US$100 million and a trailing 12 month trading volume of at least US$50 million. Companies are removed if their float-adjusted market capitalization falls below US$75 million or if their trailing 12 month trading volume falls below US$35 million during the annual index reconstitution.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
International Small Company A#		43.97	%		6.06	%		8.08	%
International Small Company A##		36.05	%		4.87	%		7.36	%
International Small Company B#		43.38	%		5.39	%	NA*
International Small Company B##		38.38	%		5.13	%	NA*
International Small Company C#		42.86	%		5.26	%		7.28	%
International Small Company C##		41.86	%		5.26	%		7.28	%
International Small Company I#		44.32	%		6.23	%		8.18	%
International Small Company Y#		44.48	%		6.54	%		8.56	%
S&P EPAC SmallCap Index		43.12	%		7.25	%		9.30	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	Inception returns are not applicable for Class B because after 8 years Class B converts to Class A

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1) Growth of a $10,000 investment in Classes B, C, I and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.

(2) The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.

(3) Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.

(4) Class I shares commenced operations on 5/31/07. Performance prior to 5/31/07 reflects Class A performance.

(5) Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Simon H. Thomas	Daniel Maguire, CFA
Vice President	Vice President

How did the Fund perform?

The Class A shares of The Hartford International Small Company Fund returned 43.97%, before sales charge, for the twelve-month period ended October 31, 2009, outperforming its benchmark, the S&P EPAC SmallCap Index, which returned 43.12% for the same period. The Fund outperformed the 41.75% return of the average fund in the Lipper International Small/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?

The benchmark’s positive return for the period masks two distinct market environments. From the beginning of November through early March stocks continued to fall sharply, as deleveraging across the financial sector accelerated, limiting the availability of credit to companies in nearly all markets, and exacerbating a slowdown across the real economy. Many investors responded to the financial crisis by shedding risk broadly, increasing exposure to cash, and selling

2

equities with little regard for quality or valuation. From early March through the end of October stocks staged a dramatic rally as investors came to believe that a Depression-like scenario was less likely. All sectors within the S&P EPAC SmallCap Index posted double digit returns over the period, with particular strength in Energy (+62%), Materials (+56%), and Information Technology (+54%). Utilities (+24%) and Consumer Staples (+29%) rose the least.

The Fund outperformed its benchmark primarily due to stock selection in the Consumer Discretionary, Energy, and Consumer Staples sectors. Selection was weaker in Materials and Financials sectors. Allocation among sectors, which is largely a result of the bottom-up (i.e. stock by stock fundamental research) stock selection process, was additive due to an overweight (i.e. the Fund’s sector position was greater than the benchmark position) position in Energy and an underweight (i.e. the Fund’s sector position was less than the benchmark position) in Financials. In addition, the small cash position was a drag on performance in an upward trending market.

Top contributors to relative (i.e. performance of the Fund as measured against the benchmark) returns were Dufry Group (Consumer Discretionary), Karoon Gas Australia (Energy), and Shandong Weigao (Health Care). Shares of airport retail shops operator Dufry Group rose during the period as investors gained confidence in management’s ability to operate through the downturn and achieve margin goals despite a slowdown in consumer spending. Shares of Australian energy exploration company Karoon Gas Australia moved higher on news of a successful gas find off Australia’s west coast. Hong Kong-based medical device company Shandong Weigao benefited from a minority investment from Medtronic, boosting its share price. Top absolute (i.e. total return) contributors also included Temenos Group (Information Technology), a Switzerland-based software and services provider to banks.

The largest detractors from relative performance during the period were Spazio Investment (Financials), Aeon Delight (Industrials), and Hampson Industries (Utilities). Shares of Spazio Investment, a Dutch-based real estate company focused on Italy’s industrial real estate market, fell as it appeared that demand for their properties would remain muted. Aeon Delight, a provider of real estate maintenance services in Japan, saw its shares fall after disappointing earnings announcements. Global aerospace tooling company Hampson Industries was negatively impacted by delays and cancellations of aircraft orders, pushing its shares lower. Significant absolute detractors also included German pharmaceutical company Stada Arzneimittel (Health Care).

What is the outlook?

Despite a sharp recovery in equity markets since March, economic data continues to remain weak. Corporations have succeeded in quickly realigning cost structures and preserving margins in the face of significant erosion in end markets; however, continued recovery from here is likely to depend, in part on strong top-line growth. Against this uncertain backdrop, we continue to favor high quality companies with clean balance sheets, solid revenue predictability, and nimble cost structures, where management teams have been able to adapt to changing macro circumstances. We continue to focus on bottom-up stock picking and, despite a broader market recovery, we are finding a number of attractive opportunities.

At the end of the period, we were most overweight in Industrials and Information Technology stocks and most underweight Financials and Materials. On a regional basis, our greatest underweight position relative to the benchmark at the end of the period was in Europe. This was offset by overweight positions in select emerging markets and Asia Pacific ex Japan.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		1.4	%
Banks (Financials)		2.3
Capital Goods (Industrials)		18.0
Commercial & Professional Services (Industrials)		5.2
Consumer Durables & Apparel (Consumer Discretionary)		3.6
Consumer Services (Consumer Discretionary)		4.0
Diversified Financials (Financials)		5.0
Energy (Energy)		6.5
Food & Staples Retailing (Consumer Staples)		1.0
Food, Beverage & Tobacco (Consumer Staples)		3.5
Health Care Equipment & Services (Health Care)		2.5
Household & Personal Products (Consumer Staples)		0.9
Insurance (Financials)		1.6
Materials (Materials)		6.8
Media (Consumer Discretionary)		2.1
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		4.3
Real Estate (Financials)		3.5
Retailing (Consumer Discretionary)		7.8
Semiconductors & Semiconductor Equipment (Information Technology)		3.4
Software & Services (Information Technology)		6.1
Technology Hardware & Equipment (Information Technology)		2.1
Transportation (Industrials)		4.5
Utilities (Utilities)		1.7
Short-Term Investments		1.4
Other Assets and Liabilities		0.8
Total		100.0	%

3

Diversification by Country
as of October 31, 2009

	Percentage of
Country	Net Assets
Australia		8.2	%
Belgium		2.9
Brazil		2.5
Finland		2.0
France		10.5
Germany		4.3
Guernsey Channel Isle		0.7
Hong Kong		3.5
India		0.5
Indonesia		0.4
Israel		0.7
Italy		4.3
Japan		21.8
Jersey		0.9
Luxembourg		0.6
Netherlands		1.5
Norway		1.5
Singapore		1.2
South Korea		3.4
Sweden		1.8
Switzerland		4.2
United Kingdom		20.0
United States		0.4
Short-Term Investments		1.4
Other Assets and Liabilities		0.8
Total		100.0	%

4

The Hartford International Small Company Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.8%
		Australia - 8.2%
	374	AJ Lucas Group Ltd.	$	1,441
	278	Aquarius Platinum Ltd.•		1,186
	217	Ausenco Ltd.		938
	201	Bendigo and Adelaide Bank Ltd.		1,629
	218	Brambles Ltd.		1,374
	39	Campbell Brothers		1,010
	359	Centennial Coal Co., Ltd.		1,003
	216	Karoon Gas Australia Ltd.•		1,463
	193	Toll Holdings Ltd.		1,467
	364	Whitehaven Coal Ltd.		1,262
	36	Worleyparsons Ltd.		830
				13,603
		Belgium - 2.9%
	32	CFE		1,799
	5	D’ieteren S.A.		1,883
	28	UCB S.A.		1,175
				4,857
		Brazil - 2.5%
	89	All America Latina Logistica S.A.		650
	116	Duratex S.A.		806
	74	Hypermarcas S.A.•		1,484
	109	Localiza Rent a Car S.A.		1,138
				4,078
		Finland - 2.0%
	26	Kone Oyj Class B		982
	55	Nokian Rendaat Oyj		1,183
	36	Outotec Oyj		1,154
				3,319
		France - 10.5%
	12	BioMerieux S.A.		1,347
	7	Bollore		1,142
	24	Bureau Veritas S.A.		1,349
	19	Eurofins Scientific		849
	213	GameLoft •		1,016
	21	Imerys S.A.		1,124
	30	Klepierre		1,234
	44	Maurel ET Prom		891
	25	Orpea		1,146
	15	Seche Environment		1,285
	52	Sechilienne S.A.		2,089
	5	Vallourec		823
	11	Vilmorin & Cie		1,179
	8	Virbac S.A.		778
	25	Wendel		1,410
				17,662
		Germany - 4.3%
	62	ElringKlinger AG		1,226
	25	Hochtief AG		1,861
	98	Kontron AG		1,155
	122	Praktiker Bau-Und Heimwerkermaerkte Holding AG		1,485
	16	Rheinmetall AG		845
	8	Salzgitter AG		731
				7,303
		Guernsey Channel Isle - 0.7%
	491	London & Stamford Property Ltd.		1,087
		Hong Kong - 3.5%
	181	ASM Pacific Technology		1,409
	797	Cathay Pacific Airways Ltd.		1,291
	842	Noble Group Ltd.		1,539
	3,194	Sa Sa International Holdings Ltd.		1,588
				5,827
		India - 0.5%
	51	Educomp Solutions Ltd.		867
		Indonesia - 0.4%
	2,611	Bumi Resources TBK PT		629
		Israel - 0.7%
	313	Bank Hapoalim B.M.•		1,142
		Italy - 4.3%
	134	Bulgari S.p.A.		1,099
	46	DiaSorin S.p.A.		1,697
	76	Finmeccanica S.p.A.		1,274
	188	Gruppo Coin S.p.A.•		1,122
	632	Immobiliare Grande Distribuzione		1,361
	860	Pirelli & C. Real Estate S.p.A.		681
				7,234
		Japan - 21.8%
	101	Air Water, Inc.		1,191
	133	Asics Corp.		1,185
	208	Bank of Yokohama Ltd.		1,021
	32	Benesse Holdings, Inc.		1,394
	63	Cosmos Pharmaceutical Corp.		1,626
	1	Cyberagent, Inc.		1,392
	474	Dainippon Screen Mfg Co., Ltd.		2,014
	—	EPS Co., Ltd.		1,243
	22	Gree, Inc.		1,228
	285	Hino Motors Ltd.		1,054
	167	Hitachi Metals Ltd.		1,593
	24	Ibiden Co., Ltd.		874
	36	Jafco Co., Ltd.		965
	1	Jupiter Telecommunications Co., Ltd.		1,298
	—	Kakaku.com, Inc.		1,057
	46	Makita Corp.		1,531
	45	Modec, Inc.		902
	75	Nabtesco Corp.		863
	69	Nikon Corp.		1,279
	245	Nippon Carbon Co., Ltd.		836
	133	Nippon Denko Co., Ltd.		946
	—	Osaka Securities Exchange Co., Ltd.		2,097
	123	Shinko Plantech Co., Ltd.		1,259
	100	Shionogi & Co., Ltd.		2,159
	95	Square Enix Holdings Co., Ltd.		2,357
	71	Tokyo Ohka Kogyo Co., Ltd.		1,362
	320	Toyo Engineering Corp.		1,066
	12	Toyo Tanso Co., Ltd.		593
				36,385
		Jersey - 0.9%
	24	Rangold Resources Ltd.		1,551
		Luxembourg - 0.6%
	68	Reinet Investments S.A.•		1,042

The accompanying notes are an integral part of these financial statements.

5

The Hartford International Small Company Fund

Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount							Market Value ╪
COMMON STOCKS - 97.8% — (continued)
		Netherlands - 1.5%
	41	Qiagen N.V. •					$	847
	64	TNT N.V.						1,687
								2,534
		Norway - 1.5%
	179	Kongsberg Gruppen ASA						2,463
		Singapore - 1.2%
	411	Hyflux Ltd.						893
	998	Indofood Agri Resources Ltd.•						1,191
								2,084
		South Korea - 3.4%
	7	CJ Corp.						1,237
	19	GS Engineering & Construction Corp.						1,704
	8	Megastudy Co., Ltd.						1,755
	17	Mirae Asset Securities Co., Ltd.						905
								5,601
		Sweden - 1.8%
	112	Bjoern Borg Ab						875
	104	Swedish Match Ab						2,135
								3,010
		Switzerland - 4.2%
	41	Dufry Group						2,588
	52	Logitech International S.A. •						883
	128	Temenos Group AG •						2,925
	—	Vetropack Holding						784
								7,180
		United Kingdom - 20.0%
	69	AMEC plc						915
	491	Arm Holdings plc						1,193
	250	ASOS plc •						1,612
	203	Babcock International Group plc						2,020
	419	Brown (N) Group plc						1,792
	210	Catlin Group Ltd.						1,136
	45	Chemring Group plc						1,962
	489	Chloride Group plc						1,291
	240	Clapham House Group plc •						262
	93	Close Brothers Group plc						1,064
	119	Connaught plc						790
	324	Domino’s Pizza UK & IRL plc						1,619
	431	Game Group plc						1,046
	768	Hampson Industries plc						913
	1,060	Hansteen Holdings plc						1,535
	96	Hunting plc						823
	165	ICAP plc						1,099
	249	IG Group Holdings plc						1,232
	132	James Fisher & Sons plc						936
	35	Kier Group plc						551
	182	Lancashire Holdings Ltd.						1,509
	177	Mears Group plc						818
	91	Rightmove						787
	95	Rotork plc						1,773
	72	Ultra Electronics Holdings plc						1,555
	164	VT Group plc						1,457
	306	William Hill plc						839
	255	Xchanging plc						931
								33,460
		United States - 0.4%
	64	Shanda Games Ltd. •					$	636
		Total common stocks (cost $137,873)					$	163,554
		Total long-term investments (cost $137,873)					$	163,554
SHORT-TERM INVESTMENTS - 1.4%
		Repurchase Agreements - 1.4%		��
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $91, collateralized by GNMA 5.00%, 2039, value of $93)
$	91	0.08%, 10/30/2009	��				$	91
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $535, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $546)
	535	0.08%, 10/30/2009						535
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $596, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $608)
	596	0.08%, 10/30/2009						596
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $6, collateralized by U.S. Treasury Note 2.75%, 2013, value of $6)
	6	0.05%, 10/30/2009						6
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1,033, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $1,053)
	1,033	0.07%, 10/30/2009						1,033
								2,261
		Total short-term investments (cost $2,261)					$	2,261
		Total investments (cost $140,134)5			99.2	%	$	165,815
		Other assets and liabilities			0.8	%		1,405
		Total net assets			100.0	%	$	167,220

The accompanying notes are an integral part of these financial statements.

6

The Hartford International Small Company Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 97.4% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.

5 At October 31, 2009, the cost of securities for federal income tax purposes was $148,454 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	29,923
Unrealized Depreciation		(12,562	)
Net Unrealized Appreciation	$	17,361

• Currently non-income producing.

Forward Foreign Currency Contracts Outstanding at October 31, 2009

							Unrealized
	Market		Contract		Delivery		Appreciation/
Description	Value ╪		Amount		Date		(Depreciation)
Australian Dollar (Sell)	$	1,400	$	1,403		11/02/09	$	3
Australian Dollar (Buy)		165		168		11/05/09		(3	)
British Pound (Buy)		424		424		11/04/09		—
Euro (Sell)		693		700		11/03/09		7
Euro (Sell)		417		417		11/04/09		—
Norwegian Krone (Buy)		246		246		11/02/09		—
Singapore Dollar (Buy)		154		154		11/02/09		—
Swiss Franc (Sell)		32		32		11/04/09		—
							$	7

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

Currency Concentration on Securities at October 31, 2009

	Percentage of
Description	Net Assets
Australian Dollar		7.5	%
Brazilian Real		2.5
British Pound		22.3
Euro		26.1
Hong Kong Dollar		2.6
Indian Rupee		0.5
Indonesian New Rupiah		0.4
Israeli New Shekel		0.7
Japanese Yen		21.8
Norwegian Krone		1.5
Republic of Korea Won		3.4
Singapore Dollar		2.1
Swedish Krona		1.8
Swiss Franc		4.2
United States Dollar		1.8
Other Assets and Liabilities		0.8
Total		100.0	%

The accompanying notes are an integral part of these financial statements.

7

The Hartford International Small Company Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks ‡	$	163,554	$	4,714	$	158,840	$	—
Short-Term Investments		2,261		—		2,261		—
Total	$	165,815	$	4,714	$	161,101	$	—
Other Financial Instruments *	$	10	$	—	$	10	$	—
Liabilities:
Other Financial Instruments *	$	3	$	—	$	3	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

The accompanying notes are an integral part of these financial statements.

8

The Hartford International Small Company Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $140,134)	$	165,815
Cash		1
Foreign currency on deposit with custodian (cost $1)		1
Unrealized appreciation on forward foreign currency contracts		10
Receivables:
Investment securities sold		2,542
Fund shares sold		111
Dividends and interest		293
Other assets		39
Total assets		168,812
Liabilities:
Unrealized depreciation on forward foreign currency contracts		3
Payables:
Investment securities purchased		1,170
Fund shares redeemed		335
Investment management fees		25
Distribution fees		6
Accrued expenses		53
Total liabilities		1,592
Net assets	$	167,220
Summary of Net Assets:
Capital stock and paid-in-capital		242,377
Accumulated undistributed net investment income		975
Accumulated net realized loss on investments and foreign currency transactions		(101,824	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		25,692
Net assets	$	167,220
Shares authorized		350,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	10.74/$11.37
Shares outstanding		4,981
Net assets	$	53,517
Class B: Net asset value per share	$	10.28
Shares outstanding		856
Net assets	$	8,798
Class C: Net asset value per share	$	10.10
Shares outstanding		1,160
Net assets	$	11,713
Class I: Net asset value per share	$	10.70
Shares outstanding		678
Net assets	$	7,255
Class Y: Net asset value per share	$	10.89
Shares outstanding		7,892
Net assets	$	85,937

The accompanying notes are an integral part of these financial statements.

9

The Hartford International Small Company Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	2,989
Interest		4
Securities lending		56
Less: Foreign tax withheld		(289	)
Total investment income		2,760
Expenses:
Investment management fees		1,206
Transfer agent fees		358
Distribution fees
Class A		117
Class B		75
Class C		100
Custodian fees		54
Accounting services fees		24
Registration and filing fees		62
Board of Directors’ fees		5
Audit fees		10
Other expenses		39
Total expenses (before waivers and fees paid indirectly)		2,050
Expense waivers		(159	)
Transfer agent fee waivers		(161	)
Commission recapture		(4	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(324	)
Total expenses, net		1,726
Net Investment Income		1,034
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(37,660	)
Net realized loss on forward foreign currency contracts		(610	)
Net realized gain on other foreign currency transactions		22
Net Realized Loss on Investments and Foreign Currency Transactions		(38,248	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		88,262
Net unrealized appreciation of forward foreign currency contracts		474
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(16	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		88,720
Net Gain on Investments and Foreign Currency Transactions		50,472
Net Increase in Net Assets Resulting from Operations	$	51,506

The accompanying notes are an integral part of these financial statements.

10

The Hartford International Small Company Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	1,034		$	2,445
Net realized loss on investments and foreign currency transactions		(38,248	)		(63,277	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		88,720			(104,723	)
Net Increase (Decrease) In Net Assets Resulting From Operations		51,506			(165,555	)
Distributions to Shareholders:
From net investment income
Class A		—			(1,501	)
Class B		—			(75	)
Class C		—			(139	)
Class I		(11	)		(5	)
Class Y		(479	)		(1,960	)
From net realized gain on investments
Class A		—			(16,627	)
Class B		—			(2,221	)
Class C		—			(3,750	)
Class I		—			(26	)
Class Y		—			(14,283	)
Total distributions		(490	)		(40,587	)
Capital Share Transactions:
Class A		(12,038	)		(17,854	)
Class B		(1,336	)		(505	)
Class C		(2,452	)		(4,298	)
Class I		4,501			2,136
Class Y		4,318			11,404
Net decrease from capital share transactions		(7,007	)		(9,117	)
Net Increase (Decrease) In Net Assets		44,009			(215,259	)
Net Assets:
Beginning of period		123,211			338,470
End of period	$	167,220		$	123,211
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	975		$	937

The accompanying notes are an integral part of these financial statements.

11

The Hartford International Small Company Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford International Small Company Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The

12

circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market

13

The Hartford International Small Company Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

•

Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on

14

	a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
g)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
h)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had no investments in indexed securities as of October 31, 2009.
i)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).

15

The Hartford International Small Company Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

j)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund had no illiquid or restricted securities as of October 31, 2009.
k)	Securities Purchased on a When-Issued or Delayed-Delivery Basis — Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of October 31, 2009, the Fund had no outstanding when-issued or delayed delivery securities.
l)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
m)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives		Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location		Statement of Assets and Liabilities Location
Foreign exchange contracts	Unrealized appreciation on forward	$10	Unrealized depreciation on forward	$3
	foreign currency contracts		foreign currency contracts

The ratio of forward currency contract market value to net assets as of October 31, 2009, was 2.05%, compared to a monthly twelve-month average ratio of 7.49%

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—	$	(610	)	$	—	$	(610	)
Total	$	—	$	—	$	—	$	(610	)	$	—	$	(610	)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps		Total
Foreign exchange contracts		—		—		—		474		—	$	474
Total	$	—	$	—	$	—	$	474	$	—	$	474

16

n) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)	Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	490	$	25,072
Long-Term Capital Gains *		—		15,515

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	2,063
Accumulated Capital Losses *		(94,594	)
Unrealized Appreciation †		17,374
Total Accumulated Deficit	$	(75,157	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

17

The Hartford International Small Company Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated undistributed net investment income by $506, increase accumulated net realized gain on investments by $414, and increase paid-in-capital by $92.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	47,790
2017		46,804
Total	$	94,594

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a)

Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.9000	%
On next $500 million		0.8500	%
On next $4 billion		0.8000	%
On next $5 billion		0.7975	%
Over $10 billion		0.7950	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

18

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class I			Class Y
1.60%		2.35	%		2.35	%		1.35	%		1.20	%

d)

Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.38	%		1.52	%		1.49	%		1.58	%		1.55	%
Class B Shares		1.80			2.13			2.25			2.22			2.30
Class C Shares		2.14			2.28			2.23			2.33			2.30
Class I Shares		1.09			1.16			1.18	*
Class Y Shares		1.04			1.01			1.01			1.18			1.15

* From May 31, 2007 (commencement of operations), through October 31, 2007.

e)

Distribution and Service Plan for Class A, B and C Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $104 and contingent deferred sales charges of $24 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B and C shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the Distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

19

The Hartford International Small Company Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $21. These commissions are in turn paid to sales representatives of the broker/dealers.

f)

Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $207 for providing such services. These fees are accrued daily and paid monthly.

5.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	199,789
Sales Proceeds Excluding U.S. Government Obligations		209,765

6.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		871		—		(2,428	)		—		(1,557	)		2,993		1,057		(6,034	)		—		(1,984	)
Amount	$	7,583	$	—	$	(19,621	)	$	—	$	(12,038	)	$	39,053	$	15,812	$	(72,719	)	$	—	$	(17,854	)
Class B
Shares		91		—		(267	)		—		(176	)		156		150		(402	)		—		(96	)
Amount	$	767	$	—	$	(2,103	)	$	—	$	(1,336	)	$	2,020	$	2,156	$	(4,681	)	$	—	$	(505	)
Class C
Shares		271		—		(607	)		—		(336	)		304		230		(963	)		—		(429	)
Amount	$	2,188	$	—	$	(4,640	)	$	—	$	(2,452	)	$	3,886	$	3,279	$	(11,463	)	$	—	$	(4,298	)
Class I
Shares		561		1		(85	)		—		477			265		2		(76	)		—		191
Amount	$	5,193	$	10	$	(702	)	$	—	$	4,501		$	2,796	$	29	$	(689	)	$	—	$	2,136
Class Y
Shares		1,125		61		(538	)		—		648			1,470		1,072		(2,550	)		—		(8	)
Amount	$	8,165	$	479	$	(4,326	)	$	—	$	4,318		$	19,741	$	16,242	$	(24,579	)	$	—	$	11,404

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		39	$	354
For the Year Ended October 31, 2008		31	$	393

20

7.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
8.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.
9.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

21

The Hartford International Small Company Fund

Financial Highlights

— Selected Per-Share Data (a) —
	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	7.45	$	0.08		$	—	$	3.21		$	3.29		$	—		$	—		$	—	$	—		$	3.29		$	10.74
B		7.16		0.02			—		3.10			3.12			—			—			—		—			3.12			10.28
C		7.06		(0.01	)		—		3.05			3.04			—			—			—		—			3.04			10.10
I		7.47		0.06			—		3.23			3.29			(0.06	)		—			—		(0.06	)		3.23			10.70
Y		7.60		0.09			—		3.27			3.36			(0.07	)		—			—		(0.07	)		3.29			10.89
For the Year Ended October 31, 2008 (e)
A		17.99		0.10			—		(8.53	)		(8.43	)		(0.16	)		(1.95	)		—		(2.11	)		(10.54	)		7.45
B		17.35		0.02			—		(8.20	)		(8.18	)		(0.06	)		(1.95	)		—		(2.01	)		(10.19	)		7.16
C		17.16		—			—		(8.08	)		(8.08	)		(0.07	)		(1.95	)		—		(2.02	)		(10.10	)		7.06
I		18.02		0.11			—		(8.48	)		(8.37	)		(0.23	)		(1.95	)		—		(2.18	)		(10.55	)		7.47
Y		18.26		0.18			—		(8.66	)		(8.48	)		(0.23	)		(1.95	)		—		(2.18	)		(10.66	)		7.60
For the Year Ended October 31, 2007
A		16.19		0.03			—		3.92			3.95			(0.15	)		(2.00	)		—		(2.15	)		1.80			17.99
B		15.72		(0.05	)		—		3.76			3.71			(0.08	)		(2.00	)		—		(2.08	)		1.63			17.35
C		15.55		(0.02	)		—		3.69			3.67			(0.06	)		(2.00	)		—		(2.06	)		1.61			17.16
I(f)		17.10		0.02			—		0.90			0.92			—			—			—		—			0.92			18.02
Y		16.37		0.02			—		4.06			4.08			(0.19	)		(2.00	)		—		(2.19	)		1.89			18.26
For the Year Ended October 31, 2006 (e)
A		14.27		0.08			—		3.62			3.70			(0.25	)		(1.53	)		—		(1.78	)		1.92			16.19
B		13.91		(0.01	)		—		3.51			3.50			(0.16	)		(1.53	)		—		(1.69	)		1.81			15.72
C		13.78		(0.03	)		—		3.48			3.45			(0.15	)		(1.53	)		—		(1.68	)		1.77			15.55
Y		14.41		0.15			—		3.64			3.79			(0.30	)		(1.53	)		—		(1.83	)		1.96			16.37
For the Year Ended October 31, 2005
A		13.44		0.06			—		2.25			2.31			—			(1.48	)		—		(1.48	)		0.83			14.27
B		13.23		—			—		2.16			2.16			—			(1.48	)		—		(1.48	)		0.68			13.91
C		13.12		(0.01	)		—		2.15			2.14			—			(1.48	)		—		(1.48	)		0.66			13.78
Y		13.54		0.12			—		2.27			2.39			(0.04	)		(1.48	)		—		(1.52	)		0.87			14.41

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Commenced operations on May 31, 2007.
(g)	Not annualized.
(h)	Annualized.

22

— Ratios and Supplemental Data —
				Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
				Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net
		Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio
Total Return(b)		Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Turnover Rate(d)
44.16	%	$	53,517		1.81	%		1.39	%		1.39	%		0.64	%		151	%
43.58			8,798		2.89			1.80			1.80			0.25			—
43.06			11,713		2.55			2.14			2.14			(0.10	)		—
44.32			7,255		1.09			1.09			1.09			0.59			—
44.48			85,937		1.05			1.05			1.05			1.06			—
(52.67	)		48,739		1.52			1.52			1.52			0.79			121
(52.96	)		7,392		2.53			2.13			2.13			0.18			—
(53.00	)		10,563		2.28			2.28			2.28			0.02			—
(52.43	)		1,497		1.16			1.16			1.16			1.23			—
(52.32	)		55,020		1.01			1.01			1.01			1.36			—
27.90			153,290		1.49			1.49			1.49			0.33			96
26.97			19,562		2.44			2.26			2.26			(0.47	)		—
26.98			33,033		2.23			2.23			2.23			(0.43	)		—
5.38	(g)		174		1.19	(h)		1.19	(h)		1.19	(h)		0.77	(h)		—
28.48			132,411		1.01			1.01			1.01			0.75			—
29.36			69,998		1.74			1.60			1.60			0.56			107
28.51			11,960		2.66			2.24			2.24			(0.08	)		—
28.35			18,486		2.43			2.35			2.35			(0.22	)		—
29.89			86,707		1.20			1.20			1.20			0.97			—
18.90			34,896		1.82			1.60			1.60			0.71			112
17.96			6,101		2.78			2.35			2.35			(0.02	)		—
17.96			12,614		2.46			2.35			2.35			(0.06	)		—
19.40			65,828		1.28			1.20			1.20			1.13			—

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford International Small Company Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford International Small Company Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

24

The Hartford International Small Company Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

The Hartford International Small Company Fund

Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 - 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

26

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov . The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

The Hartford International Small Company Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	25.00	%
QDI†	100.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

The Fund intends to make an election under the Internal Revenue Code Section 853 to pass-through foreign taxes paid by the Fund to their shareholders in the amount of $229.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class I		0.058		N/A		N/A		0.058
Class Y		0.065		N/A		N/A		0.065

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

28

The Hartford International Small Company Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,391.20	$	8.68	$	1,000.00	$	1,017.95	$	7.32		1.44	%		184		365
Class B	$	1,000.00	$	1,387.30	$	11.43	$	1,000.00	$	1,015.63	$	9.65		1.90			184		365
Class C	$	1,000.00	$	1,385.50	$	13.23	$	1,000.00	$	1,014.12	$	11.17		2.20			184		365
Class I	$	1,000.00	$	1,393.20	$	6.21	$	1,000.00	$	1,020.01	$	5.24		1.03			184		365
Class Y	$	1,000.00	$	1,394.40	$	5.91	$	1,000.00	$	1,020.27	$	4.99		0.98			184		365

29

The Hartford International Small Company Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford International Small Company Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

30

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and

31

The Hartford International Small Company Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

32

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

33

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-27 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford MidCap Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	7
Statement of Assets and Liabilities at October 31, 2009	8
Statement of Operations for the Year Ended October 31, 2009	9
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	10
Notes to Financial Statements	11
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Federal Tax Information (Unaudited)	28
Expense Example (Unaudited)	29
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	30

The Hartford MidCap Fund inception 12/31/1997
(subadvised by Wellington Management Company, LLP)	Investment objective — Seeks long-term growth of capital.

Performance Overview(1) 10/31/99 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

S&P MidCap 400 Index is an unmanaged index of common stocks of companies chosen by S&P designed to represent price movements in the midcap U.S. equity market.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			10
	Year			Year			Year
MidCap A#		11.34	%		4.28	%		8.11	%
MidCap A##		5.22	%		3.11	%		7.50	%
MidCap B#		10.54	%		3.49	%	NA*
MidCap B##		5.54	%		3.26	%	NA*
MidCap C#		10.60	%		3.57	%		7.39	%
MidCap C##		9.60	%		3.57	%		7.39	%
MidCap I#		11.68	%		4.35	%		8.15	%
MidCap R3#		11.62	%		4.70	%		8.61	%
MidCap R4#		11.75	%		4.72	%		8.63	%
MidCap R5#		11.87	%		4.75	%		8.64	%
MidCap Y#		11.94	%		4.76	%		8.64	%
S&P MidCap 400 Index		18.18	%		3.24	%		6.45	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	10 year returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.
(5)	Class I shares commenced operations on 2/27/09. Performance prior to 2/27/09 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 5/29/09. Performance prior to 5/29/09 reflects Class Y performance.

Portfolio Manager
Phillip H. Perelmuter
Senior Vice President, Partner

How did the Fund perform?

The Class A shares of The Hartford MidCap Fund returned 11.34%, before sales charge, for the twelve-month period ended October 31, 2009, underperforming its benchmark, the S&P MidCap 400 Index, which returned 18.18% for the same period. The Fund also underperformed the 16.57% return of the average fund in the Lipper Mid-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

After posting steep losses in 2008 and the first part of 2009 amid increasing signs of a deeper and more protracted recession, U.S. equities staged a sharp rebound beginning in March as favorable news flow from a few large financial institutions signaled to investors that the troubled Financials sector might be starting to stabilize. Adding fuel to the recovery was encouraging economic data and the U.S. Treasury Department’s updated plan to clean up bank balance sheets. The broad U.S. equity market posted positive returns for the period, aided by the strong rally from the mid-March lows. Mid cap stocks (+18.2%) outperformed small (+6.5%) and large cap stocks (+9.8%) during the period, as measured by the S&P MidCap 400, Russell 2000, and S&P 500

2

indices, respectively. Growth stocks (+18.2%) significantly out-paced Value (+8.5%) during the period, as measured by the Russell 2500 MidCap Growth and Russell 2500 MidCap Value indices. Within the S&P MidCap 400 Index, all ten sectors posted positive returns. The Information Technology (+33%), Consumer Discretionary (+32%), and Materials (+26%) sectors outpaced the Financials (+1%), Utilities (+12%), and Consumer Staples (+13%) sectors.

Overall underperformance versus the benchmark was driven by weak security selection, primarily within Consumer Discretionary, Energy, and Health Care. This more than offset stronger positive stock selection within Industrials and Financials. Sector allocations, driven by our bottom-up (i.e. stock by stock fundamental research) stock selection process, contributed to relative (i.e. performance of the Fund as measured against the benchmark) returns during the period, primarily due to an underweight (i.e. the Fund’s sector position was less than the benchmark position) position in the weak-performing Financials sector and overweight (i.e. the Fund’s sector position was greater than the benchmark position) positions in Information Technology and Health Care.

Top detractors from relative performance included Priceline.com (Consumer Discretionary), St. Jude Medical (Health Care), and Aon (Financials). Not holding Priceline.com detracted from benchmark-relative performance. Shares of the global online travel provider rose during the period due to strong earnings and an increase in bookings. Shares of St. Jude Medical, a cardiovascular medical device company, declined after management reduced guidance as a slowdown in hospital stocking of certain medical devices reduced expected sales revenues. Shares of insurance brokerage company Aon declined as the company posted lower-than-expected earnings due to the economic downturn and a softer insurance pricing environment. Kansas City Southern (Industrials), Forest Oil (Energy), and Agrium (Materials) were top detractors from absolute (i.e. total return) performance.

Top contributors to relative and absolute returns included Life Technologies (Health Care), NetApp (Information Technology), and Red Hat (Information Technology). Life Technologies, created through the merger of Invitrogen and Applied Biosystems, is a provider of tools and cultures used in genetic research and drug development. The company’s shares benefited during the period from strong synergies after the merger. Shares of network storage equipment manufacturer NetApp rose as the company walked away from a bidding war with EMC for Data Domain, and improved cost controls drove margin expansion. Open-source enterprise software and services company Red Hat benefited from growing revenue and higher margins as IT organizations moved ahead with purchases of the firm’s high value software solutions.

What is the outlook?

Global economies continued the healing process during the latter part of the period. The rate of increase in unemployment has slowed, industrial production leading indicators are pointing to an expansion, and the housing market has shown some signs of stabilization. The government continues to reshape the financial playing field through stimulus packages, massive loans to impaired private sector companies, and other programs, all taken with an eye towards thawing credit markets and placing a floor on housing price declines and a ceiling on housing inventory. We believe these moves should continue to help mitigate some of the negative economic pressures.

Our efforts are focused on picking stocks based on a bottom-up review of their fundamentals. As a result of these individual stock decisions, we ended the period with our most significant overweight positions relative to the benchmark in the Consumer Discretionary, Information Technology, and Health Care sectors. Our largest underweights relative to the benchmark were in Financials, Materials, and Utilities.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Banks (Financials)		3.9	%
Capital Goods (Industrials)		10.5
Commercial & Professional Services (Industrials)		1.8
Consumer Durables & Apparel (Consumer Discretionary)		2.8
Consumer Services (Consumer Discretionary)		4.4
Diversified Financials (Financials)		1.6
Energy (Energy)		8.6
Food, Beverage & Tobacco (Consumer Staples)		1.5
Health Care Equipment & Services (Health Care)		8.4
Household & Personal Products (Consumer Staples)		0.9
Insurance (Financials)		5.6
Materials (Materials)		3.2
Media (Consumer Discretionary)		3.3
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		5.9
Real Estate (Financials)		2.3
Retailing (Consumer Discretionary)		8.6
Semiconductors & Semiconductor Equipment (Information Technology)		3.9
Software & Services (Information Technology)		9.6
Technology Hardware & Equipment (Information Technology)		4.1
Telecommunication Services (Services)		1.0
Transportation (Industrials)		1.4
Utilities (Utilities)		3.5
Short-Term Investments		2.8
Other Assets and Liabilities		0.4
Total		100.0	%

3

The Hartford MidCap Fund

Schedule of Investments

October 31, 2009

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.8%
		Banks - 3.9%
	8,253	Huntington Bancshares, Inc.	$	31,445
	519	M&T Bank Corp.		32,648
	521	PNC Financial Services Group, Inc.		25,503
	511	SunTrust Banks, Inc.		9,769
				99,365
		Capital Goods - 10.5%
	787	AMETEK, Inc.		27,458
	1,174	BE Aerospace, Inc. •		20,811
	609	Carlisle Cos., Inc.		18,910
	921	IDEX Corp.		26,179
	1,113	Lennox International, Inc.		37,481
	1,030	Masco Corp.		12,101
	1,254	PACCAR, Inc.		46,908
	444	Parker-Hannifin Corp.		23,493
	134	Precision Castparts Corp.		12,801
	642	Rockwell Collins, Inc.		32,339
	232	Stanley Works		10,484
				268,965
		Commercial & Professional Services - 1.8%
	861	Herman Miller, Inc.		13,298
	405	HNI Corp.		10,649
	843	Republic Services, Inc.		21,851
				45,798
		Consumer Durables & Apparel - 2.8%
	955	Hasbro, Inc.		26,034
	1,175	Mattel, Inc.		22,243
	34	NVR, Inc. •		22,319
				70,596
		Consumer Services - 4.4%
	450	Apollo Group, Inc. Class A •		25,694
	665	Corinthian Colleges, Inc. •		10,542
	293	DeVry, Inc.		16,195
	906	International Game Technology		16,163
	282	ITT Educational Services, Inc. •		25,505
	101	Strayer Education, Inc.		20,520
				114,619
		Diversified Financials - 1.6%
	62	BlackRock, Inc.		13,466
	989	Waddell and Reed Financial, Inc. Class A		27,748
				41,214
		Energy - 8.6%
	935	Cameco Corp.		25,447
	872	Denbury Resources, Inc. •		12,737
	466	Forest Oil Corp. •		9,133
	366	Helmerich & Payne, Inc.		13,919
	1,335	Nabors Industries Ltd. •		27,817
	352	Noble Energy, Inc.		23,089
	566	Overseas Shipholding Group, Inc.		22,205
	1,038	Peabody Energy Corp.		41,106
	553	St. Mary Land & Exploration Co.		18,840
	542	Ultra Petroleum Corp. •		26,329
				220,622
		Food, Beverage & Tobacco - 1.5%
	111	Coca-Cola Enterprises, Inc.		2,122
	970	Flowers Foods, Inc.		22,664
	969	Smithfield Foods, Inc. •		12,926
				37,712
		Health Care Equipment & Services - 8.4%
	812	Beckman Coulter, Inc.		52,249
	239	Cerner Corp. •		18,204
	1,146	Coventry Health Care, Inc. •		22,716
	201	Edwards Lifesciences Corp. •		15,496
	315	Humana, Inc. •		11,845
	660	Omnicare, Inc.		14,300
	1,078	Patterson Cos., Inc. •		27,524
	619	St. Jude Medical, Inc. •		21,092
	226	Universal Health Services, Inc. Class B		12,560
	343	Zimmer Holdings, Inc. •		18,042
				214,028
		Household & Personal Products - 0.9%
	567	Estee Lauder Co., Inc.		24,110
		Insurance - 5.6%
	389	Everest Re Group Ltd.		34,034
	1,203	Fidelity National Financial, Inc.		16,327
	599	Marsh & McLennan Cos., Inc.		14,063
	2,197	Unum Group		43,836
	1,445	W.R. Berkley Corp.		35,716
				143,976
		Materials - 3.2%
	338	Cliff’s Natural Resources, Inc.		12,023
	257	FMC Corp.		13,123
	123	Martin Marietta Materials, Inc.		10,282
	531	Scotts Miracle-Gro Co. Class A		21,581
	1,517	Steel Dynamics, Inc.		20,306
	257	Teck Cominco Ltd. Class B		7,444
				84,759
		Media - 3.3%
	407	Discovery Communications, Inc. •		11,203
	1,547	DreamWorks Animation SKG, Inc. •		49,489
	608	Scripps Networks Interactive Class A		22,947
				83,639
		Pharmaceuticals, Biotechnology & Life Sciences - 5.9%
	1,591	Amylin Pharmaceuticals, Inc. •		17,566
	2,393	King Pharmaceuticals, Inc. •		24,236
	382	Life Technologies Corp. •		18,028
	1,141	Mylan, Inc. •		18,531
	1,019	Qiagen N.V. •		21,232
	224	Regeneron Pharmaceuticals, Inc. •		3,516
	332	Vertex Pharmaceuticals, Inc. •		11,152
	1,078	Watson Pharmaceuticals, Inc. •		37,111
				151,372
		Real Estate - 2.3%
	970	Host Hotels & Resorts, Inc.		9,811
	408	Liberty Property Trust		11,971
	253	Public Storage		18,609
	289	Simon Property Group, Inc.		19,594
				59,985
		Retailing - 8.6%
	950	Advance Automotive Parts, Inc.		35,386
	109	AutoZone, Inc. •		14,735
	973	Best Buy Co., Inc.		37,151
	332	Big Lots, Inc. •		8,311
	480	CarMax, Inc. •		9,434
	2,265	Office Depot, Inc. •		13,705
	764	O’Reilly Automotive, Inc. •		28,493
	1,226	Penske Automotive Group, Inc.		19,206
	418	Sherwin-Williams Co.		23,848

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 96.8% — (continued)
		Retailing - 8.6% — (continued)
	1,380	Staples, Inc.			$	29,950
						220,219
		Semiconductors & Semiconductor Equipment - 3.9%
	891	Altera Corp.				17,635
	417	Analog Devices, Inc.				10,683
	264	Intersil Corp.				3,317
	1,167	Lam Research Corp. •				39,345
	979	Maxim Integrated Products, Inc.				16,318
	597	Xilinx, Inc.				12,980
						100,278
		Software & Services - 9.6%
	870	Autodesk, Inc. •				21,697
	912	Check Point Software Technologies Ltd. ADR •				28,336
	282	Equinix, Inc. •				24,069
	265	Factset Research Systems, Inc.				16,973
	490	Global Payments, Inc.				24,118
	705	Micros Systems •				18,984
	1,167	Red Hat, Inc. •				30,112
	1,158	VeriSign, Inc. •				26,416
	3,006	Western Union Co.				54,612
						245,317
		Technology Hardware & Equipment - 4.1%
	84	Itron, Inc. •				5,055
	464	Juniper Networks, Inc. •				11,844
	203	National Instruments Corp.				5,423
	1,084	NetApp, Inc. •				29,322
	250	Polycom, Inc.				5,366
	1,190	Seagate Technology				16,595
	1,135	Teradata Corp. •				31,649
						105,254
		Telecommunication Services - 1.0%
	730	American Tower Corp. Class A •				26,872
		Transportation - 1.4%
	214	Con-way, Inc.				7,071
	658	J.B. Hunt Transport Services, Inc.				19,794
	390	Kansas City Southern •				9,445
						36,310
		Utilities - 3.5%
	1,463	Northeast Utilities				33,713
	1,206	UGI Corp.				28,809
	528	Wisconsin Energy Corp.				23,036
	325	Xcel Energy, Inc.				6,124
						91,682
		Total common stocks (cost $2,341,103)			$	2,486,692
		Total long-term investments (cost $2,341,103)			$	2,486,692
SHORT-TERM INVESTMENTS - 2.8%
		Repurchase Agreements - 2.8%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $2,901, collateralized by GNMA 5.00%, 2039, value of $2,959)
$	2,901	0.08%, 10/30/2009			$	2,901
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $16,993, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - - 2047, value of $17,333)
$	16,993	0.08%, 10/30/2009			$	16,993
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $18,930, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $19,308)
	18,929	0.08%, 10/30/2009				18,929
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $192, collateralized by U.S. Treasury Note 2.75%, 2013, value of $194)
	192	0.05%, 10/30/2009				192
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $32,799, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $33,455)
	32,798	0.07%, 10/30/2009				32,798
						71,813
		Total short-term investments (cost $71,813)			$	71,813
		Total investments (cost $2,412,916) ▲	99.6	%	$	2,558,505
		Other assets and liabilities	0.4	%		9,496
		Total net assets	100.0	%	$	2,568,001

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 3.2% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $2,428,290 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	252,031
Unrealized Depreciation		(121,816	)
Net Unrealized Appreciation	$	130,215

• Currently non-income producing.

The accompanying notes are an integral part of these financial statements.

5

The Hartford MidCap Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Forward Foreign Currency Contracts Outstanding at October 31, 2009

							Unrealized
	Market		Contract		Delivery		Appreciation/
Description	Value╪		Amount		Date		(Depreciation)
Norwegian Krone (Sell)	$	1,452	$	1,449		11/02/09	$	(3	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

6

The Hartford MidCap Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009

(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks ‡	$	2,486,692	$	2,486,692	$	—	$	—
Short-Term Investments		71,813		—		71,813		—
Total	$	2,558,505	$	2,486,692	$	71,813	$	—
Liabilities:
Other Financial Instruments *	$	3	$	—	$	3	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

The accompanying notes are an integral part of these financial statements.

7

The Hartford MidCap Fund

Statement of Assets and Liabilities

October 31, 2009

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $2,412,916)	$	2,558,505
Cash		1
Receivables:
Investment securities sold		19,100
Fund shares sold		9,166
Dividends and interest		731
Other assets		109
Total assets		2,587,612
Liabilities:
Unrealized depreciation on forward foreign currency contracts		3
Bank overdraft — foreign cash		10
Payables:
Investment securities purchased		10,828
Fund shares redeemed		7,569
Investment management fees		320
Distribution fees		156
Accrued expenses		725
Total liabilities		19,611
Net assets	$	2,568,001
Summary of Net Assets:
Capital stock and paid-in-capital		2,865,197
Accumulated undistributed net investment income		—
Accumulated net realized loss on investments and foreign currency transactions		(442,785	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		145,589
Net assets	$	2,568,001
Shares authorized		660,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	16.20/$17.14
Shares outstanding		106,094
Net assets	$	1,718,214
Class B: Net asset value per share	$	14.16
Shares outstanding		9,680
Net assets	$	137,032
Class C: Net asset value per share	$	14.30
Shares outstanding		24,710
Net assets	$	353,413
Class I: Net asset value per share	$	16.25
Shares outstanding		6,873
Net assets	$	111,661
Class R3: Net asset value per share	$	17.58
Shares outstanding		36
Net assets	$	638
Class R4: Net asset value per share	$	17.60
Shares outstanding		191
Net assets	$	3,354
Class R5: Net asset value per share	$	17.62
Shares outstanding		39
Net assets	$	693
Class Y: Net asset value per share	$	17.63
Shares outstanding		13,783
Net assets	$	242,996

The accompanying notes are an integral part of these financial statements.

8

The Hartford MidCap Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Dividends	$	24,495
Interest		158
Securities lending		114
Less: Foreign tax withheld		(7	)
Total investment income		24,760
Expenses:
Investment management fees		15,492
Administrative services fees		2
Transfer agent fees		5,425
Distribution fees
Class A		3,541
Class B		1,477
Class C		2,889
Class R3		—
Class R4		2
Custodian fees		16
Accounting services fees		290
Registration and filing fees		165
Board of Directors’ fees		50
Audit fees		62
Other expenses		684
Total expenses (before waivers and fees paid indirectly)		30,095
Transfer agent fee waivers		(86	)
Commission recapture		(367	)
Custodian fee offset		(1	)
Total waivers and fees paid indirectly		(454	)
Total expenses, net		29,641
Net Investment Loss		(4,881	)
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(386,025	)
Net realized gain on forward foreign currency contracts		228
Net realized loss on other foreign currency transactions		(217	)
Net Realized Loss on Investments and Foreign Currency Transactions		(386,014	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		638,618
Net unrealized depreciation of forward foreign currency contracts		(3	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		3
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		638,618
Net Gain on Investments and Foreign Currency Transactions		252,604
Net Increase in Net Assets Resulting from Operations	$	247,723

The accompanying notes are an integral part of these financial statements.

9

The Hartford MidCap Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment loss	$	(4,881	)	$	(7,180	)
Net realized loss on investments and foreign currency transactions		(386,014	)		(56,994	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		638,618			(1,062,998	)
Net Increase (Decrease) In Net Assets Resulting From Operations		247,723			(1,127,172	)
Distributions to Shareholders:
Class A		—			(10,673	)
Class Y		—			(1,203	)
From net realized gain on investments
Class A		—			(324,294	)
Class B		—			(73,929	)
Class C		—			(85,395	)
Class Y		—			(18,628	)
Total distributions		—			(514,122	)
Capital Share Transactions:
Class A		233,636			193,914
Class B		(67,140	)		(54,633	)
Class C		46,199			412
Class I		105,882			—
Class R3		647			—
Class R4		3,132			—
Class R5		671			—
Class Y		53,506			122,137
Net increase from capital share transactions		376,533			261,830
Net Increase (Decrease) In Net Assets		624,256			(1,379,464	)
Net Assets:
Beginning of period		1,943,745			3,323,209
End of period	$	2,568,001		$	1,943,745
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	—		$	—

The accompanying notes are an integral part of these financial statements.

10

The Hartford MidCap Fund

Notes to Financial Statements

October 31, 2009

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford MidCap Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a) Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

b)

Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are

11

The Hartford MidCap Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

12

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that

13

The Hartford MidCap Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
g)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
h)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had no investments in indexed securities as of October 31, 2009.
i)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
j)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities,

14

	commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund had no illiquid or restricted securities as of October 31, 2009.
k)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
l)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Statement of Assets and Liabilities Location
Foreign exchange contracts		Unrealized depreciation on forward foreign currency contracts	$	3

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—	$	228	$	—	$	228
Total	$	—	$	—	$	—	$	228	$	—	$	228

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts		—		—		—		(3	)		—	$	(3	)
Total	$	—	$	—	$	—	$	(3	)	$	—	$	(3	)

m) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a) Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

15

The Hartford MidCap Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c)

Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	—	$	151,000
Long-Term Capital Gains *		—		363,122

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Accumulated Capital Losses *	$	(427,410	)
Unrealized Appreciation †		130,214
Total Accumulated Deficit	$	(297,196	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase accumulated undistributed net investment income by $4,881, increase accumulated net realized gain on investments by $466, and decrease paid-in-capital by $5,347.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	44,738
2017		382,672
Total	$	427,410

16

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a)

Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8500	%
On next $500 million		0.7500	%
On next $4 billion		0.7000	%
On next $5 billion		0.6975	%
Over $10 billion		0.6950	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.37%	NA	NA	1.12%	1.67%	1.37%	1.07%	NA

d) Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

17

The Hartford MidCap Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.34	%		1.23	%		1.21	%		1.25	%		1.28	%
Class B Shares		2.10			2.00			1.98			2.01			2.06
Class C Shares		1.99			1.91			1.90			1.93			1.97
Class I Shares		1.02	*
Class R3 Shares		1.50	†
Class R4 Shares		1.18	†
Class R5 Shares		0.87	†
Class Y Shares		0.79			0.79			0.78			0.78			0.81

*	From February 27, 2009 (commencement of operations), through October 31, 2009.
†	From May 29, 2009 (commencement of operations), through October 31, 2009.

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $7,420 and contingent deferred sales charges of $136 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $117. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $5. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the

18

	transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $5,263 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.
g)	Payments from Affiliate — The total return in the accompanying financial highlights includes payment from affiliates. Had the payment from affiliates been excluded, the total return for the periods listed below would have been as follows:

	Impact from			Total Return
	Payment from			Excluding
	Affiliate for SEC			Payment from
	Settlement for the			Affiliate for the
	Year Ended			Year Ended
	October 31, 2007			October 31, 2007
Class A		0.08	%		25.86	%
Class B		0.09			24.87
Class C		0.09			24.97
Class Y		0.08			26.40

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R3		6
Class R5		6

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	2,133,313
Sales Proceeds Excluding U.S. Government Obligations		1,813,524

19

The Hartford MidCap Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		45,416		—		(29,365	)		—		16,051			11,241		15,211		(18,426	)		—		8,026
Amount	$	647,073	$	—	$	(413,437	)	$	—	$	233,636		$	222,250	$	326,053	$	(354,389	)	$	—	$	193,914
Class B
Shares		1,885		—		(7,483	)		—		(5,598	)		174		3,713		(7,388	)		—		(3,501	)
Amount	$	23,439	$	—	$	(90,579	)	$	—	$	(67,140	)	$	3,113	$	70,283	$	(128,029	)	$	—	$	(54,633	)
Class C
Shares		8,741		—		(5,262	)		—		3,479			258		4,118		(4,803	)		—		(427	)
Amount	$	111,182	$	—	$	(64,983	)	$	—	$	46,199		$	4,710	$	78,620	$	(82,918	)	$	—	$	412
Class I
Shares		7,392		—		(519	)		—		6,873			—		—		—			—		—
Amount	$	114,329	$	—	$	(8,447	)	$	—	$	105,882		$	—	$	—	$	—		$	—	$	—
Class R3
Shares		36		—		—			—		36			—		—		—			—		—
Amount	$	649	$	—	$	(2	)	$	—	$	647		$	—	$	—	$	—		$	—	$	—
Class R4
Shares		208		—		(17	)		—		191			—		—		—			—		—
Amount	$	3,447	$	—	$	(315	)	$	—	$	3,132		$	—	$	—	$	—		$	—	$	—
Class R5
Shares		40		—		(1	)		—		39			—		—		—			—		—
Amount	$	678	$	—	$	(7	)	$	—	$	671		$	—	$	—	$	—		$	—	$	—
Class Y
Shares		7,357		—		(3,943	)		—		3,414			6,624		845		(1,795	)		—		5,674
Amount	$	112,080	$	—	$	(58,574	)	$	—	$	53,506		$	140,256	$	19,580	$	(37,699	)	$	—	$	122,137

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		2,783	$	38,204
For the Year Ended October 31, 2008		2,209	$	43,482

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

20

10.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

21

The Hartford MidCap Fund

Financial Highlights

— Selected Per-Share Data (a) —
	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	14.55	$	(0.02	)	$	—	$	1.67		$	1.65		$	—		$	—		$	—	$	—		$	1.65		$	16.20
B		12.81		(0.11	)		—		1.46			1.35			—			—			—		—			1.35			14.16
C		12.93		(0.10	)		—		1.47			1.37			—			—			—		—			1.37			14.30
I(f)		12.12		(0.01	)		—		4.14			4.13			—			—			—		—			4.13			16.25
R3(i)		15.90		(0.05	)		—		1.73			1.68			—			—			—		—			1.68			17.58
R4(i)		15.90		(0.02	)		—		1.72			1.70			—			—			—		—			1.70			17.60
R5(i)		15.90		—			—		1.72			1.72			—			—			—		—			1.72			17.62
Y		15.75		0.06			—		1.82			1.88			—			—			—		—			1.88			17.63
For the Year Ended October 31, 2008 (e)
A		26.89		(0.02	)		—		(8.25	)		(8.27	)		(0.11	)		(3.96	)		—		(4.07	)		(12.34	)		14.55
B		24.23		(0.16	)		—		(7.30	)		(7.46	)		—			(3.96	)		—		(3.96	)		(11.42	)		12.81
C		24.40		(0.14	)		—		(7.37	)		(7.51	)		—			(3.96	)		—		(3.96	)		(11.47	)		12.93
Y		28.74		0.08			—		(8.91	)		(8.83	)		(0.20	)		(3.96	)		—		(4.16	)		(12.99	)		15.75
For the Year Ended October 31, 2007
A		25.31		0.05			0.02		5.53			5.60			—			(4.02	)		—		(4.02	)		1.58			26.89
B		23.35		(0.13	)		0.02		5.01			4.90			—			(4.02	)		—		(4.02	)		0.88			24.23
C		23.47		(0.11	)		0.02		5.04			4.95			—			(4.02	)		—		(4.02	)		0.93			24.40
Y		26.68		0.28			0.03		5.77			6.08			—			(4.02	)		—		(4.02	)		2.06			28.74
For the Year Ended October 31, 2006
A		26.32		(0.03	)		—		3.44			3.41			—			(4.42	)		—		(4.42	)		(1.01	)		25.31
B		24.77		(0.22	)		—		3.22			3.00			—			(4.42	)		—		(4.42	)		(1.42	)		23.35
C		24.86		(0.20	)		—		3.23			3.03			—			(4.42	)		—		(4.42	)		(1.39	)		23.47
Y		27.42		0.08			—		3.60			3.68			—			(4.42	)		—		(4.42	)		(0.74	)		26.68
For the Year Ended October 31, 2005
A		22.61		(0.05	)		—		4.24			4.19			—			(0.48	)		—		(0.48	)		3.71			26.32
B		21.47		(0.24	)		—		4.02			3.78			—			(0.48	)		—		(0.48	)		3.30			24.77
C		21.52		(0.22	)		—		4.04			3.82			—			(0.48	)		—		(0.48	)		3.34			24.86
Y		23.43		0.07			—		4.40			4.47			—			(0.48	)		—		(0.48	)		3.99			27.42

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Commenced operations on February 27, 2009.
(g)	Not annualized.
(h)	Annualized.
(i)	Commenced operations on May 29, 2009.
(j)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.

22

- Ratios and Supplemental Data -
					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	11.34	%	$	1,718,214		1.36	%		1.36	%		1.36	%		(0.14	)%		91	%
	10.54			137,032		2.17			2.11			2.11			(0.85	)		—
	10.60			353,413		2.01			2.01			2.01			(0.80	)		—
	34.08	(g)		111,661		1.03	(h)		1.03	(h)		1.03	(h)		(0.07	) (h)		—
	10.57	(g)		638		1.50	(h)		1.50	(h)		1.50	(h)		(0.70	) (h)		—
	10.69	(g)		3,354		1.18	(h)		1.18	(h)		1.18	(h)		(0.28	) (h)		—
	10.82	(g)		693		0.88	(h)		0.88	(h)		0.88	(h)		(0.01	) (h)		—
	11.94			242,996		0.81			0.81			0.81			0.39			—
	(35.56	)		1,310,085		1.23			1.23			1.23			(0.09	)		94
	(36.07	)		195,738		2.01			2.01			2.01			(0.86	)		—
	(36.01	)		274,583		1.92			1.92			1.92			(0.77	)		—
	(35.28	)		163,339		0.79			0.79			0.79			0.36			—
	25.96	(j)		2,205,026		1.22			1.22			1.22			0.20			76
	24.98	(j)		454,927		1.99			1.99			1.99			(0.52	)		—
	25.08	(j)		528,342		1.91			1.91			1.91			(0.44	)		—
	26.50	(j)		134,914		0.79			0.79			0.79			0.73			—
	14.84			1,837,361		1.27			1.27			1.27			(0.13	)		84
	13.97			449,488		2.04			2.04			2.04			(0.90	)		—
	14.06			499,039		1.96			1.96			1.96			(0.82	)		—
	15.31			184,149		0.81			0.81			0.81			0.33			—
	18.85			1,677,327		1.30			1.30			1.30			(0.20	)		74
	17.92			464,175		2.08			2.08			2.08			(0.98	)		—
	18.07			499,502		1.99			1.99			1.99			(0.89	)		—
	19.40			139,273		0.83			0.83			0.83			0.26			—

23

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford MidCap Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford MidCap Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

24

The Hartford MidCap Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

The Hartford MidCap Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

26

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

The Hartford MidCap Fund

Federal Tax Information (Unaudited)

The Fund made no capital gain or income distributions for the fiscal year ended October 31, 2009.

28

The Hartford MidCap Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,132.10	$	7.31	$	1,000.00	$	1,018.35	$	6.92		1.36	%		184		365
Class B	$	1,000.00	$	1,128.30	$	11.16	$	1,000.00	$	1,014.72	$	10.56		2.08			184		365
Class C	$	1,000.00	$	1,128.70	$	10.62	$	1,000.00	$	1,015.22	$	10.06		1.98			184		365
Class I	$	1,000.00	$	1,134.00	$	5.54	$	1,000.00	$	1,020.01	$	5.24		1.03			184		365
Class R3	$	1,000.00	$	1,132.00	$	6.70	$	1,000.00	$	1,014.67	$	6.33		1.50			153		365
Class R4	$	1,000.00	$	1,133.30	$	5.28	$	1,000.00	$	1,016.01	$	4.99		1.18			153		365
Class R5	$	1,000.00	$	1,134.60	$	3.94	$	1,000.00	$	1,017.27	$	3.72		0.88			153		365
Class Y	$	1,000.00	$	1,135.20	$	4.25	$	1,000.00	$	1,021.22	$	4.02		0.79			184		365

29

The Hartford MidCap Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford MidCap Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

30

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the

31

The Hartford MidCap Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO. The Board also considered Management’s recommendation to increase the investment sub-advisory fee paid to the Sub-adviser. In this regard, the Board noted that HIFSCO, and not the Fund, would pay the increased fee. In addition, the Board noted HIFSCO’s representations that the decrease in its profitability with respect to the Fund that would result from the increased sub-advisory fee schedule would not impact the level and quality of the service that HIFSCO provides to the Fund and its shareholders.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered

32

information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

33

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-28 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford MidCap Growth Fund

The Hartford MidCap Growth Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	7
Statement of Assets and Liabilities at October 31, 2009	8
Statement of Operations for the Year Ended October 31, 2009	9
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	10
Notes to Financial Statements	11
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Federal Tax Information (Unaudited)	28
Expense Example (Unaudited)	29
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	30

The Hartford MidCap Growth Fund inception 01/01/2005
(subadvised by Hartford Investment Management Company)	Investment objective — Seeks long-term capital appreciation.

Performance Overview(1) 1/01/05 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Russell MidCap Growth Index is an unmanaged index measuring the performance of the mid-cap growth segment of the U.S. equity universe.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4) (as of 10/31/09)

	1			Since
	Year			Inception
MidCap Growth A#		24.01	%		-2.09	%
MidCap Growth A##		17.19	%		-3.23	%
MidCap Growth B#		23.43	%		-2.62	%
MidCap Growth B##		18.43	%		-2.95	%
MidCap Growth C#		23.04	%		-2.77	%
MidCap Growth C##		22.04	%		-2.77	%
MidCap Growth Y#		24.23	%		-1.73	%
Russell MidCap Growth Index		22.48	%		0.26	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Hugh Whelan, CFA	Paul Bukowski, CFA
Managing Director	Vice President

How did the Fund perform?

The Class A shares of The Hartford MidCap Growth Fund returned 24.01%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmark, the Russell Midcap Growth Index, returned 22.48%, while the average return of the Lipper Mid-Cap Growth Funds category, a group of funds with investment strategies similar to those of the Fund, was 17.58%.

Why did the fund perform this way?

The Fund’s outperformance relative (i.e. performance of the Fund as measured against the benchmark) to the benchmark for the twelve-month period was primarily due to security selection within the Industrials and Information Technology sectors. This was despite adverse security selection in the Consumer Discretionary and Energy sectors. Among the largest contributors to relative returns were overweights (i.e. the Fund’s sector position was greater than the benchmark position) in Ashland (Materials), a chemical company as well as CommScope, Inc. (Technology), a network communications company. Although the chemicals industry has struggled during the year, Ashland continues to outperform. The company is benefiting from its water technologies and consumer markets divisions (Valvoline). Technology firm CommScope was a top contributor due to its relative strength in the burgeoning internet connectivity space.

The primary detractors from relative return were overweight positions in both Century Aluminum (Materials), a major player in the aluminum industry, and Massey Energy (Energy), a coal producer. Century Aluminum suffered along with the rest of its

2

brethren due to a glut in supply of aluminum that basically bottomed out prices over the past year. Massey Energy underperformed the broader market until just recently. We believe this was due to the substitution effect with oil, as crude prices remained uncharacteristically low throughout much of the past year (low oil prices tend to result in reduced demand for alternatives, such as coal, which is Massey’s primary business).

As of the end of the period, the Fund’s top holdings included overweight positions in NVidia (Technology), a graphics technology company, and Red Hat (Technology), the open-source software giant. NVidia is a top holding due to strong management discipline, as evidenced by a solid commitment to research and development, as well as positive earnings momentum. Red Hat is a top holding due to positive earnings surprises and the company’s ability to efficiently manage working capital.

What is the outlook?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market as high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. In March, investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter. Within equities, investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and S&P 600 Small Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 Index stocks outperformed their higher quality peers.

We believe going forward, investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe still lie ahead of us.

The Fund invests in companies that have compelling stock characteristics versus the Russell Midcap Growth Index. The Fund’s systematic approach weighs 30 fundamental characteristics across four broad categories, including business behavior, management behavior, valuation and investor behavior. This analysis is used to build a broadly diversified portfolio of companies, with sector weightings determined largely by the attractiveness of specific stocks within the Fund’s investment universe. Overall, the Fund tends to invest in financially efficient companies with attractive valuations and strong balance sheets. We believe this approach will yield attractive risk-adjusted returns relative to the Russell Midcap Growth Index over the long term.

At a meeting held on November 5, 2009, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc. (the “Company”) approved a Form of Agreement and Plan of Reorganization (the “Reorganization Agreement”) that provides for the reorganization of The Hartford Select MidCap Value Fund (“Select MidCap Value Fund”), a series of the Company, into The Hartford MidCap Growth Fund (“MidCap Growth Fund”), another series of the Company (the “Reorganization”). The Reorganization does not require shareholder approval. The Reorganization is expected to occur on or about February 19, 2010, or on such date as the officers of the Company determine.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Capital Goods (Industrials)		11.7	%
Commercial & Professional Services (Industrials)		3.1
Consumer Durables & Apparel (Consumer Discretionary)		3.2
Consumer Services (Consumer Discretionary)		3.1
Diversified Financials (Financials)		8.1
Energy (Energy)		5.3
Food, Beverage & Tobacco (Consumer Staples)		5.3
Health Care Equipment & Services (Health Care)		8.4
Household & Personal Products (Consumer Staples)		1.0
Insurance (Financials)		1.8
Materials (Materials)		5.9
Media (Consumer Discretionary)		2.3
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		3.0
Real Estate (Financials)		1.1
Retailing (Consumer Discretionary)		9.0
Semiconductors & Semiconductor Equipment (Information Technology)		6.1
Software & Services (Information Technology)		10.9
Technology Hardware & Equipment (Information Technology)		6.5
Telecommunication Services (Services)		1.3
Transportation (Industrials)		1.1
Utilities (Utilities)		1.4
Short-Term Investments		0.3
Other Assets and Liabilities		0.1
Total		100.0	%

3

The Hartford MidCap Growth Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.6%
		Capital Goods - 11.7%
	3	Alliant Techsystems, Inc. •	$	202
	5	Armstrong World Industries, Inc. •		201
	4	Carlisle Cos., Inc.		130
	2	Cummins, Inc.		101
	10	Donaldson Co., Inc.		371
	2	Flowserve Corp.		226
	6	Fluor Corp.		275
	6	Graco, Inc.		161
	4	Harsco Corp.		124
	6	Jacobs Engineering Group, Inc.•		233
	2	Joy Global, Inc.		119
	21	Masco Corp.		243
	7	McDermott International, Inc. •		147
	8	Owens Corning, Inc. •		173
	3	Precision Castparts Corp.		275
	2	Roper Industries, Inc.		106
	8	Shaw Group, Inc. •		200
	5	Sunpower Corp. •		130
	5	Thomas & Betts Corp. •		154
	6	Toro Co.		207
	2	TransDigm Group, Inc.		96
	5	URS Corp. •		187
	2	W.W. Grainger, Inc.		150
				4,211
		Commercial & Professional Services - 3.1%
	4	Copart, Inc. •		143
	3	Dun & Bradstreet Corp.		227
	4	Equifax, Inc. •		112
	2	FTI Consulting, Inc. •		88
	6	Iron Mountain, Inc. •		156
	19	R.R. Donnelley & Sons Co.		388
				1,114
		Consumer Durables & Apparel - 3.2%
	11	Coach, Inc.		361
	6	Garmin Ltd.		184
	5	Mattel, Inc.		102
	6	MDC Holdings, Inc.		199
	2	Polo Ralph Lauren Corp.		120
	22	Pulte Homes, Inc.		202
				1,168
		Consumer Services - 3.1%
	4	Apollo Group, Inc. Class A •		239
	3	Darden Restaurants, Inc.		80
	7	H & R Block, Inc.		125
	11	International Game Technology		195
	5	Marriott International, Inc. Class A		131
	12	MGM Mirage, Inc. •		114
	1	Strayer Education, Inc.		112
	3	WMS Industries, Inc. •		126
				1,122
		Diversified Financials - 8.1%
	7	Eaton Vance Corp.		200
	7	Federated Investors, Inc.		171
	2	IntercontinentalExchange, Inc. •		164
	5	Invesco Ltd.		110
	12	Janus Capital Group, Inc.		152
	5	Jefferies Group, Inc.		125
	3	Lazard Ltd.		119
	18	Moody’s Corp.		433
	13	MSCI, Inc. •		401
	9	SEI Investments Co.		159
	8	T. Rowe Price Group, Inc.		368
	15	TD Ameritrade Holding Corp. •		290
	9	Waddell and Reed Financial, Inc. Class A		260
				2,952
		Energy - 5.3%
	8	Cameron International Corp. •		294
	4	Consol Energy, Inc.		177
	1	Diamond Offshore Drilling, Inc.		120
	7	Exterran Holdings, Inc. •		151
	5	Helmerich & Payne, Inc.		205
	10	Massey Energy Co.		297
	2	Oceaneering International, Inc. •		105
	10	Patterson-UTI Energy, Inc.		150
	5	Pride International, Inc. •		146
	5	Rowan Companies, Inc.		121
	14	Tesoro Corp.		198
				1,964
		Food, Beverage & Tobacco - 5.3%
	4	Brown-Forman Corp.		175
	6	Campbell Soup Co.		192
	7	Coca-Cola Enterprises, Inc.		134
	14	Dean Foods Co. •		258
	11	H.J. Heinz Co.		424
	4	Hansen National Corp.•		148
	4	Hershey Co.		163
	3	Hormel Foods Corp.		118
	4	Lorillard, Inc.		308
				1,920
		Health Care Equipment & Services - 8.4%
	4	Bard (C.R.), Inc.		326
	2	Cerner Corp. •		135
	7	CIGNA Corp.		203
	14	Coventry Health Care, Inc. •		278
	4	Henry Schein, Inc. •		203
	5	Hospira, Inc. •		228
	9	Humana, Inc. •		327
	—	Intuitive Surgical, Inc. •		118
	3	Kinetic Concepts, Inc.•		93
	6	Laboratory Corp. of America Holdings •		426
	9	Omnicare, Inc.		184
	4	Quest Diagnostics, Inc.		246
	31	Tenet Healthcare Corp. •		156
	3	Varian Medical Systems, Inc. •		129
				3,052
		Household & Personal Products - 1.0%
	7	Avon Products, Inc.		237
	4	Herbalife Ltd.		130
				367

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount			Market Value ╪
		Insurance - 1.8%
	6	Arthur J. Gallagher & Co.		130
	5	Marsh & McLennan Cos., Inc.		117
	13	Principal Financial Group, Inc.		325
	6	Progressive Corp.		90
				662
COMMON STOCKS - 99.6% — (continued)
		Materials - 5.9%
	13	Ashland, Inc.	$	440
	7	Cliff’s Natural Resources, Inc.		258
	3	Lubrizol Corp.		200
	11	Owens-Illinois, Inc. •		338
	7	Pactiv Corp. •		159
	6	Schnitzer Steel Industries, Inc.		255
	4	Terra Industries, Inc.		124
	6	Walter Energy, Inc.		354
				2,128
		Media - 2.3%
	9	Discovery Communications, Inc. •		226
	4	Marvel Entertainment, Inc. •		195
	10	McGraw-Hill Cos., Inc.		277
	4	Scripps Networks Interactive Class A		155
				853
		Pharmaceuticals, Biotechnology & Life Sciences - 3.0%
	1	Mettler-Toledo International, Inc. •		101
	2	Millipore Corp. •		101
	10	Mylan, Inc. •		156
	5	OSI Pharmaceuticals, Inc. •		163
	15	Valeant Pharmaceuticals International •		438
	3	Waters Corp. •		151
				1,110
		Real Estate - 1.1%
	6	Plum Creek Timber Co., Inc.		176
	3	Public Storage		222
				398
		Retailing - 9.0%
	2	Advance Automotive Parts, Inc.		89
	12	Aeropostale, Inc. •		458
	1	AutoZone, Inc. •		94
	7	Bed Bath & Beyond, Inc. •		248
	14	Chico’s FAS, Inc. •		171
	2	Dollar Tree, Inc. •		99
	9	Expedia, Inc. •		193
	3	Guess?, Inc.		110
	9	Limited Brands, Inc.		156
	5	LKQ Corp. •		90
	4	Netflix, Inc. •		232
	5	Nordstrom, Inc.		169
	16	Office Depot, Inc. •		95
	2	Priceline.com, Inc. •		309
	8	Ross Stores, Inc.		352
	2	Sherwin-Williams Co.		140
	3	Tiffany & Co.		114
	6	TJX Cos., Inc.		208
				3,327
		Semiconductors & Semiconductor Equipment - 6.1%
	11	Altera Corp.		213
	34	Cypress Semiconductor Corp. •		290
	13	Linear Technology Corp.		335
	21	Marvell Technology Group Ltd. •		287
	20	National Semiconductor Corp.		257
	45	NVIDIA Corp. •		535
	4	Varian Semiconductor Equipment Associates, Inc. •		124
	8	Xilinx, Inc.		184
				2,225
		Software & Services - 10.9%
	2	Alliance Data Systems Corp. •		118
	10	Autodesk, Inc. •		244
	6	BMC Software, Inc. •		229
	5	Broadridge Financial Solutions, Inc.		106
	13	CA, Inc.		270
	6	Citrix Systems, Inc. •		222
	2	Factset Research Systems, Inc.		158
	12	Fidelity National Information Services, Inc.		267
	3	Fiserv, Inc. •		154
	2	Global Payments, Inc.		113
	8	Intuit, Inc. •		241
	4	Lender Processing Services		157
	49	Novell, Inc. •		201
	11	Paychex, Inc.		326
	18	Red Hat, Inc. •		470
	3	Salesforce.com, Inc. •		192
	9	Synopsys, Inc. •		187
	6	Total System Services, Inc.		90
	10	VeriSign, Inc. •		220
				3,965
		Technology Hardware & Equipment - 6.5%
	3	Diebold, Inc.		91
	2	Dolby Laboratories, Inc. Class A •		103
	6	F5 Networks, Inc. •		287
	6	FLIR Systems, Inc. •		153
	17	NCR Corp. •		171
	13	NetApp, Inc. •		345
	12	QLogic Corp. •		212
	8	SanDisk Corp. •		172
	15	Seagate Technology		211
	12	Teradata Corp. •		321
	4	Western Digital Corp. •		149
	6	Zebra Technologies Corp. Class A •		150
				2,365
		Telecommunication Services - 1.3%
	4	Crown Castle International Corp. •		109
	4	NII Holdings, Inc. Class B •		105
	10	SBA Communications Corp. •		277
				491
		Transportation - 1.1%
	4	C.H. Robinson Worldwide, Inc.		210
	5	Expeditors International of Washington, Inc.		176
				386
		Utilities - 1.4%
	22	AES Corp. •		287
	10	Calpine Corp. •		114
	3	Constellation Energy Group, Inc.		99
				500
		Total common stocks (cost $32,398)	$	36,280
		Total long-term investments (cost $32,398)	$	36,280

The accompanying notes are an integral part of these financial statements.

5

The Hartford MidCap Growth Fund

Schedule of Investments
October 31, 2009
(000’s Omitted

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 0.3%
		Repurchase Agreements - 0.1%
		BNP Paribas Securities Corp. Repurchase Agreement (maturing on 11/02/2009 in the amount of $27, collateralized by U.S. Treasury Bond 5.25% - 7.88%, 2021 - 2029, value of $28)
$	27	0.06%, 10/30/2009			$	27
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $14, collateralized by U.S. Treasury Bond 5.00%, 2037, U.S. Treasury Note 3.13% - 4.63%, 2013 - 2017, value of $14)
	14	0.06%, 10/30/2009				14
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/02/2009 in the amount of $12, collateralized by U.S. Treasury Note 1.50%, 2010, value of $13)
	12	0.04%, 10/30/2009				12
						53
		U.S. Treasury Bills - 0.2%
	65	0.07%, 1/14/2010o				65
		Total short-term investments (cost $118)			$	118
		Total investments (cost $32,516)5	99 .9	%	$	36,398
		Other assets and liabilities	0 .1	%		45
		Total net assets	100.0	%	$	36,443

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

5 At October 31, 2009, the cost of securities for federal income tax purposes was $33,713 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	4,643
Unrealized Depreciation		(1,958	)
Net Unrealized Appreciation	$	2,685

•	Currently non-income producing.
o	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

6

The Hartford MidCap Growth Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks ‡	$	36,280	$	36,280	$	—	$	—
Short-Term Investments		118		—		118		—
Total	$	36,398	$	36,280	$	118	$	—

‡ The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

7

The Hartford MidCap Growth Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $32,516)	$	36,398
Cash		—
Receivables:
Investment securities sold		56
Fund shares sold		136
Dividends and interest		17
Other assets		42
Total assets		36,649
Liabilities:
Payables:
Fund shares redeemed		175
Investment management fees		5
Distribution fees		2
Accrued expenses		24
Total liabilities		206
Net assets	$	36,443
Summary of Net Assets:
Capital stock and paid-in-capital		49,814
Accumulated undistributed net investment income		—
Accumulated net realized loss on investments		(17,253	)
Unrealized appreciation of investments		3,882
Net assets	$	36,443
Shares authorized		800,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	7.49/$7.93
Shares outstanding		3,367
Net assets	$	25,208
Class B: Net asset value per share	$	7.27
Shares outstanding		467
Net assets	$	3,396
Class C: Net asset value per share	$	7.21
Shares outstanding		801
Net assets	$	5,778
Class Y: Net asset value per share	$	7.64
Shares outstanding		270
Net assets	$	2,061

The accompanying notes are an integral part of these financial statements.

8

The Hartford MidCap Growth Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	314
Interest		1
Securities lending		9
Less: Foreign tax withheld		—
Total investment income		324
Expenses:
Investment management fees		197
Transfer agent fees		126
Distribution fees
Class A		47
Class B		28
Class C		41
Custodian fees		14
Accounting services fees		3
Registration and filing fees		43
Board of Directors’ fees		3
Audit fees		6
Other expenses		16
Total expenses (before waivers and fees paid indirectly)		524
Expense waivers		(120	)
Transfer agent fee waivers		(50	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(170	)
Total expenses, net		354
Net Investment Loss		(30	)
Net Realized Loss on Investments and Other Financial Instruments:
Net realized loss on investments in securities		(11,650	)
Net realized gain on futures		792
Net Realized Loss on Investments and Other Financial Instruments		(10,858	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments:
Net unrealized appreciation of investments		16,390
Net unrealized depreciation of futures		(18	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments		16,372
Net Gain on Investments and Other Finanical Instruments		5,514
Net Increase in Net Assets Resulting from Operations	$	5,484

The accompanying notes are an integral part of these financial statements.

9

The Hartford MidCap Growth Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment loss	$	(30	)	$	(50	)
Net realized loss on investments and other financial instruments		(10,858	)		(6,355	)
Net unrealized appreciation (depreciation) of investments and other financial instruments		16,372			(14,001	)
Net Increase (Decrease) In Net Assets Resulting From Operations		5,484			(20,406	)
Distributions to Shareholders:
From net realized gain on investments
Class A		—			(2,740	)
Class B		—			(571	)
Class C		—			(598	)
Class Y		—			(14	)
Total distributions		—			(3,923	)
Capital Share Transactions:
Class A		252			17,642	*
Class B		189			767	†
Class C		1,782			1,344	‡
Class Y		1,710			132	§
Net increase from capital share transactions		3,933			19,885
Net Increase (Decrease) In Net Assets		9,417			(4,444	)
Net Assets:
Beginning of period		27,026			31,470
End of period	$	36,443		$	27,026
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	—		$	—

*	Includes merger activity in the amount of $13,927.
†	Includes merger activity in the amount of $592.
‡	Includes merger activity in the amount of $1,147.
§	Includes merger activity in the amount of $118.

The accompanying notes are an integral part of these financial statements.

10

The Hartford MidCap Growth Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford MidCap Growth Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market

11

The Hartford MidCap Growth Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Debt securities (other than short-term obligations and senior floating rate interests) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Senior floating rate interests generally trade in over-the-counter markets and are priced through an independent pricing service utilizing market quotations from loan dealers or financial institutions. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Futures contracts are valued at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively. If a settlement price is not available, futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the mean of the closing bid and asked prices as of the Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

12

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.

Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.

c)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Hartford Investment Management Company (“Hartford Investment Management”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
d)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
e)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that

13

The Hartford MidCap Growth Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.

f)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had no investments in indexed securities as of October 31, 2009.
g)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
h)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
i)	Additional Derivative Instrument(s) Information
	The volume of derivative activity was minimal during the year ended October 31, 2009.

14

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps		Total
Equity contracts	$	—	$	—	$	792	$	—	$	—	$	792
Total	$	—	$	—	$	792	$	—	$	—	$	792

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
								Forward
			Purchased					Currency
Risk Exposure Category	Written Options		Options		Futures			Contracts		Swaps		Total
Equity contracts		—		—		(18	)		—		—	$	(18	)
Total	$	—	$	—	$	(18	)	$	—	$	—	$	(18	)

j)	Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law.
	In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Futures and Options:

Futures and Options Transactions — The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.

At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.

The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. As of October 31, 2009, there were no outstanding futures contracts.

An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.

The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of

15

The Hartford MidCap Growth Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. As of October 31, 2009, there were no outstanding purchased or written option contracts.

4. Federal Income Taxes:

a)	Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	—	$	3,444
Long-Term Capital Gains *		—		479

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Accumulated Capital Losses *	$	(16,055	)
Unrealized Appreciation †		2,684
Total Accumulated Deficit	$	(13,371	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

16

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase undistributed net investment income by $30, increase accumulated net realized gain on investments by $14, and decrease paid-in-capital by $44.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2015	$	11
2016		4,493
2017		11,551
Total	$	16,055

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

5. Expenses:

a)

Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.75	%
On next $500 million		0.70	%
On next $4 billion		0.65	%
On next $5 billion		0.63	%
Over $10 billion		0.62	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

17

The Hartford MidCap Growth Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class Y
1.35%		2.10	%		2.10	%		0.95	%

d)	Fees Paid Indirectly — The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2009, this amount is included in the Statement of Operations.
	The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.21	%		1.35	%		1.36	%		1.48	%		1.49	%*
Class B Shares		1.59			1.82			1.95			2.09			2.24	*
Class C Shares		1.88			1.99			2.11			2.23			2.24	*
Class Y Shares		0.95			0.95			1.01			1.08			1.09	*

* From January 1, 2005 (commencement of operations), through October 31, 2005.

e)	Distribution and Service Plan for Class A, B and C Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $172 and contingent deferred sales charges of $11 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B and C shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the Distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $9. These commissions are in turn paid to sales representatives of the broker/dealers.

18

f) Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $80 for providing such services. These fees are accrued daily and paid monthly.

6. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	50,248
Sales Proceeds Excluding U.S. Government Obligations		45,429

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		2,017		—		(2,176	)		—		(159	)		808		248		(687	)		1,423		1,792
Amount	$	12,998	$	—	$	(12,746	)	$	—	$	252		$	7,212	$	2,583	$	(6,080	)	$	13,927	$	17,642
Class B
Shares		189		—		(161	)		—		28			112		53		(149	)		62		78
Amount	$	1,168	$	—	$	(979	)	$	—	$	189		$	984	$	542	$	(1,351	)	$	592	$	767
Class C
Shares		624		—		(336	)		—		288			173		52		(215	)		120		130
Amount	$	3,851	$	—	$	(2,069	)	$	—	$	1,782		$	1,566	$	522	$	(1,891	)	$	1,147	$	1,344
Class Y
Shares		270		—		(22	)		—		248			—		1		—			12		13
Amount	$	1,889	$	—	$	(179	)	$	—	$	1,710		$	—	$	14	$	—		$	118	$	132

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		18	$	113
For the Year Ended October 31, 2008		11	$	100

8.

Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

19

The Hartford MidCap Growth Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

9.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.
10.	Subsequent Events:
	At a meeting held on November 5, 2009, the Board of Directors of The Hartford Mutual Funds, Inc. approved a Form of Agreement and Plan of Reorganization that provides for the tax-free reorganization of The Hartford Select MidCap Value Fund, a series of the Company, into the Fund. The reorganization does not require shareholder approval. The reorganization is expected to occur on or about February 19, 2010 or on such date as the officers of the Company determine.
	Effective as of the close of business on December 11, 2009, in anticipation of the reorganization, shares of Classes A, B, C, and Y of The Hartford Select MidCap Value Fund will no longer be sold to new investors or existing shareholders (except through reinvested dividends) or be eligible for exchanges from other Hartford Mutual Funds.
	At the same Board meeting, the Board also approved a change to the name of the Fund to The Hartford Small/Mid Cap Equity Fund. In connection with this change, effective February 1, 2010, prior to the Closing Date, the Fund’s principal investment strategy will be revised.
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

20

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21

The Hartford MidCap Growth Fund

Financial Highlights

— Selected Per-Share Data (a) —

	Net Asset							Net Realized																Net Increase
	Value at							and Unrealized			Total from			Dividends from		Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment		from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income		Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	6.04	$	—		$	—	$	1.45		$	1.45		$	—	$	—		$	—	$	—		$	1.45		$	7.49
B		5.89		(0 .02	)		—		1.40			1.38			—		—			—		—			1.38			7.27
C		5.86		(0 .04	)		—		1.39			1.35			—		—			—		—			1.35			7.21
Y		6.15		0.01			—		1.48			1.49			—		—			—		—			1.49			7.64
For the Year Ended October 31, 2008
A		12.73		—			—		(5.11	)		(5.11	)		—		(1.58	)		—		(1.58	)		(6.69	)		6.04
B		12.50		(0 .06	)		—		(4.97	)		(5.03	)		—		(1.58	)		—		(1.58	)		(6.61	)		5.89
C		12.46		(0 .08	)		—		(4.94	)		(5.02	)		—		(1.58	)		—		(1.58	)		(6.60	)		5.86
Y		12.88		0.05			—		(5.20	)		(5.15	)		—		(1.58	)		—		(1.58	)		(6.73	)		6.15
For the Year Ended October 31, 2007
A		11.28		(0 .05	)		—		1.98			1.93			—		(0.48	)		—		(0.48	)		1.45			12.73
B		11.14		(0 .11	)		—		1.95			1.84			—		(0.48	)		—		(0.48	)		1.36			12.50
C		11.13		(0 .13	)		—		1.94			1.81			—		(0.48	)		—		(0.48	)		1.33			12.46
Y		11.36		(0 .57	)		—		2.57			2.00			—		(0.48	)		—		(0.48	)		1.52			12.88
For the Year Ended October 31, 2006
A		10.14		(0 .08	)		—		1.32			1.24			—		(0.10	)		—		(0.10	)		1.14			11.28
B		10.08		(0 .15	)		—		1.31			1.16			—		(0.10	)		—		(0.10	)		1.06			11.14
C		10.08		(0 .15	)		—		1.30			1.15			—		(0.10	)		—		(0.10	)		1.05			11.13
Y		10.17		(0 .04	)		—		1.33			1.29			—		(0.10	)		—		(0.10	)		1.19			11.36
From (commencement of operations) January 1, 2005, through October 31, 2005
A(f)		10.06		(0 .06	)		—		0.14			0.08			—		—			—		—			0.08			10.14
B(f)		10.06		(0 .09	)		—		0.11			0.02			—		—			—		—			0.02			10.08
C(f)		10.06		(0 .09	)		—		0.11			0.02			—		—			—		—			0.02			10.08
Y(f)		10.06		(0 .05	)		—		0.16			0.11			—		—			—		—			0.11			10.17

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Commenced operations on January 1, 2005.
(g)	Not annualized.
(h)	Annualized.

22

— Ratios and Supplemental Data —

			Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
			Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net Investment
	Net Assets at End		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio
Total Return(b)	of Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Turnover Rate(d)
24.01%	$	25,208		1.76	%		1.21	%		1.21	%		0.03	%		172	%
23.43		3,396		2.89			1.59			1.59			(0.37	)		—
23.04		5,778		2.59			1.88			1.88			(0.67	)		—
24.23		2,061		1.01			0.95			0.95			0.18			—
(45.38)		21,304		1.50			1.35			1.35			0.05			292
(45.59)		2,584		2.56			1.82			1.82			(0.63	)		—
(45.67)		3,002		2.39			1.99			1.99			(0.89	)		—
(45.12)		136		0.98			0.95			0.95			0.67			—
17.76		22,074		1.60			1.37			1.37			(0.43	)		186
17.15		4,509		2.55			1.96			1.96			(1.01	)		—
16.89		4,772		2.40			2.12			2.12			(1.17	)		—
18.28		115		1.11			1.03			1.03			(0.44	)		—
12.31		23,542		1.69			1.50			1.50			(0.85	)		99
11.58		3,725		2.67			2.11			2.11			(1.46	)		—
11.48		3,861		2.52			2.26			2.26			(1.60	)		—
12.77		28,868		1.13			1.11			1.11			(0.45	)		—
0.80 (g)		14,995		2.22	(h)		1.50	(h)		1.50	(h)		(0.95	) (h)		97
0.20 (g)		2,354		3.35	(h)		2.25	(h)		2.25	(h)		(1.70	) (h)		—
0.20 (g)		1,741		3.26	(h)		2.25	(h)		2.25	(h)		(1.70	) (h)		—
1.09 (g)		210		1.66	(h)		1.10	(h)		1.10	(h)		(0.55	) (h)		—

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford MidCap Growth Fund (formerly known as The Hartford Select MidCap Growth Fund) (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford MidCap Growth Fund (formerly known as The Hartford Select MidCap Growth Fund) of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

24

The Hartford MidCap Growth Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

The Hartford MidCap Growth Fund

Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 - 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

26

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

The Hartford MidCap Growth Fund

Federal Tax Information (Unaudited)

The Fund made no capital gain or income distributions for the fiscal year ended October 31, 2009.

28

The Hartford MidCap Growth Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,194.60	$	6.86	$	1,000.00	$	1,018.95	$	6.31		1.24	%		184		365
Class B	$	1,000.00	$	1,191.80	$	9.34	$	1,000.00	$	1,016.69	$	8.59		1.69			184		365
Class C	$	1,000.00	$	1,189.80	$	10.71	$	1,000.00	$	1,015.43	$	9.86		1.94			184		365
Class Y	$	1,000.00	$	1,197.50	$	5.26	$	1,000.00	$	1,020.42	$	4.84		0.95			184		365

29

The Hartford MidCap Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford MidCap Growth Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

30

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record. The Board considered information indicating that the Fund has underperformed relative to its peers or benchmark and the causes of the underperformance. The Board noted HIFSCO’s and the Sub-adviser’s plans to address performance going forward.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

31

The Hartford MidCap Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

32

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-30 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUND 2009 Annual Report The Hartford MidCap Value Fund

The Hartford MidCap Value Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	7
Statement of Assets and Liabilities at October 31, 2009	8
Statement of Operations for the Year Ended October 31, 2009	9
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	10
Notes to Financial Statements	11
Financial Highlights	20
Report of Independent Registered Public Accounting Firm	22
Directors and Officers (Unaudited)	23
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	25
Quarterly Portfolio Holdings Information (Unaudited)	25
Federal Tax Information (Unaudited)	26
Expense Example (Unaudited)	27
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	28

The Hartford MidCap Value Fund inception 04/30/2001
(subadvised by Wellington Management Company, LLP)

Investment objective — Seeks long-term capital appreciation.

Performance Overview(1) 4/30/01 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Russell 2500 Value Index is an unmanaged index measuring the performance of those Russell 2500 Index companies with lower price-to-book ratios and lower forecasted growth values.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
MidCap Value A#		28.63	%		1.74	%		4.08	%
MidCap Value A##		21.56	%		0.59	%		3.39	%
MidCap Value B#		28.03	%		1.03	%	NA		*
MidCap Value B##		23.03	%		0.80	%	NA		*
MidCap Value C#		27.69	%		0.97	%		3.33	%
MidCap Value C##		26.69	%		0.97	%		3.33	%
MidCap Value Y#		29.08	%		2.16	%		4.54	%
Russell 2500 Value Index		8.55	%		0.88	%		5.48	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	Inception returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1) Growth of a $10,000 investment in Classes B, C and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.

(2) The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.

(3) Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.

(4) Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Manager
James N. Mordy
Senior Vice President, Partner

How did the Fund perform?

The Class A shares of The Hartford MidCap Value Fund returned 28.63%, before sales charge, for the twelve-month period ended October 31, 2009, outperforming its benchmark, the Russell 2500 Value Index, which returned 8.55% for the same period. The Fund also outperformed the 18.99% return of the average fund in the Lipper Mid-Cap Value Fund peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Following a weak start, the markets posted positive returns for the year ended October 31, 2009. During the latter half of the period, investors rotated back into the cyclical sectors of the equity market and demonstrated a willingness to once again embrace risk, despite continuing softness in demand and high unemployment.

During the period, mid cap stocks (18.2%) outperformed small (6.5%) and large cap stocks (9.8%), as measured by the S&P MidCap 400, Russell 2000 and S&P 500 indices, respectively. Growth stocks (11.3%) outpaced Value stocks (8.6%) during the period, as measured by the Russell 2500 Growth and Russell 2500 Value indices; however, this trend reversed somewhat over the final four months of the period. Within the Russell 2500 Value Index, nine out of ten sectors posted positive returns. Information Technology and Consumer Discretionary were the strongest positive performers. Financials was the only sector to post negative returns during the period.

2

The Fund’s relative outperformance as measured against the benchmark was primarily driven by strong stock selection. Stock selection was strongest within the Financials, Consumer Staples and Materials sectors. Overall sector allocation, a result of bottom-up (i.e. stock by stock fundamental research) security selection, contributed positively to relative performance, particularly our underweight (i.e. the Fund’s sector position was less than the benchmark position) position in Financials and overweight (i.e. the Fund’s sector position was greater than the benchmark position) positions in Information Technology, Health Care and Consumer Discretionary.

The largest contributors to absolute (i.e. total return) and benchmark-relative performance included PHH Corp. (Financials), Virgin Media (Consumer Discretionary) and Marine Harvest (Consumer Staples). Shares of PHH, a leading provider of private label mortgage services and commercial fleet vehicle management, rose during the period due to a recovery in mortgage volumes and some resolution of funding issues within fleet management. Virgin Media is a U.K. cable television operator whose share price rose due to improved fundamentals. The company now enjoys a favorable pricing environment and technology advantage versus its competitors. Salmon farming company Marine Harvest’s shares moved significantly higher as the global supply-demand balance tightened and fish prices increased. In addition, Wall Street’s concerns that the company would need to raise equity to repay debt abated as interest coverage metrics improved. We held positions in these three stocks at the end of the period.

The largest detractors from absolute and relative returns included Delta Air Lines (Industrials), Popular (Financials) and Newell Rubbermaid (Consumer Staples). Shares of Delta fell as demand for air travel declined even faster than aggressive industry capacity cuts, while a decline in high-fare business travel also affected revenue-per-seat metrics. Shares of Popular, the largest bank in Puerto Rico, declined due to increasing credit losses brought on by the economic recession. Shares of global consumer products company Newell Rubbermaid, which we sold last spring, declined due to a disappointing sales outlook, two dividend cuts, and a dilutive convertible offering to restructure the company’s debt maturities.

What is the outlook?

We believe the global recovery is underway, driven by unprecedented synchronized economic stimulus. Financial market pressures have eased, manufacturers are boosting output after excessive production cuts earlier in the year, consumer spending is perking up, housing is stabilizing, and employment is falling at a slower pace. We believe corporate productivity should remain robust and fuel increased profitability. We estimate that U.S. GDP can expand at a 3-4% pace over the balance of 2009, before settling back to 2-3% for 2010. While we believe job growth could surprise positively in early 2010 and the Fed is unlikely to raise the discount rate anytime soon, we are conscious of several headwinds going forward. Nonresidential construction remains weak, state and local government budgets are stressed, financial and consumer deleveraging will continue, and the Federal Reserve (Fed) will likely stop purchasing Treasuries and mortgages over the next several months, which should lead to some increase in rates.

We ended the period roughly neutral relative to the benchmark in our weighting of the more cyclical sectors. As of October 31, 2009, the Fund was most overweight in the Information Technology, Health Care and Materials sectors, and most underweight in the Financials (REITs in particular), Utilities and Industrials sectors. During the period, we reduced our underweight position to Financials, as government action has provided some level of support to valuations. We also trimmed our overweight in Health Care, a sector that worked well through the downturn but now faces, at a minimum, increased headline risk. On the consumer front, we went from underweight to overweight in Consumer Discretionary, a sector that seemed oversold to us, particularly as we anticipated some stabilization in retail and housing.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		0.9	%
Banks (Financials)		2.7
Capital Goods (Industrials)		9.6
Consumer Durables & Apparel (Consumer Discretionary)		5.4
Consumer Services (Consumer Discretionary)		0.9
Diversified Financials (Financials)		8.0
Energy (Energy)		6.2
Food, Beverage & Tobacco (Consumer Staples)		3.4
Health Care Equipment & Services (Health Care)		3.6
Insurance (Financials)		10.4
Materials (Materials)		9.4
Media (Consumer Discretionary)		2.7
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		4.0
Real Estate (Financials)		4.0
Retailing (Consumer Discretionary)		4.3
Semiconductors & Semiconductor Equipment (Information Technology)		3.9
Software & Services (Information Technology)		1.7
Technology Hardware & Equipment (Information Technology)		8.2
Transportation (Industrials)		2.9
Utilities (Utilities)		6.4
Short-Term Investments		1.3
Other Assets and Liabilities		0.1
Total		100.0	%

3

The Hartford MidCap Value Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 98.6%
		Automobiles & Components — 0.9%
	105	TRW Automotive Holdings Corp. •	$	1,640
		Banks — 2.7%
	34	Beneficial Mutual Bancorp, Inc. •		315
	53	Comerica, Inc.		1,482
	290	Huntington Bancshares, Inc.		1,105
	452	Popular, Inc.		977
	50	SunTrust Banks, Inc.		957
				4,836
		Capital Goods — 9.6%
	61	AMETEK, Inc.		2,132
	92	Barnes Group, Inc.		1,453
	37	Dover Corp.		1,409
	78	Kennametal, Inc.		1,847
	107	Pentair, Inc.		3,114
	45	Teledyne Technologies, Inc. •		1,534
	64	Terex Corp. •		1,284
	93	Textron, Inc.		1,659
	49	Thomas & Betts Corp. •		1,659
	36	URS Corp. •		1,387
				17,478
		Consumer Durables & Apparel — 5.4%
	95	Mattel, Inc.		1,804
	115	MDC Holdings, Inc.		3,741
	113	Toll Brothers, Inc. •		1,959
	32	V.F. Corp.		2,273
				9,777
		Consumer Services — 0.9%
	501	Thomas Cook Group plc		1,678
		Diversified Financials — 8.0%
	29	Affiliated Managers Group, Inc. •		1,823
	101	Ameriprise Financial, Inc.		3,505
	112	Invesco Ltd.		2,375
	269	PHH Corp. •		4,341
	124	TD Ameritrade Holding Corp. •		2,391
				14,435
		Energy — 6.2%
	83	Cie Gen Geophysique ADR •		1,653
	46	Consol Energy, Inc.		1,961
	88	Newfield Exploration Co. •		3,622
	21	Noble Energy, Inc.		1,404
	56	SBM Offshore N.V.		1,066
	35	Smith International, Inc.		959
	25	Weatherford International Ltd. •		433
				11,098
		Food, Beverage & Tobacco — 3.4%
	8	BRF Brasil Foods S.A. ADR •		368
	28	Bunge Ltd. Finance Corp.		1,586
	1,936	First Pacific Co., Ltd. ⌂		1,143
	387	First Pacific Co., Ltd. Rights		62
	69	Marfig Frigorificos E Comer •		786
	589	Marine Harvest •		427
	76	Perdigao S.A. •		1,842
				6,214
		Health Care Equipment & Services — 3.6%
	115	Amerisource Bergen Corp.		2,554
	115	CIGNA Corp.		3,207
	11	Laboratory Corp. of America Holdings •		758
				6,519
		Insurance — 10.4%
	37	Everest Re Group Ltd.		3,255
	62	Fidelity National Financial, Inc.		840
	31	First American Financial Corp.		945
	21	PartnerRe Ltd.		1,598
	76	Platinum Underwriters Holdings Ltd.		2,715
	68	Principal Financial Group, Inc.		1,693
	92	Reinsurance Group of America, Inc.		4,220
	178	Unum Group		3,555
				18,821
		Materials — 9.4%
	45	Agrium U.S., Inc.		2,089
	55	Cliff’s Natural Resources, Inc.		1,956
	49	Cytec Industries, Inc.		1,609
	56	FMC Corp.		2,877
	41	Greif, Inc.		2,194
	87	Nalco Holding Co.		1,844
	79	Owens-Illinois, Inc. •		2,509
	452	Rexam plc		2,046
				17,124
		Media — 2.7%
	344	Virgin Media, Inc.		4,809
		Pharmaceuticals, Biotechnology & Life Sciences — 4.0%
	46	Endo Pharmaceuticals Holdings, Inc. •		1,026
	385	Impax Laboratories, Inc. •		3,414
	197	King Pharmaceuticals, Inc. •		1,995
	51	Theravance, Inc. •		707
				7,142
		Real Estate — 4.0%
	115	BR Malls Participacoes S.A. •		1,229
	1,030	Chimera Investment Corp.		3,595
	52	Iguatemi Emp de Shopping		769
	112	Multiplan Empreendimentos Imobiliarios S.A.		1,692
				7,285
		Retailing — 4.3%
	108	American Eagle Outfitters, Inc.		1,891
	49	AnnTaylor Stores Corp. •		641
	2,375	Buck Holdings L.P. ⌂•†		2,976
	52	Ross Stores, Inc.		2,284
				7,792
		Semiconductors & Semiconductor Equipment — 3.9%
	60	Linear Technology Corp.		1,540
	180	Teradyne, Inc. •		1,507
	140	Varian Semiconductor Equipment Associates, Inc. •		3,973
				7,020
		Software & Services — 1.7%
	49	McAfee, Inc. •		2,035
	61	Western Union Co.		1,105
				3,140
		Technology Hardware & Equipment — 8.2%
	181	Arrow Electronics, Inc. •		4,591
	346	Flextronics International Ltd. •		2,239
	168	JDS Uniphase Corp. •		942
	3,964	Kingboard Laminates Holdings		2,772
	51	NetApp, Inc. •		1,388

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount					Market Value ╪
COMMON STOCKS — 98.6% — (continued)
		Technology Hardware & Equipment — 8.2% — (continued)
	182	Solar Cayman Ltd. ⌂•†			$	1,485
	224	Tellabs, Inc. •				1,350
						14,767
		Transportation — 2.9%
	17	Con-way, Inc.				561
	470	Delta Air Lines, Inc. •				3,352
	43	J.B. Hunt Transport Services, Inc.				1,301
						5,214
		Utilities — 6.4%
	84	Allegheny Energy, Inc.				1,921
	290	N.V. Energy, Inc.				3,319
	114	Northeast Utilities				2,635
	72	UGI Corp.				1,722
	47	Wisconsin Energy Corp.				2,035
						11,632
		Total common stocks (cost $174,448)			$	178,421
		Total long-term investments (cost $174,448)			$	178,421
SHORT-TERM INVESTMENTS — 1.3%
		Repurchase Agreements — 1.3%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $97, collateralized by GNMA 5.00%, 2039, value of $99)
$	97	0.08%, 10/30/2009			$	97
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $569, collateralized by FHLMC 4.00% — 7.00%, 2011 — 2039, FNMA 4.00% — 7.00%, 2017 — 2047, value of $581)
	569	0.08%, 10/30/2009				569
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $634, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $647)
	634	0.08%, 10/30/2009				634
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $7, collateralized by U.S. Treasury Note 2.75%, 2013, value of $7)
	7	0.05%, 10/30/2009				7
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1,099, collateralized by FNMA 4.00% — 7.50%, 2016 — 2048, value of $1,121)
	1,099	0.07%, 10/30/2009				1,099
						2,406
		Total short-term investments (cost $2,406)			$	2,406
		Total investments (cost $176,854) ▲	99 .9	%	$	180,827
		Other assets and liabilities	0 .1	%		270
		Total net assets	100.0	%	$	181,097

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 10.6% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $182,745 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	19,109
Unrealized Depreciation		(21,027	)
Net Unrealized Depreciation	$	(1,918	)

†	The aggregate value of securities valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Fund’s Board of Directors at October 31, 2009, was $4,461, which represents 2.46% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.
•	Currently non-income producing.
⌂	The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period		Shares/
Acquired		Par		Security	Cost Basis
	06/2007		2,375	Buck Holdings L.P.	$	2,378
	12/2007 — 04/2008		1,936	First Pacific Co., Ltd.		1,520

The accompanying notes are an integral part of these financial statements.

5

The Hartford MidCap Value Fund

Schedule of Investments — (continued)
October 31, 2009

(000’s Omitted)

Period		Shares/
Acquired		Par		Security	Cost Basis
	03/2007		182	Solar Cayman Ltd. — 144A	$	2,425

The aggregate value of these securities at October 31, 2009 was $5,604 which represents 3.09% of total net assets.

Forward Foreign Currency Contracts Outstanding at October 31, 2009

							Unrealized
	Market		Contract		Delivery		Appreciation/
Description	Value ╪		Amount		Date		(Depreciation)
Norwegian Krone (Sell)	$	33	$	33		11/02/09	$	—
Norwegian Krone (Sell)		149		151		11/03/09		2
Norwegian Krone (Sell)		92		92		11/04/09		—
							$	2

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

6

The Hartford MidCap Value Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009

(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks ‡	$	178,421	$	164,766	$	9,194	$	4,461
Short-Term Investments		2,406		—		2,406		—
Total	$	180,827	$	164,766	$	11,600	$	4,461
Other Financial Instruments *	$	2	$	—	$	2	$	—
Liabilities:
Other Financial Instruments *	$	—	$	—	$	—	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

	Balance as of		Change in						Transfers In			Balance as of
	October 31,		Unrealized						and/or Out of			October 31,
	2008		Appreciation			Net Sales			Level 3			2009
Assets:
Common Stock	$	8,199	$	153	*	$	(307	)	$	(3,584	)	$	4,461
Total	$	8,199	$	153		$	(307	)	$	(3,584	)	$	4,461

^* Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $153.

The accompanying notes are an integral part of these financial statements.

7

The Hartford MidCap Value Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $176,854)	$	180,827
Cash		—
Unrealized appreciation on forward foreign currency contracts		2
Receivables:
Investment securities sold		1,349
Fund shares sold		96
Dividends and interest		51
Other assets		35
Total assets		182,360
Liabilities:
Unrealized depreciation on forward foreign currency contracts		—
Bank overdraft — foreign cash		—
Payables:
Investment securities purchased		866
Fund shares redeemed		268
Investment management fees		25
Distribution fees		13
Accrued expenses		91
Total liabilities		1,263
Net assets	$	181,097
Summary of Net Assets:
Capital stock and paid-in-capital		256,356
Accumulated undistributed net investment income		57
Accumulated net realized loss on investments and foreign currency transactions		(79,287	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		3,971
Net assets	$	181,097
Shares authorized		300,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	8.37/ $8.86
Shares outstanding		15,219
Net assets	$	127,459
Class B: Net asset value per share	$	7.72
Shares outstanding		2,821
Net assets	$	21,782
Class C: Net asset value per share	$	7.70
Shares outstanding		2,993
Net assets	$	23,058
Class Y: Net asset value per share	$	8.77
Shares outstanding		1,003
Net assets	$	8,798

The accompanying notes are an integral part of these financial statements.

8

The Hartford MidCap Value Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Dividends	$	3,074
Interest		2
Securities lending		7
Less: Foreign tax withheld		(12	)
Total investment income		3,071
Expenses:
Investment management fees		1,330
Transfer agent fees		729
Distribution fees
Class A		291
Class B		221
Class C		215
Custodian fees		23
Accounting services fees		23
Registration and filing fees		45
Board of Directors’ fees		6
Audit fees		10
Other expenses		72
Total expenses (before waivers and fees paid indirectly)		2,965
Expense waivers		(423	)
Transfer agent fee waivers		(250	)
Commission recapture		(21	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(694	)
Total expenses, net		2,271
Net Investment Income		800
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(45,717	)
Net realized loss on forward foreign currency contracts		(52	)
Net realized gain on other foreign currency transactions		33
Net Realized Loss on Investments and Foreign Currency Transactions		(45,736	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		84,120
Net unrealized appreciation of forward foreign currency contracts		2
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(4	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		84,118
Net Gain on Investments and Foreign Currency Transactions		38,382
Net Increase in Net Assets Resulting from Operations	$	39,182

The accompanying notes are an integral part of these financial statements.

9

The Hartford MidCap Value Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income (loss)	$	800		$	(78	)
Net realized loss on investments and foreign currency transactions		(45,736	)		(33,349	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		84,118			(146,998	)
Net Increase (Decrease) In Net Assets Resulting From Operations		39,182			(180,425	)
Distributions to Shareholders:
From net investment income
Class A		(406	)		—
Class Y		(84	)		—
From net realized gain on investments
Class A		—			(51,758	)
Class B		—			(10,795	)
Class C		—			(11,178	)
Class Y		—			(318	)
Total distributions		(490	)		(74,049	)
Capital Share Transactions:
Class A		(27,796	)		(5,633	)
Class B		(7,929	)		(1,329	)
Class C		(6,203	)		(2,633	)
Class Y		(396	)		11,361
Net increase (decrease) from capital share transactions		(42,324	)		1,766
Net Decrease In Net Assets		(3,632	)		(252,708	)
Net Assets:
Beginning of period		184,729			437,437
End of period	$	181,097		$	184,729
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	57		$	—

The accompanying notes are an integral part of these financial statements.

10

The Hartford MidCap Value Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford MidCap Value Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading

11

The Hartford MidCap Value Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

12

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.
	Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.

13

The Hartford MidCap Value Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

g)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
h)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
i)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
j)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.

14

k)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives			Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location			Statement of Assets and Liabilities Location
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	2	Unrealized depreciation on forward foreign currency contracts	$—

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—	$	(52	)	$	—	$	(52	)
Total	$	—	$	—	$	—	$	(52	)	$	—	$	(52	)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps		Total
Foreign exchange contracts		—		—		—		2		—	$	2
Total	$	—	$	—	$	—	$	2	$	—	$	2

l) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

15

The Hartford MidCap Value Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	490	$	10,962
Long-Term Capital Gains *		—		63,087

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	57
Accumulated Capital Losses *		(73,396	)
Unrealized Depreciation †		(1,920	)
Total Accumulated Deficit	$	(75,259	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated undistributed net investment income by $253, increase accumulated net realized gain on investments by $311, and decrease paid-in-capital by $58.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	31,355
2017		42,041
Total	$	73,396

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager,

16

HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8000	%
On next $500 million		0.7250	%
On next $4 billion		0.6750	%
On next $5 billion		0.6725	%
Over $10 billion		0.6700	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class Y
1.35%	2.10%	2.10%	0.95%

d) Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.20	%		1.39	%		1.39	%		1.39	%		1.38	%
Class B Shares		1.76			2.05			2.15			2.14			2.13
Class C Shares		2.01			2.14			2.09			2.14			2.13
Class Y Shares		0.89			0.91			0.89			0.93			0.94

17

The Hartford MidCap Value Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

e)	Distribution and Service Plan for Class A, B and C Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $74 and contingent deferred sales charges of $18 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B and C shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the Distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $4. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $484 for providing such services. These fees are accrued daily and paid monthly.
g)	Payments from Affiliate — The total return in the accompanying financial highlights includes payment from affiliates. Had the payment from affiliates been excluded, the total return for the periods listed below would have been as follows:

	Impact from			Total Return
	Payment from			Excluding
	Affiliate for SEC			Payment from
	Settlement for the			Affiliate for the
	Year Ended			Year Ended
	October 31, 2007			October 31, 2007
Class A		0.01	%		16.71	%
Class B		0.01			15.85
Class C		0.01			15.93
Class Y		0.01			17.37

18

5. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	86,513
Sales Proceeds Excluding U.S. Government Obligations		129,749

6. Capital Share Transactions:

The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		875		64		(5,325	)		—		(4,386	)		386		4,447		(6,258	)		—		(1,425	)
Amount	$	6,905	$	396	$	(35,097	)	$	—	$	(27,796	)	$	3,761	$	50,611	$	(60,005	)	$	—	$	(5,633	)
Class B
Shares		34		—		(1,246	)		—		(1,212	)		58		975		(1,371	)		—		(338	)
Amount	$	228	$	—	$	(8,157	)	$	—	$	(7,929	)	$	559	$	10,316	$	(12,204	)	$	—	$	(1,329	)
Class C
Shares		88		—		(1,143	)		—		(1,055	)		54		979		(1,519	)		—		(486	)
Amount	$	661	$	—	$	(6,864	)	$	—	$	(6,203	)	$	525	$	10,367	$	(13,525	)	$	—	$	(2,633	)
Class Y
Shares		502		13		(673	)		—		(158	)		1,236		27		(229	)		—		1,034
Amount	$	3,839	$	84	$	(4,319	)	$	—	$	(396	)	$	13,312	$	318	$	(2,269	)	$	—	$	11,361

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		248	$	1,962
For the Year Ended October 31, 2008		108	$	1,071

7. Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

8. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

9. Subsequent Events:

Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

19

The Hartford MidCap Value Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	6.53	$	0.04		$	—	$	1.82		$	1.86		$	(0.02	)	$	—		$	—	$	(0.02	)	$	1.84		$	8.37
B		6.03		0.01			—		1.68			1.69			—			—			—		—			1.69			7.72
C		6.03		(0.01	)		—		1.68			1.67			—			—			—		—			1.67			7.70
Y		6.88		0.05			—		1.91			1.96			(0.07	)		—			—		(0.07	)		1.89			8.77
For the Year Ended October 31, 2008
A		14.80		0.02			—		(5.81	)		(5.79	)		—			(2.48	)		—		(2.48	)		(8.27	)		6.53
B		13.95		(0.05	)		—		(5.39	)		(5.44	)		—			(2.48	)		—		(2.48	)		(7.92	)		6.03
C		13.96		(0.06	)		—		(5.39	)		(5.45	)		—			(2.48	)		—		(2.48	)		(7.93	)		6.03
Y		15.39		0.05			—		(6.08	)		(6.03	)		—			(2.48	)		—		(2.48	)		(8.51	)		6.88
For the Year Ended October 31, 2007
A		14.57		—			—		2.14			2.14			—			(1.91	)		—		(1.91	)		0.23			14.80
B		13.93		(0.11	)		—		2.04			1.93			—			(1.91	)		—		(1.91	)		0.02			13.95
C		13.93		(0.10	)		—		2.04			1.94			—			(1.91	)		—		(1.91	)		0.03			13.96
Y		15.00		0.14			0.02		2.14			2.30			—			(1.91	)		—		(1.91	)		0.39			15.39
For the Year Ended October 31, 2006
A		13.29		0.01			—		2.59			2.60			—			(1.32	)		—		(1.32	)		1.28			14.57
B		12.85		(0.10	)		—		2.50			2.40			—			(1.32	)		—		(1.32	)		1.08			13.93
C		12.85		(0.10	)		—		2.50			2.40			—			(1.32	)		—		(1.32	)		1.08			13.93
Y		13.59		0.08			—		2.65			2.73			—			(1.32	)		—		(1.32	)		1.41			15.00
For the Year Ended October 31, 2005
A		12.89		(0.04	)		—		1.41			1.37			—			(0.97	)		—		(0.97	)		0.40			13.29
B		12.59		(0.14	)		—		1.37			1.23			—			(0.97	)		—		(0.97	)		0.26			12.85
C		12.59		(0.15	)		—		1.38			1.23			—			(0.97	)		—		(0.97	)		0.26			12.85
Y		13.11		0.01			—		1.44			1.45			—			(0.97	)		—		(0.97	)		0.48			13.59

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.

20

- Ratios and Supplemental Data -

					Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
					Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Turnover Rate(d)
	28.63	%	$	127,459		1.60	%		1.21	%		1.21	%		0.65	%		52	%
	28.03			21,782		2.53			1.78			1.78			0.09			—
	27.69			23,058		2.28			2.02			2.02			(0.16	)		—
	28.89			8,798		0.90			0.90			0.90			0.93			—
	(46.26	)		127,999		1.44			1.40			1.40			0.15			52
	(46.64	)		24,329		2.31			2.06			2.06			(0.50	)		—
	(46.68	)		24,418		2.15			2.15			2.15			(0.59	)		—
	(46.00	)		7,983		0.92			0.92			0.92			0.64			—
	16.72	(e)		311,227		1.39			1.39			1.39			—			46
	15.86	(e)		60,957		2.23			2.15			2.15			(0.75	)		—
	15.94	(e)		63,292		2.10			2.10			2.10			(0.70	)		—
	17.38	(e)		1,961		0.89			0.89			0.89			0.70			—
	21.37			305,002		1.45			1.40			1.40			0.06			40
	20.46			62,580		2.28			2.15			2.15			(0.69	)		—
	20.45			63,302		2.16			2.15			2.15			(0.69	)		—
	21.90			31,100		0.94			0.94			0.94			0.48			—
	11.31			280,662		1.49			1.40			1.40			(0.31	)		49
	10.40			59,350		2.33			2.15			2.15			(1.06	)		—
	10.40			61,194		2.19			2.15			2.15			(1.06	)		—
	11.76			39,965		0.96			0.96			0.96			0.13			—

21

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford MidCap Value Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford MidCap Value Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

22

The Hartford MidCap Value Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995–2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

23

The Hartford MidCap Value Fund

Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006–2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

24

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

25

The Hartford MidCap Value Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	100.00	%
QDI†	100.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.022		N/A		N/A		0.022
Class Y		0.072		N/A		N/A		0.072

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

26

The Hartford MidCap Value Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,213.00	$	6.97	$	1,000.00	$	1,018.90	$	6.36		1.25	%		184		365
Class B	$	1,000.00	$	1,210.00	$	10.31	$	1,000.00	$	1,015.88	$	9.40		1.85			184		365
Class C	$	1,000.00	$	1,208.80	$	11.47	$	1,000.00	$	1,014.82	$	10.46		2.06			184		365
Class Y	$	1,000.00	$	1,214.70	$	4.86	$	1,000.00	$	1,020.82	$	4.43		0.87			184		365

27

The Hartford MidCap Value Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford MidCap Value Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

28

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO. The Board also considered Management’s recommendation to increase the investment sub-advisory fee paid to the Sub-adviser. In this regard, the Board noted that HIFSCO, and not the Fund, would pay the increased fee. In addition, the Board noted HIFSCO’s representations that the decrease in its profitability with respect to the Fund that would result from the increased sub-advisory fee schedule would not impact the level and quality of the service that HIFSCO provides to the Fund and its shareholders.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

29

The Hartford MidCap Value Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

30

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-29 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford Money Market Fund

The Hartford Money Market Fund

Table of Contents

Financial Statements
Schedule of Investments at October 31, 2009	2
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	24

The Hartford Money Market Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CERTIFICATES OF DEPOSIT — 6.9%
		Finance and Insurance — 6.9%
		Barclay’s Bank plc (New York Branch)
$	4,000	0.15%, 12/02/2009	$	4,000
	4,250	0.16%, 11/23/2009		4,250
	4,250	0.18%, 01/13/2010		4,250
	4,500	0.20%, 12/23/2009		4,500
		BNP Paribas Finance
	3,500	0.19%, 11/13/2009		3,500
	2,250	0.22%, 11/18/2009		2,250
	6,250	0.23%, 01/07/2010		6,250
	5,000	0.25%, 12/10/2009		5,000
		Deutsche Bank
	4,250	0.14%, 11/06/2009		4,250
	4,500	0.17%, 12/01/2009		4,500
		State Street Bank & Trust Co.
	4,500	0.21%, 11/13/2009		4,500
		Toronto-Dominion Holdings
	6,250	0.20%, 01/26/2010		6,250
	5,250	0.50%, 11/18/2009		5,250
				58,750
		Total certificates of deposit (cost $58,750)	$	58,750
COMMERCIAL PAPER — 48.6%
		Beverage and Tobacco Product Manufacturing — 2.0%
		Coca Cola Co.
$	5,500	0.20%, 01/15/2010 ○	$	5,498
	4,500	0.21%, 12/16/2009		4,499
	7,350	0.22%, 11/20/2009		7,349
				17,346
		Chemical Manufacturing — 3.9%
		Export Development Canada
	5,500	0.15%, 02/18/2010 ○		5,497
	5,750	0.16%, 02/16/2010 ○		5,747
	3,750	0.16%, 12/02/2009		3,749
	2,000	0.17%, 12/11/2009		2,000
	3,250	0.21%, 11/18/2009		3,250
		Praxair, Inc.
	12,578	0.11%, 11/04/2009 — 11/10/2009 ○		12,578
				32,821
		Computer and Electrical Products Manufacturing — 2.0%
		Microsoft Corp.
	8,000	0.12%, 01/19/2010 ○		7,998
	6,000	0.14%, 12/16/2009		5,999
	3,000	0.18%, 11/19/2009		3,000
				16,997
		Finance and Insurance — 19.5%
		Bank of America Corp.
	2,000	0.17%, 11/24/2009 ○		2,000
	5,250	0.23%, 12/16/2009		5,249
	2,250	0.24%, 12/21/2009		2,249
	3,250	0.25%, 01/08/2010 ○		3,248
		Deutsche Bank
	4,250	0.20%, 01/05/2010 ○		4,248
		European Investment Bank
	6,000	0.11%, 11/09/2009 ○		6,000
	11,500	0.12%, 11/13/2009 — 12/22/2009 ○		11,499
	7,750	0.20%, 11/20/2009		7,749
		International Finance Corp.
	11,250	0.12%, 11/02/2009 ○		11,250
		JP Morgan Chase Funding, Inc.
	7,000	0.15%, 11/09/2009 ○		7,000
	5,500	0.20%, 01/05/2010 ○		5,498
	4,500	0.21%, 12/14/2009		4,499
		Kreditanstalt fuer Wiederaufbau
	7,600	0.12%, 11/13/2009 — 11/24/2009 ■ ○		7,600
	13,500	0.20%, 01/13/2010 — 01/19/2010 ■ ○		13,494
	4,250	0.21%, 01/29/2010 ■ ○		4,248
		Queensland Treasury Corp.
	3,750	0.15%, 12/02/2009 ○		3,750
	8,000	0.20%, 12/14/2009 — 12/21/2009		7,998
	4,500	0.23%, 02/26/2010 ○		4,497
		Rabobank USA
	2,000	0.18%, 11/24/2009		2,000
	2,000	0.19%, 11/10/2009		2,000
	4,500	0.23%, 12/01/2009		4,499
	4,500	0.24%, 11/30/2009		4,499
		Royal Bank of Canada
	3,750	0.11%, 12/18/2009 ○		3,749
	6,000	0.15%, 01/20/2010 ○		5,998
	7,250	0.16%, 11/17/2009		7,249
		State Street Corp.
	2,000	0.22%, 12/22/2009		2,000
	4,500	0.23%, 01/06/2010 ○		4,498
	2,000	0.23%, 12/21/2009		1,999
		United Technology Corp.
	10,000	0.10%, 11/02/2009 ■ ○		10,000
	4,750	0.11%, 11/19/2009 ■ ○		4,750
				165,317
		Foreign Governments — 10.7%
		British Columbia (Province of)
	3,400	0.10%, 01/28/2010 ○		3,399
	5,000	0.11%, 01/07/2010 ○		4,999
	1,000	0.15%, 01/05/2010 ○		1,000
	3,800	0.16%, 02/08/2010 ○		3,798
	11,750	0.16%, 11/13/2009 — 12/16/2009		11,748
		International Bank for Reconstruction & Development
	10,500	0.16%, 11/25/2009 — 02/01/2010 ○		10,497
	3,500	0.18%, 11/17/2009 ○		3,500
		Ontario (Province of)
	4,000	0.18%, 01/08/2010 ○		3,998
	4,000	0.19%, 01/06/2010 ○		3,998
	5,750	0.21%, 11/30/2009		5,749
	12,100	0.23%, 11/05/2009 — 11/13/2009		12,100
		Quebec (Province of)
	3,000	0.14%, 11/25/2009 ■ ○		3,000
	10,500	0.18%, 12/10/2009 ○		10,498
	3,000	0.18%, 01/11/2010 ■ ○		2,999
	9,000	0.23%, 11/03/2009 ■		9,000
				90,283
		Health Care and Social Assistance — 1.6%
		Abbott Laboratories
	9,250	0.13%, 12/14/2009 — 01/08/2010 ■ ○		9,248
	4,250	0.15%, 01/04/2010 ■ ○		4,249
				13,497

The accompanying notes are an integral part of these financial statements.

2

The Hartford Money Market Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMERCIAL PAPER — 48.6% — (continued)
		Petroleum and Coal Products Manufacturing — 1.6%
		ConocoPhillips
$	4,500	0.20%, 11/19/2009 ■	$	4,499
	5,800	0.22%, 11/05/2009 ■		5,800
	3,000	0.23%, 12/15/2009 ■		2,999
				13,298
		Retail Trade — 1.9%
		Walmart Stores
	3,500	0.10%, 12/11/2009 ○		3,500
	4,000	0.12%, 11/12/2009 ○		4,000
	4,500	0.13%, 11/16/2009 ○		4,500
	4,250	0.14%, 12/04/2009 ■ ○		4,249
				16,249
		Soap, Cleaning Compound, Toiletries Manufacturing — 3.9%
		Colgate-Palmolive Co.
	4,500	0.08%, 11/24/2009 ○		4,500
	3,500	0.09%, 11/04/2009 ■ ○		3,500
	4,000	0.09%, 11/09/2009 ○		4,000
	4,406	0.10%, 11/06/2009 ○		4,406
		Procter & Gamble Co.
	4,500	0.09%, 11/02/2009 ■ ○		4,500
	5,000	0.10%, 11/05/2009 ■ ○		5,000
	4,000	0.19%, 11/03/2009 ■		4,000
	3,500	0.20%, 12/15/2009 ■		3,499
				33,405
		Utilities — 1.5%
		Florida Power and Light Co.
	12,750	0.10%, 11/03/2009 ○		12,750
		Total commercial paper (cost $411,963)	$	411,963
OTHER POOLS AND FUNDS — 4.6%
	39,031	JP Morgan U.S. Government Money Market Fund	$	39,031
	—	State Street Bank U.S. Government Money Market Fund		—
	—	Wells Fargo Advantage Government Money Market Fund		—
		Total time deposits (cost $39,031)	$	39,031
REPURCHASE AGREEMENTS — 2.8%
		BNP Paribas Securities Corp. Repurchase Agreement (maturing on 11/02/2009 in the amount of $11,927, collateralized by U.S. Treasury Bond 5.25% — 7.88%, 2021 — 2029, value of $12,352)
$	11,927	0.06% dated 10/30/2009	$	11,927
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $6,000, collateralized by U.S. Treasury Bond 5.00%, 2037, U.S. Treasury Note 3.13% — 4.63%, 2013 — 2017, value of $6,120)
	5,999	0.06% dated 10/30/2009		5,999
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/02/2009 in the amount of $5,495, collateralized by U.S. Treasury Note 1.50%, 2010, value of $5,570)
	5,495	0.04% dated 10/30/2009		5,495
		Total repurchase agreements (cost $23,421)	$	23,421
U.S. GOVERNMENT AGENCIES — 23.1%
		Federal Home Loan Bank — 7.6%
$	4,500	0.08%, 12/17/2009 Δ	$	4,500
	8,000	0.08%, 11/04/2009 ○		8,000
	11,500	0.10%, 11/17/2009 — 01/27/2010 ○		11,498
	6,500	0.12%, 01/22/2010 ○		6,498
	14,113	0.13%, 01/15/2010 — 02/01/2010 ○		14,108
	7,750	0.17%, 12/11/2009		7,749
	4,000	0.17%, 11/25/2009 ○		4,000
	8,000	0.18%, 11/06/2009		8,000
				64,353
		Federal Home Loan Mortgage Corp. — 7.5%
	2,000	0.09%, 11/23/2009 ○		2,000
	7,907	0.10%, 12/21/2009 — 01/04/2010 ○		7,906
	10,828	0.11%, 02/02/2010 ○		10,825
	6,000	0.12%, 01/26/2010 ○		5,998
	8,113	0.13%, 01/27/2010 ○		8,110
	6,000	0.15%, 02/16/2010 ○		5,997
	4,296	0.15%, 11/16/2009		4,296
	5,000	0.16%, 12/07/2009		4,999
	9,500	0.19%, 11/09/2009		9,500
	4,500	0.27%, 11/02/2009		4,500
				64,131
		Federal National Mortgage Association — 8.0%
	14,630	0.09%, 11/25/2009 — 12/09/2009 ○		14,628
	14,500	0.10%, 11/12/2009 — 12/30/2009 ○		14,499
	11,250	0.11%, 11/16/2009 ○		11,250
	10,525	0.12%, 02/01/2010 — 02/05/2010 ○		10,522
	7,250	0.18%, 12/17/2009		7,248
	4,250	0.18%, 02/25/2010 ○		4,321
	5,000	0.24%, 11/04/2009		5,000
				67,468
		Total U.S. government agencies (cost $195,952)	$	195,952
U.S. TREASURY BILLS — 9.6%
$	30,000	0.07%, 01/14/2010 ○	$	29,996
	17,000	0.08%, 01/21/2010 ○		16,997
	16,750	0.10%, 01/28/2010 ○		16,747
	17,750	0.18%, 11/19/2009 ○		17,748
		Total U.S. treasury bills (cost $81,488)	$	81,488

The accompanying notes are an integral part of these financial statements.

3

The Hartford Money Market Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
U.S. TREASURY NOTES — 4.2%
$	35,750	0.09%, 11/15/2009 ○			$	35,811
		Total U.S. treasury notes (cost $35,811)			$	35,811
		Total investments (cost $846,416) ▲	99.8	%	$	846,416
		Other assets and liabilities	0.2	%		1,367
		Total net assets	100.0	%	$	847,783

Note:	Percentage of investments are shown in the ratio of the total market value to total net assets. The rates presented in this Schedule of Investments are yields, unless otherwise noted. Market value of investments in U.S. dollar denominated securities of foreign issuers represents 12.0% of total net assets at October 31, 2009.
▲	Also represents cost for tax purposes.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2009.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2009, was $106,634, which represents 12.58% of total net assets.
○	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Money Market Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Certificates of Deposit	$	58,750	$	—	$	58,750	$	—
Commercial Paper		411,963		—		411,963		—
Other Pools and Funds		39,031		39,031		—		—
Repurchase Agreements		23,421		—		23,421		—
U.S. Government Agencies		195,952		—		195,952		—
U.S. Treasury Bills		81,488		—		81,488		—
U.S. Treasury Notes		35,811		—		35,811		—
Total	$	846,416	$	39,031	$	807,385	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Money Market Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $846,416)	$	846,416
Receivables:
Fund shares sold		2,598
Dividends and interest		833
Other assets		188
Total assets		850,035
Liabilities:
Payables:
Fund shares redeemed		1,966
Investment management fees		63
Accrued expenses		223
Total liabilities		2,252
Net assets	$	847,783
Summary of Net Assets:
Capital stock and paid-in-capital		849,532
Accumulated undistributed net investment income		—
Accumulated net realized loss on investments		(1,749	)
Unrealized appreciation of investments		—
Net assets	$	847,783
Shares authorized		5,050,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	1.00/$1.00
Shares outstanding		387,058
Net assets	$	386,036
Class B: Net asset value per share	$	1.00
Shares outstanding		51,335
Net assets	$	51,225
Class C: Net asset value per share	$	1.00
Shares outstanding		77,101
Net assets	$	76,846
Class R3: Net asset value per share	$	1.00
Shares outstanding		11,623
Net assets	$	11,621
Class R4: Net asset value per share	$	1.00
Shares outstanding		251,312
Net assets	$	250,995
Class R5: Net asset value per share	$	1.00
Shares outstanding		69,503
Net assets	$	69,464
Class Y: Net asset value per share	$	1.00
Shares outstanding		1,602
Net assets	$	1,596

The accompanying notes are an integral part of these financial statements.

6

The Hartford Money Market Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Interest	$	4,278
Total investment income		4,278
Expenses:
Investment management fees		4,188
Administrative services fees		410
Transfer agent fees		1,308
Distribution fees
Class A		384
Class B		228
Class C		440
Class R3		1
Class R4		148
Custodian fees		6
Accounting services fees		149
Registration and filing fees		196
Board of Directors’ fees		27
Audit fees		52
Other expenses		683
Total expenses (before waivers and fees paid indirectly)		8,220
Expense waivers		(4,148	)
Custodian fee offset		(1	)
Total waivers and fees paid indirectly		(4,149	)
Total expenses, net		4,071
Net Investment Income		207
Net Realized Gain on Investments:
Net realized gain on investments in securities		101
Net Realized Gain on Investments		101
Net Gain on Investments		101
Net Increase in Net Assets Resulting from Operations	$	308

The accompanying notes are an integral part of these financial statements.

7

The Hartford Money Market Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	207		$	12,312
Net realized gain (loss) on investments		101			(1,852	)
Net Increase In Net Assets Resulting From Operations		308			10,460
Distributions to Shareholders:
From net investment income
Class A		(264	)		(8,540	)
Class B		(20	)		(536	)
Class C		(32	)		(1,498	)
Class R3		(1	)		(1	)
Class R4		(126	)		(1,267	)
Class R5		(29	)		(119	)
Class Y		(2	)		(84	)
Total distributions		(474	)		(12,045	)
Capital Share Transactions:
Class A		(100,491	)		172,677
Class B		(15,346	)		37,462
Class C		(63,317	)		80,843
Class R3		11,093			520
Class R4		102,586			131,487
Class R5		60,657			7,617
Class Y		1			(1,106	)
Net increase (decrease) from capital share transactions		(4,817	)		429,500
Net Increase (Decrease) In Net Assets		(4,983	)		427,915
Net Assets:
Beginning of period		852,766			424,851
End of period	$	847,783		$	852,766
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	—		$	267

The accompanying notes are an integral part of these financial statements.

8

The Hartford Money Market Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Money Market Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold without a front-end sales charge. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 Years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund’s investments are valued at amortized cost, which approximates market value. Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (normally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) on the valuation date.
	Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

9

The Hartford Money Market Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Hartford Investment Management Company (“Hartford Investment Management”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
d)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
e)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income are declared daily and paid monthly. Dividends are paid on shares beginning on the business day after the day when the funds used to purchase the shares are collected by the transfer agent for the Fund. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.

10

	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
f)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 10% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
g)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
h)	Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

11

The Hartford Money Market Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	487	$	12,123

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Accumulated Capital Losses *	$	(1,749	)
Total Accumulated Deficit	$	(1,749	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase accumulated net realized gain on investments by $1 and decrease paid-in-capital by $1.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	1,749
Total	$	1,749

	At October 31, 2009, the Fund utilized $102 of capital loss carryforwards to offset capital gains earned during the year.
f)	Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a)

Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

12

Average Daily Net Assets	Annual Fee
On first $1 billion		0.45	%
On next $4 billion		0.40	%
On next $5 billion		0.38	%
Over $10 billion		0.37	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.016	%
On next $5 billion		0.014	%
Over $10 billion		0.012	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class R3			Class R4			Class R5			Class Y
0.90%		1.65	%		1.65	%		1.15	%		0.85	%		0.65	%		0.65	%

d)	Fees Paid Indirectly — The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.
	The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		0.41	%		0.90	%		0.95	%		0.95	%		0.95	%
Class B Shares		0.44			1.65			1.70			1.70			1.70
Class C Shares		0.46			1.59			1.69			1.70			1.70
Class R3 Shares		0.24			1.15			1.20	*
Class R4 Shares		0.36			0.85			0.90	*
Class R5 Shares		0.25			0.63			0.60	*
Class Y Shares		0.34			0.52			0.55			0.55			0.55

* From December 22, 2006 (commencement of operations), through October 31, 2007.

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received contingent deferred sales charges of $590 from the Fund.

13

The Hartford Money Market Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $19. These commissions are in turn paid to sales representatives of the broker/dealers.
	At a meeting held on February 4, 2009, the Board of Directors approved the temporary reduction of payment of distribution and service fees under the Fund’s 12b-1 Plan of Distribution to zero for Classes A, B, C, R3 and R4 for a period of six months, effective March 1, 2009. Effective September 1, 2009, the Board of Directors approved a six month extension of the reduction of distribution and service fees under the Fund’s 12b-1 plan. The Fund’s actions will result in a corresponding temporary reduction of 12b-1 payments of amounts paid to financial intermediaries by the Fund’s distributor to zero for Classes A, B, C, R3 and R4 during this time period. The Board of Director’s action can be changed at any time.
	The Hartford may be required to pay, out of its own resources, the equivalent of 12b-1 fees to financial intermediaries notwithstanding the reduction of 12b-1 fees. From October 2008 through March 2009, the Fund’s distributor has made payments out of its own resources to financial intermediaries equal to the amount of 12b-1 fees that would have been paid notwithstanding waivers of 12b-1 fees.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $3. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $1,286 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

14

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class Y		1,602

6.	Investment Transactions:
	For the year ended October 31, 2009, the costs of purchases and sales of securities (including U.S. Government Obligations) for the Fund were $13,802,639 and $13,812,150, respectively.
7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		404,276		228		(504,995	)		—		(100,491	)		630,595		7,915		(465,833	)		—		172,677
Amount	$	404,276	$	228	$	(504,995	)	$	—	$	(100,491	)	$	630,595	$	7,915	$	(465,833	)	$	—	$	172,677
Class B
Shares		45,387		18		(60,751	)		—		(15,346	)		76,206		496		(39,240	)		—		37,462
Amount	$	45,387	$	18	$	(60,751	)	$	—	$	(15,346	)	$	76,206	$	496	$	(39,240	)	$	—	$	37,462
Class C
Shares		105,775		29		(169,121	)		—		(63,317	)		238,390		1,260		(158,807	)		—		80,843
Amount	$	105,775	$	29	$	(169,121	)	$	—	$	(63,317	)	$	238,390	$	1,260	$	(158,807	)	$	—	$	80,843
Class R3
Shares		13,901		1		(2,809	)		—		11,093			554		1		(35	)		—		520
Amount	$	13,901	$	1	$	(2,809	)	$	—	$	11,093		$	554	$	1	$	(35	)	$	—	$	520
Class R4
Shares		241,491		116		(139,021	)		—		102,586			140,651		1,288		(10,452	)		—		131,487
Amount	$	241,491	$	116	$	(139,021	)	$	—	$	102,586		$	140,651	$	1,288	$	(10,452	)	$	—	$	131,487
Class R5
Shares		94,014		28		(33,385	)		—		60,657			9,570		120		(2,073	)		—		7,617
Amount	$	94,014	$	28	$	(33,385	)	$	—	$	60,657		$	9,570	$	120	$	(2,073	)	$	—	$	7,617
Class Y
Shares		—		1		—			—		1			4,020		83		(5,209	)		—		(1,106	)
Amount	$	—	$	1	$	—		$	—	$	1		$	4,020	$	83	$	(5,209	)	$	—	$	(1,106	)

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		4,777	$	4,777
For the Year Ended October 31, 2008		3,962	$	3,962

8.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

15

The Hartford Money Market Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized														Net Increase
	Value at						and Unrealized		Total from		Dividends from			Distributions							(Decrease) in		Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on		Investment		Net Investment			from Realized		Distributions		Total			Net Asset		Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments		Operations		Income			Capital Gains		from Capital		Distributions			Value		of Period
For the Year Ended October 31, 2009
A	$	1.00	$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—		$	—	$	1.00
B		1.00		—		—		—		—		—			—		—		—			—		1.00
C		1.00		—		—		—		—		—			—		—		—			—		1.00
R3		1.00		—		—		—		—		—			—		—		—			—		1.00
R4		1.00		—		—		—		—		—			—		—		—			—		1.00
R5		1.00		—		—		—		—		—			—		—		—			—		1.00
Y		1.00		—		—		—		—		—			—		—		—			—		1.00
For the Year Ended October 31, 2008
A		1.00		0.02		—		—		0.02		(0.02	)		—		—		(0.02	)		—		1.00
B		1.00		0.02		—		—		0.02		(0.02	)		—		—		(0.02	)		—		1.00
C		1.00		0.02		—		—		0.02		(0.02	)		—		—		(0.02	)		—		1.00
R3		1.00		0.02		—		—		0.02		(0.02	)		—		—		(0.02	)		—		1.00
R4		1.00		0.02		—		—		0.02		(0.02	)		—		—		(0.02	)		—		1.00
R5		1.00		0.03		—		—		0.03		(0.03	)		—		—		(0.03	)		—		1.00
Y		1.00		0.03		—		—		0.03		(0.03	)		—		—		(0.03	)		—		1.00
For the Year Ended October 31, 2007
A		1.00		0.04		—		—		0.04		(0.04	)		—		—		(0.04	)		—		1.00
B		1.00		0.04		—		—		0.04		(0.04	)		—		—		(0.04	)		—		1.00
C		1.00		0.04		—		—		0.04		(0.04	)		—		—		(0.04	)		—		1.00
R3(e)		1.00		0.04		—		—		0.04		(0.04	)		—		—		(0.04	)		—		1.00
R4(e)		1.00		0.04		—		—		0.04		(0.04	)		—		—		(0.04	)		—		1.00
R5(e)		1.00		0.04		—		—		0.04		(0.04	)		—		—		(0.04	)		—		1.00
Y		1.00		0.05		—		—		0.05		(0.05	)		—		—		(0.05	)		—		1.00
For the Year Ended October 31, 2006
A		1.00		0.04		—		—		0.04		(0.04	)		—		—		(0.04	)		—		1.00
B		1.00		0.03		—		—		0.03		(0.03	)		—		—		(0.03	)		—		1.00
C		1.00		0.03		—		—		0.03		(0.03	)		—		—		(0.03	)		—		1.00
Y		1.00		0.04		—		—		0.04		(0.04	)		—		—		(0.04	)		—		1.00
For the Year Ended October 31, 2005
A		1.00		0.02		—		—		0.02		(0.02	)		—		—		(0.02	)		—		1.00
B		1.00		0.01		—		—		0.01		(0.01	)		—		—		(0.01	)		—		1.00
C		1.00		0.01		—		—		0.01		(0.01	)		—		—		(0.01	)		—		1.00
Y		1.00		0.02		—		—		0.02		(0.02	)		—		—		(0.02	)		—		1.00

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Commenced operations on December 22, 2006.
(f)	Not annualized.
(g)	Annualized.

16

- Ratios and Supplemental Data -

					Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
					Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Turnover Rate(d)
	0.05	%	$	386,036		0.88	%		0.45	%		0.41	%		0.03	%	N/A
	0.03			51,225		1.11			0.48			0.44			0.00		— %
	0.03			76,846		1.06			0.50			0.46			0.00		—
	0.04			11,621		0.79			0.28			0.24			0.00		—
	0.06			250,995		0.78			0.40			0.36			0.02		—
	0.09			69,464		0.66			0.29			0.25			0.02		—
	0.11			1,596		0.58			0.38			0.34			0.09		—
	2.31			486,596		0.99			0.90			0.90			2.23		N/A
	1.54			66,581		1.71			1.65			1.65			1.40		—
	1.60			140,174		1.60			1.60			1.60			1.49		—
	2.07			529		1.35			1.15			1.15			1.33		—
	2.37			148,465		0.94			0.85			0.85			1.91		—
	2.60			8,826		0.63			0.63			0.63			2.09		—
	2.69			1,595		0.52			0.52			0.52			2.77		—
	4.49			314,872		1.13			0.95			0.95			4.40		N/A
	3.71			29,219		1.82			1.70			1.70			3.65		—
	3.72			59,575		1.72			1.69			1.69			3.66		—
	3.63	(f)		10		1.36	(g)		1.20	(g)		1.20	(g)		4.16	(g)	—
	3.95	(f)		17,239		1.01	(g)		0.90	(g)		0.90	(g)		4.49	(g)	—
	4.18	(f)		1,229		0.72	(g)		0.60	(g)		0.60	(g)		4.79	(g)	—
	4.90			2,707		0.58			0.55			0.55			4.77		—
	4.00			207,592		1.14			0.95			0.95			3.95		N/A
	3.22			27,995		1.79			1.70			1.70			3.18		—
	3.22			16,997		1.76			1.70			1.70			3.20		—
	4.34			13,628		0.61			0.55			0.55			4.29		—
	1.99			182,308		1.22			0.95			0.95			1.96		N/A
	1.23			30,716		1.88			1.70			1.70			1.16		—
	1.23			18,790		1.80			1.70			1.70			1.19		—
	2.40			16,114		0.61			0.55			0.55			2.47		—

17

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Money Market Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Money Market Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Money Market Fund
Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008–2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

The Hartford Money Market Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006–2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

20

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Money Market Fund
Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	8.00	%
Other Direct Federal Obligations*	4.00	%
Other Securities	88.00	%
Total	100.00	%
QII†	100.00	%

*	The income received from federal obligations.
†	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

				Short-Term		Long-Term
	Income			Capital Gain		Capital Gain		Total
Class A		0.001			N/A		N/A		0.001
Class B		0.000	*		N/A		N/A		0.000	*
Class C		0.000	*		N/A		N/A		0.000	*
Class R3		0.000	*		N/A		N/A		0.000	*
Class R4		0.001			N/A		N/A		0.001
Class R5		0.001			N/A		N/A		0.001
Class Y		0.001			N/A		N/A		0.001

* Per share distribution amounts are less than 0.0005.

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Money Market Fund
Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,000.30	$	1.31	$	1,000.00	$	1,023.89	$	1.33		0.26	%		184		365
Class B	$	1,000.00	$	1,000.30	$	1.31	$	1,000.00	$	1,023.89	$	1.33		0.26			184		365
Class C	$	1,000.00	$	1,000.30	$	1.31	$	1,000.00	$	1,023.89	$	1.33		0.26			184		365
Class R3	$	1,000.00	$	1,000.30	$	1.11	$	1,000.00	$	1,024.10	$	1.12		0.22			184		365
Class R4	$	1,000.00	$	1,000.30	$	1.31	$	1,000.00	$	1,023.89	$	1.33		0.26			184		365
Class R5	$	1,000.00	$	1,000.30	$	1.26	$	1,000.00	$	1,023.95	$	1.28		0.25			184		365
Class Y	$	1,000.00	$	1,000.30	$	1.26	$	1,000.00	$	1,023.95	$	1.28		0.25			184		365

23

The Hartford Money Market Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Money Market Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

24

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and, a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets

25

The Hartford Money Market Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-31 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford Select MidCap Value Fund

The Hartford Select MidCap Value Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	7
Statement of Assets and Liabilities at October 31, 2009	8
Statement of Operations for the Year Ended October 31, 2009	9
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	10
Notes to Financial Statements	11
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Federal Tax Information (Unaudited)	28
Expense Example (Unaudited)	29
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	30

The Hartford Select MidCap Value Fund inception 04/29/2005

(subadvised by Hartford Investment Management Company) Investment objective — Seeks long-term capital appreciation.

Performance Overview(1) 4/29/05 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Russell MidCap Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth rate. These stocks are also members of the Russell 1000 Value Index.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4) (as of 10/31/09)

	1			Since
	Year			Inception
Select MidCap Value A#		16.60	%		-1.52	%
Select MidCap Value A##		10.19	%		-2.75	%
Select MidCap Value B#		16.28	%		-2.09	%
Select MidCap Value B##		11.28	%		-2.45	%
Select MidCap Value C#		16.00	%		-2.17	%
Select MidCap Value C##		15.00	%		-2.17	%
Select MidCap Value Y#		16.95	%		-1.21	%
Russell MidCap Value Index		14.52	%		0.38	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Hugh Whelan, CFA	Kurt Cubbage, CFA
Managing Director	Vice President

How did the Fund perform?

The Class A shares of The Hartford Select MidCap Value Fund returned 16.60%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmark, the Russell Midcap Value Index, returned 14.52% while the average return of the Lipper Mid-Cap Value Funds category, a group of funds with investment strategies similar to those of the Fund, was 18.99%.

Why did the Fund perform this way?

From November through early March, the Fund’s performance was primarily driven by positive security selection, especially in the Consumer Discretionary sector. After March 9th a low-profitability, low-quality stock rally led the market out of the bottom. This rally impacted the Fund’s performance since it seeks to invest only in high-quality, profitable stocks. As a result, security selection was a detractor for the remainder of the period. However, the effects of security selection were mitigated by positive sector allocation which benefited the Fund’s performance.

Among the largest contributors to relative(i.e. performance of the Fund as measured against the benchmark) performance were overweight (i.e. the Fund’s sector position was greater than the benchmark position) allocations to XL Capital (Financials) and Jones Apparel (Consumer Discretionary). XL Capital rose following the U.S. Department of the Treasury’s announcement of a plan to buy ‘bad assets’ from banks and other financial institutions. Jones Apparel rose after reporting first quarter results

2

that were viewed favorably given the difficult economic environment.

Among the largest detractors from relative performance were overweight allocations to Huntington Bancshares (Financials) and Lexmark International (Information Technology). Huntington Bancshares dropped as investors continued to be concerned about issues related to Franklin Credit, a subprime mortgage lender the company acquired in 2007. Lexmark declined after it reported that first quarter profits had fallen and that it would need to cut more jobs and close plants due to declining demand.

What is the outlook?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market-high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. In March investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter. Within equities investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and S&P 600 Small Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 Index stocks outperformed their higher quality peers.

We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

The Fund invests in companies that have compelling stock characteristics versus the Russell Midcap Value Index. The Fund’s systematic approach weighs more than 80 fundamental characteristics across four broad categories, including business behavior, management behavior, valuation and investor behavior. This analysis is used to build a broadly diversified portfolio of companies, with sector weightings determined largely by the attractiveness of specific stocks within the Fund’s investment universe. We believe this approach will yield attractive risk-adjusted returns relative to the Russell Midcap Value Index over the long term.

At a meeting held on November 5, 2009, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc. (the “Company”) approved a Form of Agreement and Plan of Reorganization (the “Reorganization Agreement”) that provides for the reorganization of The Hartford Select MidCap Value Fund (“Select MidCap Value Fund”), a series of the Company, into The Hartford MidCap Growth Fund (“MidCap Growth Fund”), another series of the Company (the “Reorganization”). The Reorganization does not require shareholder approval. The Reorganization is expected to occur on or about February 19, 2010, or on such date as the officers of the Company determine.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		0.7	%
Banks (Financials)		4.0
Capital Goods (Industrials)		7.8
Commercial & Professional Services (Industrials)		1.5
Consumer Durables & Apparel (Consumer Discretionary)		3.0
Consumer Services (Consumer Discretionary)		1.6
Diversified Financials (Financials)		2.6
Energy (Energy)		6.8
Food, Beverage & Tobacco (Consumer Staples)		5.3
Health Care Equipment & Services (Health Care)		4.2
Insurance (Financials)		9.7
Materials (Materials)		10.1
Media (Consumer Discretionary)		2.3
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		1.3
Real Estate (Financials)		10.0
Retailing (Consumer Discretionary)		7.4
Semiconductors & Semiconductor Equipment (Information Technology)		3.3
Software & Services (Information Technology)		3.0
Technology Hardware & Equipment (Information Technology)		3.4
Telecommunication Services (Services)		1.7
Transportation (Industrials)		0.5
Utilities (Utilities)		7.3
Short-Term Investments		2.5
Other Assets and Liabilities		—
Total		100.0	%

3

The Hartford Select MidCap Value Fund

Schedule of Investments
October 31, 2009

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 97.5%
		Automobiles & Components — 0.7%
	7	Thor Industries, Inc.	$	170
	9	TRW Automotive Holdings Corp. •		141
				311
		Banks — 4.0%
	3	BOK Financial Corp.		133
	50	Fifth Third Bankcorp		448
	1	First Citizens Bancshares Class A		183
	12	First Horizon National Corp.		148
	10	Hudson City Bancorp, Inc.		128
	29	Keycorp		157
	38	Regions Financial Corp.		182
	10	SunTrust Banks, Inc.		187
	30	Synovus Financial Corp.		68
	17	Zion Bancorp		237
				1,871
		Capital Goods — 7.8%
	6	AGCO Corp. •		163
	5	Carlisle Cos., Inc.		165
	6	Cooper Industries plc Class A		236
	5	Cummins, Inc.		198
	4	Dover Corp.		132
	7	Eaton Corp.		420
	3	Hubbell, Inc. Class B		140
	7	ITT Corp.		358
	3	Joy Global, Inc.		172
	5	L-3 Communications Holdings, Inc.		354
	10	Oshkosh Corp.		325
	7	Parker-Hannifin Corp.		349
	5	Quanta Services, Inc. •		112
	5	Rockwell Automation, Inc.		221
	8	Thomas & Betts Corp. •		284
				3,629
		Commercial & Professional Services — 1.5%
	6	Manpower, Inc.		261
	9	Pitney Bowes, Inc.		225
	11	R.R. Donnelley & Sons Co.		215
				701
		Consumer Durables & Apparel — 3.0%
	6	Fortune Brands, Inc.		218
	7	Garmin Ltd.		221
	4	Mohawk Industries, Inc. •		167
	9	Newell Rubbermaid, Inc.		124
	—	NVR, Inc. •		187
	4	Phillips Van-Heusen Corp.		157
	2	Polo Ralph Lauren Corp.		167
	2	V.F. Corp.		142
				1,383
		Consumer Services — 1.6%
	10	International Game Technology		180
	9	Marriott International, Inc. Class A		224
	5	Penn National Gaming, Inc. •		118
	8	Starwood Hotels & Resorts		224
				746
		Diversified Financials — 2.6%
	25	Discover Financial Services, Inc.		352
	19	Interactive Brokers Group •		309
	7	Invesco Ltd.		142
	17	Raymond James Financial, Inc.		411
				1,214
		Energy — 6.8%
	4	Comstock Resources, Inc. •		165
	7	ENSCO International, Inc.		311
	7	Exterran Holdings, Inc. •		143
	8	Massey Energy Co.		227
	5	Murphy Oil Corp.		302
	17	Nabors Industries Ltd. •		352
	8	Oil States International, Inc. •		289
	9	Plains Exploration & Production Co. •		225
	7	Pride International, Inc. •		213
	8	Rowan Companies, Inc.		184
	—	Seahawk Drilling, Inc. •		13
	7	Smith International, Inc.		183
	11	Southern Union Co.		217
	11	Spectra Energy Corp.		201
	3	Whiting Petroleum Corp. •		169
				3,194
		Food, Beverage & Tobacco — 5.3%
	7	Brown-Forman Corp.		354
	6	Bunge Ltd. Finance Corp.		320
	4	Campbell Soup Co.		137
	18	Constellation Brands, Inc. Class A •		288
	9	Dr. Pepper Snapple Group •		248
	5	H.J. Heinz Co.		195
	4	Hershey Co.		166
	6	Hormel Foods Corp.		233
	3	J.M. Smucker Co.		145
	3	Molson Coors Brewing Co.		140
	21	Sara Lee Corp.		235
				2,461
		Health Care Equipment & Services — 4.2%
	14	CIGNA Corp.		381
	12	Hill-Rom Holdings, Inc.		233
	24	Hologic, Inc. •		355
	3	Humana, Inc. •		126
	10	IMS Health, Inc.		169
	6	Kinetic Concepts, Inc. •		182
	3	MEDNAX, Inc. •		156
	11	Omnicare, Inc.		243
	3	Universal Health Services, Inc. Class B		145
				1,990
		Insurance — 9.7%
	—	Alleghany Corp. •		109
	5	Allied World Assurance Holdings Ltd.		228
	7	American Financial Group, Inc.		177
	6	AON Corp.		219
	3	Arch Capital Group Ltd. •		229
	6	Aspen Insurance Holdings Ltd.		163
	4	Assurant, Inc.		132
	6	Axis Capital Holdings Ltd.		159
	7	Cincinnati Financial Corp.		178
	17	CNA Financial Corp. •		361
	5	Endurance Specialty Holdings Ltd.		165
	5	Erie Indemnity Co.		162
	4	Everest Re Group Ltd.		386
	3	PartnerRe Ltd.		222
	35	Progressive Corp.		565
	6	Transatlantic Holdings, Inc.		308
	10	W.R. Berkley Corp.		237
	1	White Mountains Insurance Group Ltd.		186

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 97.5% — (continued)
		Insurance — 9.7% — (continued)
	22	XL Capital Ltd. Class A	$	354
				4,540
		Materials — 10.1%
	25	AK Steel Holding Corp.		400
	21	Cliff’s Natural Resources, Inc.		740
	8	Compass Minerals Group, Inc.		502
	6	FMC Corp.		317
	17	Huntsman Corp.		134
	31	International Paper Co.		680
	6	Intrepid Potash, Inc. •		160
	1	Martin Marietta Materials, Inc.		105
	6	Owens-Illinois, Inc. •		175
	8	Pactiv Corp. •		176
	5	PPG Industries, Inc.		279
	10	Reliance Steel & Aluminum		361
	16	Steel Dynamics, Inc.		215
	9	Temple-Inland, Inc.		139
	10	United States Steel Corp.		338
				4,721
		Media — 2.3%
	29	CBS Corp. Class B		339
	20	Gannett Co., Inc.		197
	13	Liberty Global, Inc. •		261
	5	Meredith Corp.		122
	—	Washington Post Co. Class B		140
				1,059
		Pharmaceuticals, Biotechnology & Life Sciences — 1.3%
	6	Endo Pharmaceuticals Holdings, Inc. •		134
	12	Forest Laboratories, Inc. •		335
	9	PerkinElmer, Inc.		162
				631
		Real Estate — 10.0%
	4	Alexandria Real Estate Equities, Inc.		233
	51	Annaly Capital Management, Inc.		864
	2	Avalonbay Communities, Inc.		131
	5	Boston Properties, Inc.		289
	8	Corporate Office Properties		256
	26	Duke Realty, Inc.		294
	2	Essex Property Trust, Inc.		136
	9	Federal Realty Investment Trust		537
	5	Health Care, Inc.		242
	7	Hospitality Properties Trust		135
	13	Host Hotels & Resorts, Inc.		127
	15	Kimco Realty Corp.		187
	7	Liberty Property Trust		200
	16	Plum Creek Timber Co., Inc.		498
	8	Realty Income Corp.		176
	4	Ventas, Inc.		149
	11	Weingarten Realty Investments		211
				4,665
		Retailing — 7.4%
	10	Abercrombie & Fitch Co. Class A		315
	10	AutoNation, Inc. •		169
	23	Chico’s FAS, Inc. •		269
	13	J.C. Penney Co., Inc.		431
	26	Liberty Media — Interactive A •		291
	20	Limited Brands, Inc.		359
	26	Macy’s, Inc.		453
	50	Office Depot, Inc. •		304
	3	Sears Holdings Corp. •		200
	3	Sherwin-Williams Co.		154
	9	Tiffany & Co.		358
	10	Williams-Sonoma, Inc.		178
				3,481
		Semiconductors & Semiconductor Equipment — 3.3%
	66	Advanced Micro Devices, Inc. •		301
	30	Atmel Corp. •		111
	27	Integrated Device Technology, Inc. •		158
	10	Intersil Corp.		119
	4	KLA-Tencor Corp.		133
	43	LSI Corp. •		219
	8	Marvell Technology Group Ltd. •		103
	36	Micron Technology, Inc. •		243
	16	PMC — Sierra, Inc. •		139
				1,526
		Software & Services — 3.0%
	7	Amdocs Ltd. •		166
	9	Autodesk, Inc. •		214
	17	Broadridge Financial Solutions, Inc.		362
	10	CA, Inc.		213
	25	Novell, Inc. •		100
	10	Nuance Communications, Inc. •		126
	10	Synopsys, Inc. •		225
				1,406
		Technology Hardware & Equipment — 3.4%
	21	Ciena Corp. •		243
	5	CommScope, Inc. •		127
	54	JDS Uniphase Corp. •		304
	11	Lexmark International, Inc. ADR •		274
	7	SanDisk Corp. •		138
	13	Sun Microsystems, Inc. •		108
	29	Tellabs, Inc. •		172
	34	Xerox Corp.		254
				1,620
		Telecommunication Services — 1.7%
	13	CenturyTel, Inc.		417
	7	NII Holdings, Inc. Class B •		191
	21	Windstream Corp.		201
				809
		Transportation — 0.5%
	4	Con-way, Inc.		132
	11	Hertz Global Holdings, Inc. •		98
				230
		Utilities — 7.3%
	10	AES Corp. •		126
	13	CenterPoint Energy, Inc.		159
	14	CMS Energy Corp.		189
	4	Consolidated Edison, Inc.		144
	7	DPL, Inc.		167
	8	Great Plains Energy, Inc.		138
	15	Mirant Corp. •		211
	17	N.V. Energy, Inc.		198
	3	National Fuel Gas Co.		127
	7	NRG Energy, Inc. •		149
	5	OGE Energy Corp.		160
	5	Oneok, Inc.		188
	5	Pinnacle West Capital Corp.		160
	7	Progress Energy, Inc.		248
	7	SCANA Corp.		223
	5	Sempra Energy		270

The accompanying notes are an integral part of these financial statements.

5

The Hartford Select MidCap Value Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS — 97.5% — (continued)
		Utilities — 7.3% — (continued)
	6	UGI Corp.			$	153
	3	Wisconsin Energy Corp.				125
	16	Xcel Energy, Inc.				309
						3,444
		Total common stocks (cost $42,163)			$	45,632
		Total long-term investments (cost $42,163)			$	45,632
SHORT-TERM INVESTMENTS — 2.5%
		Repurchase Agreements — 2.3%
		BNP Paribas Securities Corp. Repurchase Agreement (maturing on 11/02/2009 in the amount of $555, collateralized by U.S. Treasury Bond 5.25% — 7.88%, 2021 — 2029, value of $575)
$	555	0.06%, 10/30/2009			$	555
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $279, collateralized by U.S. Treasury Bond 5.00%, 2037, U.S. Treasury Note 3.13% — 4.63%, 2013 — 2017, value of $285)
	279	0.06%, 10/30/2009				279
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/02/2009 in the amount of $256, collateralized by U.S. Treasury Note 1.50%, 2010, value of $259)
	256	0.04%, 10/30/2009				256
						1,090
		U.S. Treasury Bills — 0.2%
	110	0.07%, 1/14/2010□¡				110
		Total short-term investments (cost $1,200)			$	1,200
		Total investments (cost $43,363) ▲	100.0	%	$	46,832
		Other assets and liabilities	—	%		(19	)
		Total net assets	100 .0	%	$	46,813

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $44,301 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	5,919
Unrealized Depreciation		(3,388	)
Net Unrealized Appreciation	$	2,531

•	Currently non-income producing.
¡	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
□	Security pledged as initial margin deposit for open futures contracts at October 31, 2009.

Futures Contracts Outstanding at October 31, 2009

					Unrealized
	Number of			Expiration	Appreciation/
Description	Contracts*		Position	Month	(Depreciation)
S&P Mid 400 Mini		16	Long	Dec 2009	$	(24	)

*	The number of contracts does not omit 000’s.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Select MidCap Value Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks ‡	$	45,632	$	45,632	$	—	$	—
Short-Term Investments		1,200		—		1,200		—
Total	$	46,832	$	45,632	$	1,200	$	—
Liabilities:
Other Financial Instruments *	$	24	$	24	$	—	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

The accompanying notes are an integral part of these financial statements.

7

The Hartford Select MidCap Value Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $43,363)	$	46,832
Cash		—
Receivables:
Fund shares sold		6
Dividends and interest		18
Other assets		32
Total assets		46,888
Liabilities:
Payables:
Fund shares redeemed		21
Investment management fees		6
Distribution fees		1
Variation margin		28
Accrued expenses		19
Total liabilities		75
Net assets	$	46,813
Summary of Net Assets:
Capital stock and paid-in-capital		83,098
Accumulated undistributed net investment income		353
Accumulated net realized loss on investments		(40,083	)
Unrealized appreciation of investments		3,445
Net assets	$	46,813
Shares authorized		800,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	7.69/$8.14
Shares outstanding		2,016
Net assets	$	15,507
Class B: Net asset value per share	$	7.54
Shares outstanding		270
Net assets	$	2,036
Class C: Net asset value per share	$	7.54
Shares outstanding		393
Net assets	$	2,962
Class Y: Net asset value per share	$	7.69
Shares outstanding		3,423
Net assets	$	26,308

The accompanying notes are an integral part of these financial statements.

8

The Hartford Select MidCap Value Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	1,117
Interest		4
Securities lending		16
Less: Foreign tax withheld		—
Total investment income		1,137
Expenses:
Investment management fees		314
Transfer agent fees		102
Distribution fees
Class A		35
Class B		19
Class C		26
Custodian fees		10
Accounting services fees		5
Registration and filing fees		43
Board of Directors’ fees		3
Audit fees		7
Other expenses		15
Total expenses (before waivers and fees paid indirectly)		579
Expense waivers		(94	)
Transfer agent fee waivers		(46	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(140	)
Total expenses, net		439
Net Investment Income		698
Net Realized Loss on Investments and Other Financial Instruments:
Net realized loss on investments in securities		(17,829	)
Net realized loss on futures		(50	)
Net Realized Loss on Investments and Other Financial Instruments		(17,879	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments:
Net unrealized appreciation of investments		22,870
Net unrealized appreciation of futures		42
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments		22,912
Net Gain on Investments and Other Finanical Instruments		5,033
Net Increase in Net Assets Resulting from Operations	$	5,731

The accompanying notes are an integral part of these financial statements.

9

The Hartford Select MidCap Value Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	698		$	907
Net realized loss on investments and other financial instruments		(17,879	)		(21,827	)
Net unrealized appreciation (depreciation) of investments and other financial instruments		22,912			(15,059	)
Net Increase (Decrease) In Net Assets Resulting From Operations		5,731			(35,979	)
Distributions to Shareholders:
From net investment income
Class A		(228	)		(34	)
Class B		(17	)		—
Class C		(11	)		—
Class Y		(524	)		(316	)
From net realized gain on investments
Class A		—			(3,926	)
Class B		—			(445	)
Class C		—			(831	)
Class Y		—			(5,606	)
Total distributions		(780	)		(11,158	)
Capital Share Transactions:
Class A		(2,232	)		(7,322	)
Class B		(350	)		(200	)
Class C		(121	)		(2,568	)
Class Y		(3,127	)		(814	)
Net decrease from capital share transactions		(5,830	)		(10,904	)
Net Decrease In Net Assets		(879	)		(58,041	)
Net Assets:
Beginning of period		47,692			105,733
End of period	$	46,813		$	47,692
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	353		$	511

The accompanying notes are an integral part of these financial statements.

10

The Hartford Select MidCap Value Fund

Notes to Financial Statements

October 31, 2009

(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Select MidCap Value Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market

11

The Hartford Select MidCap Value Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Debt securities (other than short-term obligations) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Futures contracts are valued at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively. If a settlement price is not available, futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the mean of the closing bid and asked prices as of the Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

12

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Hartford Investment Management Company (“Hartford Investment Management”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
d)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
e)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
f)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the

13

The Hartford Select MidCap Value Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
g)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
h)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Statement of Assets and Liabilities Location
Equity contracts		Summary of Net Assets — Unrealized depreciation	$	24

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
								Forward
			Purchased					Currency
Risk Exposure Category	Written Options		Options		Futures			Contracts		Swaps		Total
Equity contracts	$	—	$	—	$	(50	)	$	—	$	—	$	(50	)
Total	$	—	$	—	$	(50	)	$	—	$	—	$	(50	)
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
								Forward
			Purchased					Currency
Risk Exposure Category	Written Options		Options		Futures			Contracts		Swaps		Total
Equity contracts		—		—		42			—		—	$	42
Total	$	—	$	—	$	42		$	—	$	—	$	42

i) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law.

14

In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Futures and Options:

Futures and Options Transactions — The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.

At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.

The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of October 31, 2009.

An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.

The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. As of October 31, 2009, there were no outstanding purchased or written option contracts.

4. Federal Income Taxes:

a) Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

15

The Hartford Select MidCap Value Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c)

Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	780	$	6,729
Long-Term Capital Gains *		—		4,429

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	353
Accumulated Capital Losses *		(39,169	)
Unrealized Appreciation †		2,531
Total Accumulated Deficit	$	(36,285	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated undistributed net investment income by $76, increase accumulated net realized gain on investments by $81, and decrease paid-in-capital by $5.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	21,002
2017		18,167
Total	$	39,169

16

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

5. Expenses:

a)

Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.75	%
On next $500 million		0.70	%
On next $4 billion		0.65	%
On next $5 billion		0.63	%
Over $10 billion		0.62	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class Y
1.30%	2.05%	2.05%	0.90%

d) Fees Paid Indirectly — The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2009, this amount is included in the Statement of Operations.

17

The Hartford Select MidCap Value Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.11	%		1.28	%		1.32	%		1.50	%		1.54	%*
Class B Shares		1.53			1.79			2.00			2.25			2.29	*
Class C Shares		1.70			1.97			2.07			2.25			2.29	*
Class Y Shares		0.90			0.88			0.83			1.11			1.14	*

* From April 29, 2005 (commencement of operations), through October 31, 2005.

e)	Distribution and Service Plan for Class A, B and C Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $43 and contingent deferred sales charges of $5 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B and C shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the Distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $6. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $58 for providing such services. These fees are accrued daily and paid monthly.

18

6. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	45,638
Sales Proceeds Excluding U.S. Government Obligations		51,669

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		445		37		(865	)		—		(383	)		673		369		(1,867	)		—		(825	)
Amount	$	2,873	$	223	$	(5,328	)	$	—	$	(2,232	)	$	6,335	$	3,806	$	(17,463	)	$	—	$	(7,322	)
Class B
Shares		53		3		(114	)		—		(58	)		64		42		(139	)		—		(33	)
Amount	$	330	$	16	$	(696	)	$	—	$	(350	)	$	589	$	424	$	(1,213	)	$	—	$	(200	)
Class C
Shares		138		2		(160	)		—		(20	)		82		80		(443	)		—		(281	)
Amount	$	899	$	11	$	(1,031	)	$	—	$	(121	)	$	751	$	805	$	(4,124	)	$	—	$	(2,568	)
Class Y
Shares		52		88		(703	)		—		(563	)		431		573		(1,429	)		—		(425	)
Amount	$	393	$	524	$	(4,044	)	$	—	$	(3,127	)	$	4,412	$	5,922	$	(11,148	)	$	—	$	(814	)

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		5	$	35
For the Year Ended October 31, 2008		3	$	25

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

19

The Hartford Select MidCap Value Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

10.	Subsequent Events:
	At a meeting held on November 5, 2009, the Board of Directors of The Hartford Mutual Funds, Inc. approved a Form of Agreement and Plan of Reorganization that provides for the tax-free reorganization of the Fund into The Hartford MidCap Growth Fund, another series of the Company. The reorganization does not require shareholder approval. The reorganization is expected to occur on or about February 19, 2010 or on such date as the officers of the Company determine.
	Effective as of the close of business on December 11, 2009, in anticipation of the reorganization, shares of Classes A, B, C, and Y of the Fund will no longer be sold to new investors or existing shareholders (except through reinvested dividends) or be eligible for exchanges from other Hartford Mutual Funds.
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

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21

The Hartford Select MidCap Value Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	6.70	$	0.11		$	—	$	0.98		$	1.09		$	(0.10	)	$	—		$	—	$	(0.10	)	$	0.99		$	7.69
B		6.54		0.08			—		0.97			1.05			(0.05	)		—			—		(0.05	)		1.00			7.54
C		6.53		0.06			—		0.98			1.04			(0.03	)		—			—		(0.03	)		1.01			7.54
Y		6.72		0.12			—		0.98			1.10			(0.13	)		—			—		(0.13	)		0.97			7.69
For the Year Ended October 31, 2008
A		12.17		0.11			—		(4.34	)		(4.23	)		(0.01	)		(1.23	)		—		(1.24	)		(5.47	)		6.70
B		11.96		0.04			—		(4.23	)		(4.19	)		—			(1.23	)		—		(1.23	)		(5.42	)		6.54
C		11.95		0.01			—		(4.20	)		(4.19	)		—			(1.23	)		—		(1.23	)		(5.42	)		6.53
Y		12.21		0.14			—		(4.34	)		(4.20	)		(0.06	)		(1.23	)		—		(1.29	)		(5.49	)		6.72
For the Year Ended October 31, 2007
A		12.41		0.05			—		0.21			0.26			—			(0.50	)		—		(0.50	)		(0.24	)		12.17
B		12.28		(0.04	)		—		0.22			0.18			—			(0.50	)		—		(0.50	)		(0.32	)		11.96
C		12.28		(0.04	)		—		0.21			0.17			—			(0.50	)		—		(0.50	)		(0.33	)		11.95
Y		12.40		0.03			—		0.28			0.31			—			(0.50	)		—		(0.50	)		(0.19	)		12.21
For the Year Ended October 31, 2006
A		10.79		—			—		1.87			1.87			(0.01	)		(0.24	)		—		(0.25	)		1.62			12.41
B		10.75		(0.10	)		—		1.87			1.77			—			(0.24	)		—		(0.24	)		1.53			12.28
C		10.75		(0.09	)		—		1.86			1.77			—			(0.24	)		—		(0.24	)		1.53			12.28
Y		10.81		0.07			—		1.81			1.88			(0.05	)		(0.24	)		—		(0.29	)		1.59			12.40
From (commencement of operations)April 29, 2005, through October 31, 2005
A(e)		10.00		—			—		0.79			0.79			—			—			—		—			0.79			10.79
B(e)		10.00		(0.03	)		—		0.78			0.75			—			—			—		—			0.75			10.75
C(e)		10.00		(0.03	)		—		0.78			0.75			—			—			—		—			0.75			10.75
Y(e)		10.00		0.02			—		0.79			0.81			—			—			—		—			0.81			10.81

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Commenced operations on April 29, 2005.
(f)	Not annualized.
(g)	Annualized.

22

- Ratios and Supplemental Data -

					Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
					Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net Investment
			Net Assets at End		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio
Total Return(b)			of Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Turnover Rate(d)
	16.60	%	$	15,507		1.69	%		1.11	%		1.11	%		1.61	%		111	%
	16.28			2,036		2.77			1.53			1.53			1.19			—
	16.00			2,962		2.59			1.70			1.70			0.98			—
	16.95			26,308		0.95			0.90			0.90			1.82			—
	(38.30	)		16,071		1.44			1.28			1.28			0.95			194
	(38.65	)		2,147		2.43			1.79			1.79			0.43			—
	(38.68	)		2,695		2.25			1.97			1.97			0.26			—
	(38.03	)		26,779		0.88			0.88			0.88			1.34			—
	2.16			39,238		1.42			1.33			1.33			0.38			209
	1.51			4,322		2.35			2.01			2.01			(0.29	)		—
	1.42			8,300		2.17			2.07			2.07			(0.36	)		—
	2.58			53,873		0.84			0.83			0.83			0.83			—
	17.66			47,937		1.69			1.55			1.55			(0.10	)		63
	16.79			4,137		2.67			2.30			2.30			(0.84	)		—
	16.79			7,417		2.53			2.30			2.30			(0.84	)		—
	17.79			20,025		1.33			1.15			1.15			0.26			—
	7.90	(f)		22,423		1.67	(g)		1.55	(g)		1.55	(g)		(0.08	)(g)		30
	7.50	(f)		1,714		2.64	(g)		2.30	(g)		2.30	��(g)		(0.92	)(g)		—
	7.50	(f)		2,885		2.53	(g)		2.30	(g)		2.30	(g)		(0.96	)(g)		—
	8.10	(f)		541		1.36	(g)		1.15	(g)		1.15	(g)		0.37	(g)		—

23

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Select MidCap Value Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Select MidCap Value Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

24

The Hartford Select MidCap Value Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008–2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995–2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

The Hartford Select MidCap Value Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006–2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))
Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009
Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

26

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov . The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

The Hartford Select MidCap Value Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	100.00	%
QDI†	100.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.095		N/A		N/A		0.095
Class B		0.051		N/A		N/A		0.051
Class C		0.027		N/A		N/A		0.027
Class Y		0.131		N/A		N/A		0.131

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

28

The Hartford Select MidCap Value Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid							Expenses paid					Days in
					during the period							during the period					the		Days
	Beginning		Ending Account		April 30, 2009			Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through			Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009			April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,218.70	$	6.43		$	1,000.00	$	1,019.41	$	5.85		1 .15	%		184		365
Class B	$	1,000.00	$	1,218.10	$	9.00	��	$	1,000.00	$	1,017.09	$	8.19		1 .61			184		365
Class C	$	1,000.00	$	1,216.10	$	9.89		$	1,000.00	$	1,016.28	$	9.00		1 .77			184		365
Class Y	$	1,000.00	$	1,222.60	$	5.04		$	1,000.00	$	1,020.67	$	4.58		0 .90			184		365

29

The Hartford Select MidCap Value Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Select MidCap Value Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

30

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record. The Board considered information indicating that the Fund had underperformed relative to its peers and benchmark for certain periods, and HIFSCO’s initiatives over the course of the year to address performance issues.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

31

The Hartford Select MidCap Value Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality

32

services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

33

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-32 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford Select SmallCap Value Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	11
Statement of Assets and Liabilities at October 31, 2009	12
Statement of Operations for the Year Ended October 31, 2009	13
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	14
Notes to Financial Statements	15
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Federal Tax Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	32

The Hartford Select SmallCap Value Fund inception 07/31/2006
(subadvised by:	Kayne Anderson Rudnick Investment Management, LLC	Investment objective – Seeks capital appreciation.
	Metropolitan West Capital Management, LLC
	SSgA Funds Management, Inc.

Performance Overview(1) 7/31/06 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

^{7/01 01 / 0 / 1 0 / 1 0 /} Select SmallCap Value A Russell 2000 Value Index $9,450 starting value $10,000 starting value (2) $8,212 ending value $7,898 ending value

Russell 2000 Value Index is an unmanaged index measuring the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4) (as of 10/31/09)

	1			Since
	Year			Inception
Select SmallCap Value A#		8.28	%		-4.22	%
Select SmallCap Value A##		2.32	%		-5.87	%
Select SmallCap Value B#		7.74	%		-4.95	%
Select SmallCap Value B##		2.74	%		-5.78	%
Select SmallCap Value C#		7.66	%		-4.94	%
Select SmallCap Value C##		6.66	%		-4.94	%
Select SmallCap Value Y#		8.85	%		-3.90	%
Russell 2000 Value Index		1.96	%		-6.99	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Kayne Anderson Rudnick Investment
Management, LLC	Metropolitan West Capital Management, LLC	SSgA Funds Management, Inc.
Robert A. Schwarzkopf	Samir Sikka	William H. DeRoche, CFA
Chief Investment Officer	Senior Vice President	Principal
Craig Stone		Chuck Martin
Senior Research Analyst		Principal
Julie Kutasov
Senior Research Analyst

How did the fund perform?

The Class A shares of The Hartford Select SmallCap Value Fund returned 8.28%, before sales charge, for the twelve-month period ended October 31, 2009, outperforming the 1.96% return of the Russell 2000 Value Index and underperforming the 11.52% return of the average fund in the Lipper Small-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 twelve-month period ended October 31, 2009, was one of the most volatile in history, reflecting investors’ fluctuating reactions to economic data releases and the U.S. government’s involvement to help mitigate the financial crisis. The broad U.S. equity market continued to decline until the early March lows, when it began to sharply rebound all the way through mid October. Within the Russell

2

2000 Value Index, there was a wide spread of returns in the various sectors. Seven out of ten sectors posted positive returns for the period, led by Materials (35.2%), Information Technology (30.4%) and Consumer Discretionary (26.2%). The Financials (-14.2%) and Energy (-8.6%) sectors declined the most for the period.

Stock selection was the primary driver of the Fund’s performance relative to the benchmark during the period. World Fuel Services Corporation (Energy), Tempur-Pedic International (Consumer Discretionary) and VeriFone Holdings (Information Technology) were top relative (i.e. performance of the Fund as measured against the benchmark) performers. World Fuel Services, a company involved in the marketing and sale of marine, aviation, and land fuel products, reported strong earnings throughout the period. This was largely driven by its acquisitions of Texor Petroleum Company in June 2008 and two fuel distribution businesses, Henty Oil Group and TGS Petroleum, Inc. in early 2009. World Fuel Services also recently announced a two for one stock split. Tempur-Pedic, which was one of our worst performers in 2008, boosted its gross margin and beat analysts’ expectations during the period due to lower costs and declining selling and marketing expenses, this in response to reduced consumer discretionary spending. A producer of point-of-sale scanners, VeriFone Holdings had sold off excessively toward the end of 2008 in conjunction with the retail slowdown. VeriFone remains the global leader in its business, is generating strong cash flow and stands to benefit over the coming years from growth of non-cash payment methods (credit and debit cards) and the proliferation of new products, from point-of-sale terminals in cabs to handheld scanners in restaurants. From its low in December 2008 to the end of October 2009, shares of VeriFone have gained over 300%.

Detractors from performance included Cathay General Bancorp (Financials) and Zions Bancorp (Financials). Regional banks Cathay General and Zions both decreased on concerns over commercial real estate losses and their balance sheets caused by the challenging financial credit conditions.

What is the outlook?

The worst of the economic pain is likely behind us as the massive policy response from the U.S. Treasury Department and the Federal Reserve has led to an improved credit environment, although not yet a completely healthy one. We believe the full impact of the U.S. government stimulus program will take hold gradually and, while economic growth will turn positive, we expect it to be slower than normal over the next few years. Equity markets could do well in this environment. Slow, steady growth accompanied by relatively low and non-volatile interest rates could be positive for corporate earnings. We also believe that equity returns should beat most fixed income alternatives as investors begin to reinvest their low-yielding cash positions in the stock market.

Currently, the Fund’s overweight positions (i.e. the Fund’s sector position was greater than the benchmark position) relative to the benchmark were in Industrials and Health Care. Conversely, the Fund’s largest underweight position (i.e. the Fund’s sector position was less than the benchmark position) relative to the benchmark continues to be in Financials. We believe that the complementary style of the three sub-advisers provides the Fund with a well positioned portfolio in this environment to add value relative to the market and its peers.

At October 31, 2009, 33% of the Fund’s assets were managed by Kayne Anderson Rudnick Investment Management, 35% were managed by Metropolitan West Capital Management and 32% were managed by SSgA Funds Management.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		0.7	%
Banks (Financials)		7.5
Capital Goods (Industrials)		10.1
Commercial & Professional Services (Industrials)		8.2
Consumer Durables & Apparel (Consumer Discretionary)		4.0
Consumer Services (Consumer Discretionary)		3.4
Consumer Staples (Industrials)		0.0
Diversified Financials (Financials)		5.5
Energy (Energy)		6.7
Food & Staples Retailing (Consumer Staples)		0.1
Food, Beverage & Tobacco (Consumer Staples)		1.9
Health Care Equipment & Services (Health Care)		7.0
Household & Personal Products (Consumer Staples)		2.6
Insurance (Financials)		4.4
Materials (Materials)		3.4
Media (Consumer Discretionary)		0.4
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		2.2
Real Estate (Financials)		4.7
Retailing (Consumer Discretionary)		2.6
Semiconductors & Semiconductor Equipment (Information Technology)		1.6
Software & Services (Information Technology)		7.2
Technology Hardware & Equipment (Information Technology)		5.2
Telecommunication Services (Services)		0.7
Transportation (Industrials)		3.3
Utilities (Utilities)		2.8
Short-Term Investments		3.7
Other Assets and Liabilities		0.1
Total		100.0	%

3

The Hartford Select SmallCap Value Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.7%
		Automobiles & Components — 0.7%
	5	Dana Holding Corp. •	$	26
	6	Modine Manufacturing Co.		66
	12	Spartan Motors, Inc.		61
	1	Standard Motor Products		7
	2	Stoneridge, Inc. •		11
	1	Superior Industries International		12
	2	Tenneco Automotive, Inc. •		22
	16	Thor Industries, Inc.		406
				611
		Banks — 7.0%
	1	Alliance Financial Corp.		17
	—	Ames National Corp.		6
	2	Arrow Financial Corp.		50
	—	Astoria Financial Corp.		3
	4	Banco Latinoamericano de Exportaciones S.A. ADR Class E		62
	—	Bank of Marin Bancorp		5
	1	Bank of the Ozarks, Inc.		18
	3	Bankfinancial Corp.		31
	—	Bar HBR Bancshares		3
	—	Bridge Bancorp, Inc.		4
	—	Brooklyn Federal Bancorp, Inc.		5
	1	Bryn Mawr Bank Corp.		19
	2	Camden National Corp.		60
	76	Cathay General Bancorp		671
	—	Century Bancorp, Inc.		4
	2	Chemical Financial Corp.		48
	2	Citizens & Northern Corp.		27
	—	Citizens Holdings Co.		3
	60	Citizens Republic Bancorp, Inc. •		36
	2	City Holding Co.		71
	2	Clifton Savings Bancorp, Inc.		19
	1	CNB Financial Corp.		8
	1	Community Bank System, Inc.		11
	1	Community Trust Bancorp, Inc.		12
	71	CVB Financial Corp.		569
	5	Dime Community Bancshares		51
	3	East West Bancorp, Inc.		23
	—	ESB Financial Corp.		5
	1	Farmers Capital Bank Corp.		11
	—	Financial Institutions		3
	2	First Bancorp North Carolina		28
	1	First Bancorp, Inc.		20
	3	First Commonwealth Financial Corp.		16
	—	First Community Bancshares		6
	1	First Defiance Financial Corp.		9
	—	First Financial Bankshares, Inc.		10
	1	First Financial Holdings		17
	6	First Financial Northwest		36
	1	First Long Island Corp.		13
	8	FirstMerit Corp.		143
	2	Flushing Financial Corp.		18
	16	FNB Corp.		110
	5	Fox Chase Bancorp, Inc. •		46
	—	German American Bancorp, Inc.		6
	4	Glacier Bancorp		50
	2	Great Southern Bancorp, Inc.		53
	1	Hancock Holding Co.		43
	—	Home Bancorp, Inc. •		2
	1	Home Bancshares, Inc.		26
	—	Iberiabank Corp.		9
	40	International Bancshares Corp.		594
	4	Investors Bancorp, Inc. •		39
	4	Kearny Financial Corp.		43
	5	Lakeland Bancorp, Inc.		33
	1	Lakeland Financial Corp.		27
	2	MainSource Financial Group, Inc.		10
	—	MB Financial, Inc.		5
	—	Merchants Bancshares		7
	1	MGIC Investment Corp. •		6
	—	NASB Financial, Inc.		10
	1	National Bankshares, Inc.		14
	10	National Penn Bancshares, Inc.		54
	4	NBT Bancorp		81
	2	Newalliance Bancs		20
	2	Northfield Bancorp, Inc.		27
	4	Oceanfirst Financial Corp.		33
	1	Ocwen Financial Corp. •		15
	—	Ohio Valley Banccorp		3
	4	Old National Bankcorp		36
	6	Oriental Financial Group, Inc.		66
	—	Orrstown Financial Services, Inc.		8
	15	Pacific Capital Bancorp		20
	—	Park National Corp.		23
	1	Peapack-Gladstone Financial		17
	2	Peoples Bancorp, Inc.		20
	2	Prosperity Bancshares, Inc.		59
	3	Provident Financial Services, Inc.		33
	4	Renasant Corp.		51
	3	Republic Bancorp, Inc.		57
	—	Rockville Financial, Inc.		3
	3	S&T Bancorp, Inc.		42
	1	S.Y. Bancorp, Inc.		27
	4	Santander Bancorp •		40
	1	SCBT Financial Corp.		26
	1	Simmons First National Corp.		41
	3	Southside Bancshares, Inc.		65
	—	State Bancorp, Inc.		3
	3	Sterling Bancorp NY		17
	8	Sterling Bancshares, Inc.		44
	11	Suffolk Bancorp		298
	—	SVB Financial Group •		19
	99	Synovus Financial Corp.		220
	2	Towne Bank		29
	2	Trustco Bank Corp.		11
	6	Trustmark Corp.		116
	66	UCBH Holdings, Inc.		65
	3	UMB Financial Corp.		110
	3	United Bankshares, Inc.		45
	3	United Financial Bancorp, Inc.		39
	2	Univest Corp.		31
	1	Washington Trust Bancorp		8
	6	Webster Financial Corp.		68
	—	Westamerica Banco		5
	44	Zion Bancorp		623
				5,922
		Capital Goods — 10.1%
	—	AAR Corp. •		4

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.7% — (continued)
		Capital Goods — 10.1% — (continued)
	1	Actuant Corp. Class A	$	17
	1	Aircastle Ltd.		10
	1	Albany International Corp. Class A		17
	4	American Rail Car Industries, Inc.		38
	—	Ameron International Corp.		9
	15	AMETEK, Inc.		523
	6	Apogee Enterprises		82
	1	Applied Industrial Technologies, Inc.		14
	1	Arfon, Inc. •		21
	2	Baldor Electric Co.		52
	7	Barnes Group, Inc.		118
	4	Beacon Roofing Supply, Inc. •		64
	1	Belden, Inc.		21
	2	Brady Corp. Class A		57
	6	Ceradyne, Inc. •		93
	1	Chart Industries, Inc. •		21
	3	CIRCOR International, Inc.		70
	30	Clarcor, Inc.		895
	4	Colfax Corp. •		41
	1	Columbus McKinnon Corp. •		9
	10	Comfort Systems USA, Inc.		104
	3	Ducommun, Inc.		44
	9	Dycom Industries, Inc. •		93
	6	DynCorp International, Inc. •		104
	1	Encore Wire Corp.		24
	8	EnerSys •		182
	4	Enpro Industries, Inc. •		92
	7	Federal Signal Corp.		41
	2	Flow International Corp. •		5
	—	Franklin Electric Co., Inc.		5
	1	Freighter America, Inc.		23
	1	Gibralter Industries, Inc.		13
	22	Graco, Inc.		611
	13	GrafTech International Ltd. •		176
	—	Graham Corp.		3
	3	Granite Construction, Inc.		72
	4	Greenbrier Cos.		31
	4	Griffon Corp. •		38
	7	H & E Equipment Services, Inc. •		77
	35	Hexcel Corp. •		385
	35	Huttig Building Products, Inc. ⌂ •		23
	3	Interline Brands, Inc. •		51
	6	John Bean Technologies Corp.		97
	3	Kadant, Inc. •		45
	1	L.B. Foster Co. Class A •		25
	—	Layne Christensen Co. •		8
	25	Lincoln Electric Holdings, Inc.		1,200
	4	Mueller Industries, Inc.		90
	15	Mueller Water Products, Inc.		68
	—	Nacco Industries, Inc. Class A		12
	1	Nordson Corp.		42
	48	Pike Electric Corp. •		598
	5	Robbins & Myers, Inc.		122
	20	Roper Industries, Inc.		991
	5	SauerDanfoss, Inc.		37
	1	Standex International		17
	2	Sterling Construction Co., Inc. •		39
	3	TAL International Group, Inc.		30
	7	Tredegar Corp.		91
	2	Trimas Corp. •		7
	2	Triumph Group, Inc.		72
	1	Tutor Perini Corp. •		13
	2	Twin Disc, Inc.		14
	3	United Rentals, Inc. •		28
	12	Wabtec Corp.		441
				8,460
		Commercial & Professional Services — 8.2%
	66	ABM Industries, Inc.		1,239
	20	ATC Technology Corp. •		414
	1	CDI Corp.		17
	2	Consolidated Graphics, Inc. •		31
	24	Copart, Inc. •		772
	1	Cornell Companies, Inc. •		30
	2	Courier Corp.		35
	1	Deluxe Corp.		16
	1	EnergySolutions, Inc.		6
	—	First Advantage Corp. •		5
	15	FTI Consulting, Inc. •		612
	2	G & K Services, Inc. Class A		44
	2	GP Strategies Corp. •		17
	7	Heidrick & Struggles International, Inc.		200
	1	HNI Corp.		26
	4	Kelly Services, Inc.		47
	55	McGrath RentCorp		1,090
	5	On Assignment, Inc. •		33
	23	Resources Connection, Inc. •		389
	25	School Specialty, Inc. •		556
	40	Schwak, Inc.		393
	6	Spherion Corp. •		31
	4	Standard Register Co.		19
	15	United Stationers, Inc. •		683
	1	Viad Corp.		22
	8	Waste Services, Inc. •		56
	2	Watson Wyatt Worldwide, Inc.		81
				6,864
		Consumer Durables & Apparel — 4.0%
	4	American Greetings Corp. Class A		83
	1	Beazer Homes USA, Inc. •		3
	1	Blyth, Inc.		51
	3	Brunswick Corp.		32
	3	Carter’s, Inc. •		74
	30	Cherokee, Inc.		570
	7	Crocs, Inc. •		44
	—	CSS Industries, Inc.		6
	27	Eastman Kodak Co.		101
	2	Hooker Furniture Corp.		31
	1	Iconix Brand Group, Inc. •		11
	2	Jones Apparel Group, Inc.		35
	9	Liz Claiborne, Inc.		53
	1	Meritage Homes Corp. •		18
	4	Oxford Industries, Inc.		84
	2	Perry Ellis International •		29
	15	Quiksilver, Inc. •		29
	35	RC2 Corp. •		452
	2	Ryland Group, Inc.		46
	10	Sturm Ruger & Co., Inc.		104
	54	Tempur-Pedic International, Inc. •		1,044
	6	Timberland Co. Class A •		100
	1	Universal Electronics, Inc. •		10
	23	Volcom, Inc. •		382
				3,392

The accompanying notes are an integral part of these financial statements.

5

The Hartford Select SmallCap Value Fund
Schedule of Investments – (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.7% — (continued)
		Consumer Services — 3.4%
	1	Benihana, Inc. •	$	3
	6	Bob Evans Farms, Inc.		147
	38	Burger King Holdings, Inc.		652
	—	Churchill Downs, Inc.		12
	1	Domino’s Pizza, Inc. •		7
	—	Frischs Restaurants, Inc.		2
	3	Gaylord Entertainment Co. •		43
	3	Great Wolf Resorts, Inc. •		9
	1	Interval Leisure Group, Inc. •		10
	1	Life Time Fitness, Inc. •		23
	—	Marcus Corp.		3
	31	Matthews International Corp. Class A		1,124
	3	Multimedia Games, Inc. •		13
	5	O’ Charley’s, Inc. •		34
	17	Papa John’s International, Inc. •		382
	4	Pinnacle Entertainment, Inc. •		30
	2	Red Lion Hotels Corp. •		10
	1	Red Robin Gourmet Burgers, Inc. •		23
	6	Regis Corp.		93
	5	Ruth’s Hospitality Group, Inc. •		16
	2	Speedway Motorsports, Inc.		22
	3	Steiner Leisure Ltd. •		103
	5	Stewart Enterprises, Inc.		22
	1	Vail Resorts, Inc. •		38
				2,821
		Consumer Staples — 0.0%
	—	Seaboard Corp.		15
		Diversified Financials — 5.5%
	10	Advance America Cash Advance Centers, Inc.		50
	25	Allied Capital Corp.		77
	11	Apollo Investment Corp.		101
	148	Ares Capital Corp.		1,544
	2	Blackrock Kelso Capital Corp.		13
	1	Calamos Asset Management, Inc.		14
	1	Cardtronics, Inc. •		11
	3	Cash America International, Inc.		76
	6	Compass Diversified Holdings		58
	—	Credit Acceptance Corp. •		10
	57	E*Trade Financial Corp. •		84
	1	Encore Capital Group, Inc. •		15
	44	Federated Investors, Inc.		1,155
	4	Fifth Street Finance Corp.		42
	29	Financial Federal Corp.		588
	1	Gladstone Capital Corp.		5
	7	Hercules Technology Growth		70
	1	Kayne Anderson Energy Development Co.		8
	5	Knight Capital Group, Inc. •		90
	8	LaBranche & Co., Inc. •		22
	8	MCG Capital Corp. •		32
	3	MF Global Ltd. •		24
	2	Oppenheimer Holdings Class A		38
	4	PennantPark Investment Corp.		31
	2	Penson Worldwide, Inc. •		21
	7	PHH Corp. •		105
	—	Piper Jaffray Cos. •		9
	3	Prospect Capital Corp.		27
	12	Raymond James Financial, Inc.		294
	1	TradeStation Group, Inc. •		11
	2	Virtus Investment Partners, Inc. •		24
	—	World Acceptance Corp. •		9
				4,658
		Energy — 6.7%
	1	Approach Resources, Inc. •		5
	1	Atlas Energy, Inc.		16
	6	ATP Oil & Gas Corp. •		99
	4	Basic Energy Services, Inc. •		31
	1	Berry Petroleum Co.		35
	4	Bill Barrett Corp. •		119
	1	Bristow Group, Inc. •		38
	15	Cal Dive International, Inc. •		117
	31	Carbo Ceramics, Inc.		1,816
	6	Complete Production Services, Inc. •		62
	1	Contango Oil & Gas Co. •		24
	4	Crosstex Energy, Inc.		21
	6	CVR Energy, Inc. •		64
	6	Delek U.S. Holdings, Inc.		40
	11	DHT Maritime, Inc.		39
	1	Goodrich Petroleum Corp. •		33
	13	Gran Tierra Energy Corp. •		64
	13	Hercules Offshore, Inc. •		66
	2	Hornbeck Offshore Services, Inc. •		41
	7	International Coal Group, Inc. •		28
	21	ION Geophysical Corp. •		81
	13	Key Energy Services, Inc. •		94
	—	Lufkin Industries, Inc.		19
	13	Matrix Service Co. •		111
	1	Newpark Resources, Inc. •		2
	8	Oceaneering International, Inc. •		383
	6	Parker Drilling Co. •		31
	6	Petroleum Development Corp. •		94
	6	Pioneer Drilling Co. •		39
	4	Rex Energy Corp. •		32
	43	TETRA Technologies, Inc. •		404
	3	TGC Industries, Inc. •		14
	4	Union Drilling, Inc. •		32
	5	Vaalco Energy, Inc.		22
	12	Western Refining, Inc. •		67
	1	Westmoreland Coal Co. •		8
	29	World Fuel Services Corp.		1,459
				5,650
		Food & Staples Retailing — 0.1%
	—	Great Atlantic & Pacific Tea Co., Inc. •		2
	3	Pantry, Inc. •		37
	3	Susser Holdings •		36
	2	Winn-Dixie Stores, Inc. •		22
				97
		Food, Beverage & Tobacco — 1.9%
	1	American Italian Pasta Co. •		16
	18	B&G Foods, Inc. Class A		140
	3	Chiquita Brands International, Inc. •		43
	20	Flowers Foods, Inc.		455
	9	J&J Snack Foods Corp.		333
	8	Ralcorp Holdings, Inc. •		443
	—	Seneca Foods Corp. •		11
	4	Universal Corp.		184
				1,625

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.7% — (continued)
		Health Care Equipment & Services — 7.0%
	1	Alliance Healthcare Services, Inc. •	$	7
	3	Allied Healthcare International •		7
	9	Amedisys, Inc. •		346
	1	American Dental Partners, Inc. •		13
	51	AMN Healthcare Services, Inc. •		420
	2	AmSurg Corp. •		52
	—	Analogic Corp.		5
	2	Cantel Medical Corp. •		31
	2	Cardiac Science Corp. •		6
	5	Centene Corp. •		86
	10	Chemed Corp.		453
	16	Cooper Co., Inc.		440
	7	Emergency Medical Services •		322
	—	Gentiva Health Services, Inc. •		9
	1	Greatbatch, Inc. •		18
	7	Healthspring, Inc. •		94
	8	ICU Medical, Inc. •		271
	7	Invacare Corp.		159
	4	inVentiv Health, Inc. •		68
	8	Kindred Healthcare, Inc. •		120
	18	Landauer, Inc.		937
	2	Magellan Health Services, Inc. •		53
	2	MedCath Corp. •		16
	1	Molina Healthcare, Inc. •		9
	7	NightHawk Radiology Holdings, Inc. •		45
	4	Novamed, Inc. •		15
	30	Owens & Minor, Inc.		1,231
	4	Rehabcare Group, Inc. •		68
	2	Res-Care, Inc. •		18
	1	Skilled Healthcare Group •		11
	1	Sun Healthcare Group, Inc. •		7
	2	Symmetry Medical, Inc. •		14
	3	Tomotherapy, Inc. •		10
	3	Triple-S Management Corp., Class B •		44
	1	U.S. Physical Therapy, Inc. •		8
	2	Wellcare Health Plans, Inc. •		39
	21	Young Innovations, Inc.		499
				5,951
		Household & Personal Products — 2.6%
	5	Central Garden & Pet Co. Class A •		46
	16	Chattem, Inc. •		1,027
	1	Inter Parfums, Inc.		17
	8	Prestige Brands Holdings, Inc. •		57
	1	Schiff Nutrition International		3
	33	WD40 Co.		1,049
				2,199
		Insurance — 4.4%
	8	American Equity Investment Life Holding Co.		54
	1	Amerisafe, Inc. •		26
	6	Amtrust Financial Services		66
	2	Argo Group International Holdings Ltd. •		82
	3	Assured Guaranty Ltd.		45
	3	CNA Surety Corp. •		37
	20	Conseco, Inc. •		106
	3	Delphi Financial Group Class A		75
	6	Employers Holdings, Inc.		94
	3	FBL Financial Group Class A		54
	5	First Mercury Financial Corp.		57
	5	Flagstone Reinsurance Holdings		55
	5	Greenlight Capital Re Ltd. Class A •		86
	2	Hallmark Financial Services, Inc. •		17
	2	Harleysville Group, Inc.		76
	40	Horace Mann Educators Corp.		491
	2	Infinity Property & Casualty Corp.		60
	10	Maiden Holdings Ltd.		70
	5	Max Capital Group Ltd.		97
	2	Meadowbrook Insurance Group, Inc.		15
	8	Montpelier Re Holdings Ltd.		135
	4	National Financial Partners Corp.		31
	—	Navigators Group, Inc. •		11
	15	Phoenix Cos.		46
	5	Platinum Underwriters Holdings Ltd.		161
	3	PMA Capital Corp. Class A •		14
	3	ProAssurance Corp. •		145
	18	RLI Corp.		898
	2	Safety Insurance Group, Inc.		68
	2	Seabright Insurance Holdings •		22
	35	Selective Insurance Group		536
	—	Zenith National Insurance Corp.		14
				3,744
		Materials — 3.4%
	7	A. Schulman, Inc.		125
	1	Ampal-American Israel Corp. Class A •		3
	17	Balchem Corp.		469
	1	Brush Engineered Materials, Inc. •		14
	5	Buckeye Technologies, Inc. •		49
	3	BWAY Holding Co. •		50
	1	Century Aluminum Co. •		10
	1	Coeur d’Alene Mines Corp. •		16
	3	Domtar Corp. •		116
	52	Glatfelter		547
	5	Graphic Packaging Holding Co. •		10
	1	H.B. Fuller Co.		13
	1	Hawkins, Inc.		23
	4	Headwaters, Inc. •		17
	10	Hecla Mining Co. •		42
	5	Horsehead Holding Corp. •		51
	2	Innospec, Inc.		19
	2	Koppers Holdings, Inc.		61
	1	Minerals Technologies, Inc.		69
	2	Myers Industries		19
	21	Neenah Paper, Inc.		212
	9	Olin Corp.		133
	4	OM Group, Inc. •		102
	25	PolyOne Corp. •		138
	1	RTI International Metals, Inc. •		23
	3	Schweitzer-Mauduit International, Inc.		138
	6	Sensient Technologies Corp.		152
	3	Solutia, Inc. •		36
	9	Spartech Corp.		82
	5	Stillwater Mining Co. •		29
	1	Universal Stainless & Alloy Products •		20
	1	W.R. Grace & Co. •		33
	7	Worthington Industries, Inc.		74
				2,895
		Media — 0.4%
	3	Belo Corp. Class A		15
	3	Crown Media Holdings, Inc. •		5
	6	Harte-Hanks, Inc.		75
	6	Journal Communications, Inc.		21

The accompanying notes are an integral part of these financial statements.

7

The Hartford Select SmallCap Value Fund
Schedule of Investments – (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - - 95.7% — (continued)
		Media — 0.4% — (continued)
	2	Knology, Inc. •	$	17
	2	Lin TV Corp. •		6
	6	LodgeNet Interactive Corp. •		28
	15	Mediacom Communications Corp. •		73
	4	National Cinemedia, Inc.		56
				296
		Pharmaceuticals, Biotechnology & Life Sciences — 2.2%
	3	Albany Molecular Research, Inc. •		25
	5	Bio-Rad Laboratories, Inc. Class A •		438
	2	Celera Corp. •		14
	16	Charles River Laboratories International, Inc. •		566
	12	Covance, Inc. •		620
	1	Facet Biotech Corp. •		24
	11	KV Pharmaceutical Co. •		44
	—	Martek Biosciences Corp. •		2
	4	Maxygen, Inc. •		22
	1	ViroPharma, Inc. •		9
				1,764
		Real Estate — 4.7%
	1	American Campus Communities, Inc.		27
	14	Anworth Mortgage Asset Corp.		102
	18	Ashford Hospitality		70
	5	Associated Estates Realty		44
	2	Biomed Realty Trust, Inc.		23
	19	CapLease, Inc.		63
	6	Capstead Mortgage Corp.		84
	9	CBL & Associates Properties		73
	5	Cedar Shopping Court		31
	8	Colonial Properties Trust		84
	10	DCT Industrial Trust, Inc.		46
	9	Developers Diversified Realty Corp.		79
	13	Diamondrock Hospitality		100
	4	DuPont Fabros Technology, Inc.		66
	7	Education Realty Trust, Inc.		35
	39	Entertainment Properties Trust		1,319
	16	Felcor Lodging Trust, Inc.		50
	11	First Industrial Realty Trust, Inc.		49
	5	First Potomac Realty Trust		59
	1	Franklin Street Properties Corp.		10
	3	Getty Realty Corp.		73
	—	Gladstone Commercial Corp.		5
	1	Hatteras Financial Corp.		25
	1	Healthcare Realty Trust, Inc.		21
	5	Hersha Hospitality Trust		12
	6	Highwoods Properties, Inc.		153
	2	Home Properties of New York, Inc.		66
	5	Inland Real Estate Corp.		40
	26	iStar Financial, Inc.		54
	1	Kilroy Realty Corp.		25
	7	Kite Realty Group Trust		24
	1	LaSalle Hotel Properties		19
	18	Lexington Realty Trust		78
	12	Medical Properties Trust, Inc.		96
	21	MFA Mortgage Investments, Inc.		156
	2	Mid-America Apartment Communities, Inc.		75
	3	National Health Investors, Inc.		96
	4	National Retail Properties, Inc.		86
	2	Omega Healthcare Investors		27
	6	Penn Real Estate Investment Trust		41
	2	PS Business Parks, Inc.		75
	6	Ramco-Gershenson Properties Trust w/ Rights		52
	5	Redwood Trust, Inc.		63
	2	Resource Capital Corp.		10
	1	Sun Communities, Inc.		13
	11	Sunstone Hotel Investors, Inc.		86
	4	U-Store-It		24
	1	Walter Investment Management		7
	1	Washington Real Estate Investment Trust		29
				3,945
		Retailing — 2.6%
	4	Asbury Automotive Group •		37
	1	Books-A-Million, Inc.		10
	129	Borders Group, Inc. •		250
	1	Brown Shoe Co., Inc.		5
	3	Build-A-Bear Workshop, Inc. •		17
	1	Charming Shoppes, Inc. •		3
	6	Collective Brands, Inc. •		104
	1	Core-Mark Holding Co., Inc. •		36
	6	Dillard’s, Inc.		84
	2	Dress Barn, Inc. •		32
	—	DSW, Inc. •		2
	1	Genesco, Inc. •		29
	13	Group 1 Automotive, Inc.		330
	7	Gymboree Corp. •		294
	5	Jo-Ann Stores, Inc. •		143
	3	Lithia Motors, Inc.		22
	4	Men’s Wearhouse, Inc.		82
	12	New York & Co., Inc. •		52
	37	OfficeMax, Inc.		428
	4	Orbitz Worldwide, Inc. •		18
	10	Rent-A-Center, Inc. •		180
	3	Retail Ventures, Inc. •		22
	1	Sally Beauty Co., Inc. •		9
	2	Sonic Automotive, Inc.		18
	6	Stage Stores, Inc.		66
	3	Tween Brands, Inc. •		29
				2,302
		Semiconductors & Semiconductor Equipment — 1.6%
	1	Cymer, Inc. •		22
	7	DSP Group, Inc. •		42
	165	Entegris, Inc. •		621
	3	Pericom Semiconductor Corp. •		25
	21	Photronics, Inc. •		87
	6	RF Micro Devices, Inc. •		25
	19	Silicon Storage Technology, Inc. •		38
	11	TriQuint Semiconductor, Inc. •		57
	17	Varian Semiconductor Equipment Associates, Inc. •		469
				1,386
		Software & Services — 7.2%
	10	Acxiom Corp. •		118
	14	Cass Information Systems, Inc.		422
	23	Computer Services, Inc.		812
	3	CSG Systems International, Inc. •		42
	22	DealerTrack Holdings, Inc. •		363
	3	DivX, Inc. •		12
	21	Earthlink, Inc.		167

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - - 95.7% — (continued)
		Software & Services — 7.2% — (continued)
	5	Fair Isaac, Inc.	$	95
	19	Global Cash Access, Inc. •		120
	1	Hackett Group, Inc. •		4
	3	Internap Network Services Corp. •		11
	1	Internet Brands, Inc. Class A •		10
	3	JDA Software Group, Inc. •		56
	10	Lawson Software, Inc. •		62
	5	Ness Technologies, Inc. •		31
	3	Perficient, Inc. •		22
	5	Perot Systems Corp. Class A •		145
	1	Pervasive Software, Inc. •		5
	7	Quest Software, Inc. •		124
	18	Solera Holdings, Inc.		588
	32	Syntel, Inc.		1,132
	17	Tibco Software, Inc. •		151
	18	Unisys Corp. •		520
	10	United Online, Inc.		82
	62	VeriFone Holdings, Inc. •		825
	1	Virtusa Corp. •		8
	9	Web.com Group, Inc. •		66
				5,993
		Technology Hardware & Equipment — 5.2%
	28	3Com Corp. •		143
	11	ADC Telecommunications, Inc. •		70
	10	Arris Group, Inc. •		106
	45	Avid Technology, Inc. •		562
	5	Avocent Corp. •		126
	11	Benchmark Electronics, Inc. •		178
	1	Black Box Corp.		17
	20	Coherent, Inc. •		503
	9	Cray, Inc. •		68
	2	CTS Corp.		19
	1	DDI Corp. •		4
	1	Digi International, Inc. •		10
	54	Electronics for Imaging, Inc. •		629
	3	Harmonic, Inc. •		17
	13	Harris Stratex Networks Class A •		83
	7	Insight Enterprises, Inc. •		76
	43	Jabil Circuit, Inc.		575
	7	Methode Electronics, Inc.		48
	3	Osi Systems, Inc. •		55
	1	PC Connection, Inc. •		6
	2	PC Mall, Inc. •		13
	5	PC-Tel, Inc. •		32
	14	Plantronics, Inc.		346
	11	Plexus Corp. •		286
	1	Scansource, Inc. •		36
	1	SeaChange International, Inc. •		6
	6	Smart Modular Technologies, Inc. •		24
	1	Spectrum Control, Inc. •		5
	9	Symmetricom, Inc. •		41
	3	SYNNEX Corp. •		82
	11	Technitrol, Inc.		83
	3	Tekelec •		50
	9	TTM Technologies, Inc. •		90
				4,389
		Telecommunication Services — 0.7%
	21	Cincinnati Bell, Inc. •		65
	2	D & E Communications, Inc.		21
	54	General Communication, Inc. Class A •		332
	3	Global Crossing Ltd. •		37
	3	iBasis, Inc. •		6
	1	iPCS, Inc. •		33
	9	Premiere Global Services, Inc. •		65
	1	Syniverse Holdings, Inc. •		23
	6	USA Mobility, Inc.		68
				650
		Transportation — 3.3%
	2	Air Transport Services Group, Inc. •		6
	2	Alaska Air Group, Inc. •		51
	—	Amerco •		4
	5	Atlas Air Worldwide Holdings, Inc. •		123
	3	Avis Budget Group, Inc. •		25
	4	Celadon Group, Inc. •		39
	2	Dollar Thrifty Automotive Group, Inc. •		44
	22	Forward Air Corp.		464
	5	Heartland Express, Inc.		62
	3	Knight Transportation, Inc.		45
	44	Landstar System, Inc.		1,537
	3	Pacer International, Inc.		8
	3	Saia, Inc. •		38
	11	SkyWest, Inc.		160
	3	Ultrapetrol Bahamas Ltd. •		16
	—	USA Truck, Inc. •		3
	6	Werner Enterprises, Inc.		103
				2,728
		Utilities — 2.8%
	4	Avista Corp.		80
	4	Black Hills Corp.		90
	1	California Water Service Group		21
	1	CH Energy Group		25
	1	Chesapeake Utilities Corp.		27
	24	El Paso Electric Co. •		453
	1	Empire District Electric Co.		11
	2	IDACORP, Inc.		50
	1	MGE Energy, Inc.		42
	5	New Jersey Resources Corp.		184
	—	Nicor, Inc.		12
	7	NorthWestern Corp.		172
	2	Piedmont Natural Gas		35
	6	PNM Resources, Inc.		59
	8	Portland General Electric Co.		148
	5	South Jersey Industries, Inc.		167
	6	Southwest Gas Corp.		151
	4	U.S. Geothermal, Inc. •		7
	7	UniSource Energy Corp.		191
	23	Westar Energy, Inc.		441
	1	WGL Holdings, Inc.		37
				2,403
		Total Common stocks    (Cost $84,568)	$	80,760

The accompanying notes are an integral part of these financial statements.

9

The Hartford Select SmallCap Value Fund
Schedule of Investments – (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
PREFERRED STOCKS - 0.5%
		Banks — 0.5%
	—	East West Bancorp, Inc., 8.00% ۞ ⌂			$	398
		Total preferred stocks (cost $482)			$	398
		Total long-term investments (cost $85,050)			$	81,158
SHORT-TERM INVESTMENTS - 3.7%
		Investment Pools and Funds — 3.7%
	555	Federated Investors Prime Obligations Fund			$	555
	2,535	State Street Bank Money Market Fund				2,535
						3,090
		Total short-term investments (cost $3,090)			$	3,090
		Total investments (cost $88,140) ▲	99.9	%	$	84,248
		Other assets and liabilities	0.1	%		84
		Total net assets	100.0	%	$	84,332

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 0.2% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $90,159 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	8,131
Unrealized Depreciation		(14,042	)
Net Unrealized Depreciation	$	(5,911	)

•	Currently non-income producing.
۞	Convertible security.
⌂	The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period	Shares/
Acquired	Par		Security	Cost Basis
04/2008		—	East West Bancorp, Inc., 8.00%	$	482
08/2006 - 05/2007		35	Huttig Building Products, Inc.		200

The aggregate value of these securities at October 31, 2009 was $421 which represents 0.50% of total net assets.

Futures Contracts Outstanding at October 31, 2009

					Unrealized
	Number of			Expiration	Appreciation/
Description	Contracts*		Position	Month	(Depreciation)
Russell 2000 Mini		9	Long	Dec 2009	$	(45	)

* The number of contracts does not omit 000’s.

Cash of $36 was pledged as initial margin deposit for open futures contracts at October 31, 2009.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

10

The Hartford Select SmallCap Value Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks ‡	$	80,760	$	80,760	$	—	$	—
Preferred Stocks ‡		398		398		—		—
Short-Term Investments		3,090		3,090		—		—
Total	$	84,248	$	84,248	$	—	$	—
Liabilities:
Other Financial Instruments *	$	45	$	45	$	—	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Select SmallCap Value Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $88,140)	$	84,248
Cash		37	*
Receivables:
Fund shares sold		25
Dividends and interest		64
Other assets		19
Total assets		84,393
Liabilities:
Payables:
Fund shares redeemed		14
Investment management fees		14
Distribution fees		1
Variation margin		13
Accrued expenses		19
Total liabilities		61
Net assets	$	84,332
Summary of Net Assets:
Capital stock and paid-in-capital		118,125
Accumulated undistributed net investment income		356
Accumulated net realized loss on investments		(30,212	)
Unrealized depreciation of investments		(3,937	)
Net assets	$	84,332
Shares authorized		800,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	7.95/$8.41
Shares outstanding		2,099
Net assets	$	16,695
Class B: Net asset value per share	$	7.86
Shares outstanding		76
Net assets	$	596
Class C: Net asset value per share	$	7.88
Shares outstanding		112
Net assets	$	880
Class Y: Net asset value per share	$	7.96
Shares outstanding		8,310
Net assets	$	66,161

^* Cash of $36 was designated to cover open futures contracts.

The accompanying notes are an integral part of these financial statements.

12

The Hartford Select SmallCap Value Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	1,552
Interest		15
Less: Foreign tax withheld		—
Total investment income		1,567
Expenses:
Investment management fees		720
Transfer agent fees		24
Distribution fees
Class A		35
Class B		5
Class C		7
Custodian fees		18
Accounting services fees		9
Registration and filing fees		33
Board of Directors’ fees		4
Audit fees		8
Other expenses		30
Total expenses (before waivers and fees paid indirectly)		893
Expense waivers		(4	)
Transfer agent fee waivers		(3	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(7	)
Total expenses, net		886
Net Investment Income		681
Net Realized Loss on Investments and Other Financial Instruments:
Net realized loss on investments in securities		(17,865	)
Net realized gain on futures		65
Net Realized Loss on Investments and Other Financial Instruments		(17,800	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments:
Net unrealized appreciation of investments		23,222
Net unrealized appreciation of futures		108
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments		23,330
Net Gain on Investments and Other Finanical Instruments		5,530
Net Increase in Net Assets Resulting from Operations	$	6,211

The accompanying notes are an integral part of these financial statements.

13

The Hartford Select SmallCap Value Fund

Statement of Changes in Net Assets
(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income .	$	681		$	1,103
Net realized loss on investments and other financial instruments		(17,800	)		(12,620	)
Net unrealized appreciation (depreciation) of investments and other financial instruments		23,330			(27,686	)
Net Increase (Decrease) In Net Assets Resulting From Operations		6,211			(39,203	)
Distributions to Shareholders:
From net investment income
Class A		(150	)		(105	)
Class B		(1	)		—
Class C		(1	)		—
Class Y		(888	)		(775	)
From net realized gain on investments
Class A		—			(1,215	)
Class B		—			(38	)
Class C		—			(49	)
Class Y		—			(6,095	)
Total distributions		(1,040	)		(8,277	)
Capital Share Transactions:
Class A		1,102			2,992
Class B		77			134
Class C		136			330
Class Y		(1,441	)		11,680
Net increase (decrease) from capital share transactions		(126	)		15,136
Net Increase (Decrease) In Net Assets		5,045			(32,344	)
Net Assets:
Beginning of period		79,287			111,631
End of period	$	84,332		$	79,287
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	356		$	805

The accompanying notes are an integral part of these financial statements.

14

The Hartford Select SmallCap Value Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Select SmallCap Value Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income – Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation – The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading

15

The Hartford Select SmallCap Value Fund
Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Options contracts on securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at their last reported sale price at the Valuation Time on the Primary Market on which the instrument is primarily traded. If the instrument did not trade on the Primary Market, it may be valued at the most recent sale price at the Valuation Time on another exchange or market where it did trade. If it is not possible to determine the last reported sale price on the Primary Market or another exchange or market at the Valuation Time, the value of the security shall be taken to be the most recent mean between bid and asked prices on such exchange or market at the Valuation Time. Absent both bid and asked prices on such exchange, the bid price may be used.

Futures contracts are valued at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively. If a settlement price is not available, futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the mean of the closing bid and asked prices as of the Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the valuation date.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

16

• Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 – Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Indexed Securities – The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had no investments in indexed securities as of October 31, 2009.
d)	Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).

17

The Hartford Select SmallCap Value Fund
Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

e)	Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
f)	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
g)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Statement of Assets and Liabilities Location
Equity contracts		Summary of Net Assets – Unrealized depreciation	$	45

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps		Total
Equity contracts	$	—	$	—	$	65	$	—	$	—	$	65
Total	$	—	$	—	$	65	$	—	$	—	$	65

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps		Total
Equity contracts		—		—		108		—		—	$	108
Total	$	—	$	—	$	108	$	—	$	—	$	108

h) Indemnifications – Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

18

3. Futures and Options:

Futures and Options Transactions – The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.

At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.

The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of October 31, 2009.

An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.

The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. As of October 31, 2009, there were no outstanding purchased or written option contracts.

4. Federal Income Taxes:

a)

Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale

19

The Hartford Select SmallCap Value Fund
Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c)

Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	1,040	$	7,663
Long-Term Capital Gains *		—		614

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	357
Accumulated Capital Losses *		(28,239	)
Unrealized Depreciation †		(5,911	)
Total Accumulated Deficit	$	(33,793	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated undistributed net investment income by $90, increase accumulated net realized gain on investments by $91, and decrease paid-in-capital by $1.

e)

Capital Loss Carryforward – At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	11,901
2017		16,338
Total	$	28,239

f) Accounting for Uncertainty in Income Taxes – Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

20

5. Expenses:

a)

Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Kayne Anderson Rudnick Investment Management, LLC (“KAR”), SSgA Funds Management, Inc. (“SSgAFM”) and Metropolitan West Capital Management, LLC (“MetWest Capital”) for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate KAR, MetWest Capital and SSgA FM.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		1.0000	%
On next $500 million		0.9500	%
On next $4 billion		0.9000	%
On next $5 billion		0.8975	%
Over $10 billion		0.8950	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class Y
1.60%		2.35	%		2.35	%		1.20	%

d)	Fees Paid Indirectly – The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2009, this amount is included in the Statement of Operations.
	The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006
Class A Shares		1.50	%		1.41	%		1.40	%	1.60%*
Class B Shares		2.07			2.24			2.35		2.35*
Class C Shares		2.12			2.26			2.32		2.35*
Class Y Shares		1.14			1.10			1.13		1.20*

* From July 31, 2006 (commencement of operations), through October 31, 2006.

21

The Hartford Select SmallCap Value Fund
Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

e)	Distribution and Service Plan for Class A, B and C Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $28 and contingent deferred sales charges of $1 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B and C shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the Distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $4. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $21 for providing such services. These fees are accrued daily and paid monthly.

6.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class A		1,574
Class B		27
Class C		27

7.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	41,152
Sales Proceeds Excluding U.S. Government Obligations		41,371

22

8.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		463		23		(331	)		—		155			293		127		(97	)		—		323
Amount	$	3,158	$	149	$	(2,205	)	$	—	$	1,102		$	2,539	$	1,316	$	(863	)	$	—	$	2,992
Class B
Shares		21		—		(10	)		—		11			19		4		(8	)		—		15
Amount	$	141	$	1	$	(65	)	$	—	$	77		$	175	$	36	$	(77	)	$	—	$	134
Class C
Shares		50		—		(32	)		—		18			67		5		(42	)		—		30
Amount	$	360	$	1	$	(225	)	$	—	$	136		$	610	$	49	$	(329	)	$	—	$	330
Class Y
Shares		338		136		(734	)		—		(260	)		1,452		663		(1,273	)		—		842
Amount	$	2,141	$	888	$	(4,470	)	$	—	$	(1,441	)	$	14,128	$	6,870	$	(9,318	)	$	—	$	11,680

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		—	$	2
For the Year Ended October 31, 2008		1	$	9

9.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
10.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.
11.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

23

The Hartford Select SmallCap Value Fund

Financial Highlights

- Selected Per-Share Data (a) -
	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	7.42	$	0.05		$	—	$	0.56		$	0.61		$	(0.08	)	$	—		$	—	$	(0.08	)	$	0.53		$	7.95
B		7.31		0.01			—		0.56			0.57			(0.02	)		—			—		(0.02	)		0.55			7.86
C		7.32		—			—		0.57			0.57			(0.01	)		—			—		(0.01	)		0.56			7.88
Y		7.43		0.07			—		0.56			0.63			(0.10	)		—			—		(0.10	)		0.53			7.96
For the Year Ended October 31, 2008
A		11.79		0.07			—		(3.63	)		(3.56	)		(0.06	)		(0.75	)		—		(0.81	)		(4.37	)		7.42
B		11.65		—			—		(3.59	)		(3.59	)		—			(0.75	)		—		(0.75	)		(4.34	)		7.31
C		11.66		—			—		(3.59	)		(3.59	)		—			(0.75	)		—		(0.75	)		(4.34	)		7.32
Y		11.80		0.10			—		(3.64	)		(3.54	)		(0.08	)		(0.75	)		—		(0.83	)		(4.37	)		7.43
For the Year Ended October 31, 2007
A		10.96		0.07			—		0.78			0.85			—			(0.02	)		—		(0.02	)		0.83			11.79
B		10.93		(0 .02	)		—		0.76			0.74			—			(0.02	)		—		(0.02	)		0.72			11.65
C		10.93		(0 .02	)		—		0.77			0.75			—			(0.02	)		—		(0.02	)		0.73			11.66
Y		10.97		0.10			—		0.78			0.88			(0.03	)		(0.02	)		—		(0.05	)		0.83			11.80
From (commencement of operations) July 31, 2006, through October 31, 2006 (e)
A(f)		10.00		0.02			—		0.94			0.96			—			—			—		—			0.96			10.96
B(f)		10.00		—			—		0.93			0.93			—			—			—		—			0.93			10.93
C(f)		10.00		—			—		0.93			0.93			—			—			—		—			0.93			10.93
Y(f)		10.00		0.01			—		0.96			0.97			—			—			—		—			0.97			10.97

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Commenced operations on July 31, 2006.
(g)	Not annualized.
(h)	Annualized.

24

- Ratios and Supplemental Data -
					Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
					Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net
			Net Assets at End		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio Turnover
Total Return(b)			of Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Rate(d)
	8.43	%	$	16,695		1.50	%		1.50	%		1.50	%		0.66	%		59	%
	7.89			596		2.72			2.07			2.07			0.08			–
	7.81			880		2.67			2.12			2.12			0.04			–
	8.85			66,161		1.14			1.14			1.14			1.03			–
	(32.15	)		14,428		1.41			1.41			1.41			0.81			51
	(32.69	)		476		2.51			2.24			2.24			(0.02	)		–
	(32.66	)		685		2.48			2.26			2.26			(0.04	)		–
	(31.93	)		63,698		1.10			1.10			1.10			1.11			–
	7.78			19,106		1.40			1.40			1.40			0.67			58
	6.79			587		2.38			2.35			2.35			(0.25	)		–
	6.88			749		2.33			2.33			2.33			(0.27	)		–
	8.09			91,189		1.13			1.13			1.13			0.97			–
	9.60	(g)		15,872		1 .73	(h)		1 .60	(h)		1 .60	(h)		0 .78	(h)		10
	9.30	(g)		308		2 .53	(h)		2 .35	(h)		2 .35	(h)		0 .03	(h)		–
	9.30	(g)		280		2 .51	(h)		2 .35	(h)		2 .35	(h)		0 .03	(h)		–
	9.70	(g)		1,538		1 .71	(h)		1 .20	(h)		1 .20	(h)		0 .79	(h)		–

25

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Select SmallCap Value Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Select SmallCap Value Fund of The Hartford Mutual Funds, Inc. at October��31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

          

Minneapolis, MN
December 15, 2009

26

The Hartford Select SmallCap Value Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong* (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

* Prior to May 8, 2009, Mr. Birdsong held a beneficial ownership interest in the common stock of Wells Fargo & Company (“Wells Fargo”). On October 3, 2008, Wells Fargo agreed to acquire Wachovia Corporation, a majority shareholder of Metropolitan West Capital Management, LLC (“MetWest Capital”), a sub-adviser to The Hartford Select SmallCap Value Fund. On October 20, 2008, Wells Fargo purchased preferred stock of Wachovia Corporation with a voting interest greater than 25%. On December 31, 2008, the merger was completed. As a result of these transactions, Wells Fargo may be deemed to control MetWest Capital as of October 20, 2008. Because of his prior beneficial ownership interest in Wells Fargo common stock, Mr. Birdsong was not considered to be an independent director with respect to The Hartford Select SmallCap Value Fund from October 20, 2008 to May 8, 2009.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

27

The Hartford Select SmallCap Value Fund
Directors and Officers (Unaudited) – (continued)

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

28

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29

The Hartford Select SmallCap Value Fund
Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	100.00	%
QDI†	100.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.078		N/A		N/A		0.078
Class B		0.022		N/A		N/A		0.022
Class C		0.010		N/A		N/A		0.010
Class Y		0.104		N/A		N/A		0.104

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

30

The Hartford Select SmallCap Value Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,199.10	$	8.26	$	1,000.00	$	1,017.69	$	7.58		1.49	%		184		365
Class B	$	1,000.00	$	1,194.50	$	11.78	$	1,000.00	$	1,014.47	$	10.82		2.13			184		365
Class C	$	1,000.00	$	1,193.90	$	12.00	$	1,000.00	$	1,014.27	$	11.02		2.17			184		365
Class Y	$	1,000.00	$	1,200.60	$	6.27	$	1,000.00	$	1,019.51	$	5.75		1.13			184		365

31

The Hartford Select SmallCap Value Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Select SmallCap Value Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-advisers Kayne Anderson Rudnick Investment Management, LLC, Metropolitan West Capital Management, LLC, and SSgA Funds Management, Inc. (together the “Sub-advisers,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-advisers. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-advisers, who provide day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-advisers’ other investment personnel, their investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-advisers’ method for compensating the portfolio managers.

32

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-advisers.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-advisers’ overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-advisers.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-advisers, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-advisers relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because

33

The Hartford Select SmallCap Value Fund
Approval of Investment Management and Investment Sub-Advisory Agreements – (continued)

additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-advisers from their use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-advisers that the Sub-advisers would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

* * * *

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-33 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford Short Duration Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	5
Investment Valuation Hierarchy Level Summary at October 31, 2009	12
Statement of Assets and Liabilities at October 31, 2009	13
Statement of Operations for the Year Ended October 31, 2009	14
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	15
Notes to Financial Statements	16
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Federal Tax Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	32

The Hartford Short Duration Fund inception 10/31/2002

(subadvised by Hartford Investment Management Company) Investment objective — Seeks to provide a high level of income.

Performance Overview(1) 10/31/02 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital 1-3 Year U.S. Government/Credit Index is an unmanaged index comprised of the U.S. Government/Credit component of the U.S. Aggregate Index. The 1-3 Year Government/Credit Index includes securities in the 1-3 year maturity range in the Government/Credit Index.

Barclays Capital 1-5 Year U.S. Government/Credit Index is an unmanaged index comprised of the U.S. Government/Credit component of the U.S. Aggregate Index. The 1-5 Year Government/Credit Index includes securities in the 1-5 year maturity range in the Government/Credit Index.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
Short Duration A#		8.23	%		2.81	%		2.98	%
Short Duration A##		4.98	%		2.18	%		2.54	%
Short Duration B#		7.42	%		2.04	%		2.23	%
Short Duration B##		2.42	%		1.68	%		2.23	%
Short Duration C#		7.42	%		2.04	%		2.23	%
Short Duration C##		6.42	%		2.04	%		2.23	%
Short Duration Y#		8.62	%		3.09	%		3.05	%
Barclays Capital 1-3 Year U.S.		6.31	%		4.25	%		3.81	%
Government/Credit Index
Barclays Capital 1-5 Year U.S.		8.47	%		4.44	%		4.17	%
Government/Credit Index

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.
(5)	Class Y shares commenced operations on 11/28/03.

Portfolio Managers
Robert Crusha, CFA	Brian Dirgins, CFA
Vice President	Senior Vice President

How did the Fund perform?

The Class A shares of The Hartford Short Duration Fund returned 8.23%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmark, Barclays Capital 1-3 Year U.S. Government/Credit Index returned 6.31%, while the average return of the Lipper Short Investment Grade Debt Funds category, a group of funds with investment strategies similar to those of the Fund, was 7.67%.

2

Why did the Fund perform this way?

Over the past year, signs that the global economy was beginning to improve were apparent across many regions. The ongoing decisions on the part of global central banks to maintain accommodative monetary policy and to expand their balance sheets continue to nurture the willingness of investors to commit capital into riskier asset classes. Against this backdrop, spread sectors (i.e. issues yielding more than Treasuries) in the front end of the yield curve (1-3 yrs), particularly investment grade credit and asset backed securities (ABS), recovered and significantly outperformed Treasuries. This continues to be a theme as liquidity and confidence continue to improve, and investors in search of higher income allocate out of money market funds into the aforementioned spread sectors.

The primary driver of the Fund’s outperformance over the period relative (i.e. performance of the Fund as measured against the benchmark) to the benchmark was sector allocation. An overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Investment Grade Corporates and an out of benchmark allocation to ABS were additive to performance. In terms of security selection, the actual securities chosen in Investment Grade Corporates underperformed the benchmark, but this was more than offset by the overweight allocation to the sector.

Out of benchmark allocations to Commercial Mortgage Backed Securities (CMBS) and an allocation to cash detracted moderately from performance. Duration (i.e. sensitivity to changes in interest rates) and curve positioning relative to the benchmark also detracted slightly from performance. This was a result of the shorter interest rate position than that of the benchmark, due to the cash allocation and source of more attractive yield opportunities in the shorter part of the curve. The duration position has been less of a factor more recently as rates have stabilized.

A relative underweight (i.e. the Fund’s sector position was less than the benchmark position) to the Government sectors such as U.S. Treasuries and Agencies was also additive to relative performance. This relative underweight as well as the Fund’s allocations to Investment Grade Corporates, ABS and CMBS remains the primary drivers of the Fund’s yield.

What is your outlook?

Ongoing government efforts have sufficiently kept the economy moving but this has its limits. Eventually the consumer will need to drive growth again but it is doubtful that capacity and willingness to consume will be as high as it was during the middle part of this decade. Although we may experience a bit of an above trend rebound in coming quarters, our longer term outlook is more conservative.

Due to these concerns we expect the Federal Reserve, and other Global Central Banks to continue to pursue any, and all, policies to ensure that the economy is on the path to recovery. This accommodative monetary policy should result in low yields in the front end of the curve for the foreseeable future. As such we will judiciously continue to look for opportunities to add to spread sectors, primarily Investment Grade Corporates and CMBS, in an effort to preserve yield. With respect to spread sectors, we will focus on those issuers whose balance sheets and cash flow best protect bondholder interest. Diversification will also remain an important theme.

We will continue to actively manage interest rate duration, and may look to add to duration as conditions warrant. Our longer term outlook is for interest rates to move higher, from these historically low levels, so we will be monitoring duration very closely.

Distribution by Credit Quality
as of October 31, 2009

	Percentage of
	Long Term
Rating	Holdings
AAA		22.3	%
AA		20.1
A		29.5
BBB		27.6
BB		0.1
CCC		0.1
Not Rated		0.3
Total		100.0	%

3

Diversification by Industry

as of October 31, 2009

	Percentage of
Industry	Net Assets
Advertising and Related Services		0.9	%
Aerospace Product and Parts Manufacturing		1.8
Agriculture, Construction, and Mining Machinery		0.2
Alumina and Aluminum Production and Processing		0.3
Basic Chemical Manufacturing		0.4
Beverage Manufacturing		2.2
Cable and Other Program Distribution		0.7
Captive Auto Finance		7.9
Commercial and Service Industry Machinery		0.4
Commercial Banking		9.7
Communications Equipment Manufacturing		0.4
Computer and Peripheral Equipment Manufacturing		1.0
Couriers		0.4
Credit Card Issuing		2.9
Depository Credit Banking		3.2
Electric Generation, Transmission and Distribution		2.5
Grain and Oilseed Milling		0.4
Grocery Stores		1.2
Health and Personal Care Stores		1.4
Industrial Machinery, Equipment Rental & Leasing		0.6
Insurance Carriers		5.1
International Trade Financing (Foreign Banks)		0.5
Iron and Steel Mills and Ferroalloy Manufacturing		0.4
Medical and Diagnostic Laboratories		0.4
Medical Equipment and Supplies Manufacturing		0.2
Metal Ore Mining		1.5
Monetary Authorities — Central Bank		0.1
Motor Vehicle Manufacturing		0.4
Navigational, Measuring, and Control Instruments		0.9
Nondepository Credit Banking		3.0
Nonmetallic Mineral Mining and Quarrying		0.2
Office Supplies, Stationery, and Gift Stores		0.4
Oil and Gas Extraction		2.9
Oilseed and Grain Farming		0.1
Other Financial Investment Activities		1.4
Other Food Manufacturing		0.5
Other General Merchandise Stores		0.3
Other Miscellaneous Manufacturing		0.7
Petroleum and Coal Products Manufacturing		1.6
Pharmaceutical & Medicine Manufacturing		0.4
Pharmaceutical and Medicine Manufacturing		1.7
Pipeline Transportation of Natural Gas		0.9
Rail Transportation		1.0
Real Estate Credit (Mortgage Banking)		12.1
Residential Building Construction		0.4
Resin, Synthetic Rubber, Filaments Manufacturing		0.2
Securities and Commodity Contracts and Brokerage		5.0
Soap, Cleaning Compound and Toilet Manufacturing		0.4
Software Publishers		0.9
Sovereign Foreign Governments		0.7
Support Activities For Mining		0.4
Telecommunications — Other		1.4
Telecommunications — Wired Carriers		1.1
Telecommunications — Wireless Carriers		1.1
Telecommunications Resellers		0.6
Tobacco Manufacturing		0.2
Waste Treatment and Disposal		0.6
Wireless Communications Services		2.6
U.S. Government Agencies		1.6
U.S. Government Securities		0.7
Short-Term Investments		5.1
Other Assets and Liabilities		1.8
Total		100.0	%

4

The Hartford Short Duration Fund
Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES — 22.4%
		Captive Auto Finance — 7.9%
		AmeriCredit Automobile Receivables Trust
$	452	4.47%, 01/12/2012	$	456
	476	5.04%, 05/06/2011		472
	363	5.42%, 08/08/2011		370
		Capital Automotive Receivables Asset Trust
	800	5.55%, 01/18/2011		809
	1,000	6.35%, 03/17/2014 ■		946
		Capital One Prime Automotive Receivables Trust
	1,000	5.68%, 06/15/2014		981
		Carmax Automotive Owner Trust
	1,000	6.12%, 07/15/2013		1,016
		DaimlerChrysler Automotive Trust
	800	4.48%, 08/08/2014		826
	800	5.14%, 09/08/2012		808
		Ford Credit Automotive Owner Trust
	1,200	2.98%, 08/15/2014		1,209
	219	5.07%, 12/15/2010		221
	2,924	5.29%, 04/15/2011		2,990
	750	5.48%, 09/15/2011		773
	500	5.68%, 06/15/2012		521
	1,000	5.69%, 11/15/2012		1,065
		Marlin Leasing Receivables LLC
	78	5.09%, 08/15/2012 ■		78
	827	5.33%, 09/16/2013 ■		826
	235	5.63%, 09/16/2013 ■		222
		Swift Master Automotive Receivables Trust
	1,000	1.74%, 10/15/2012 Δ		960
		USAA Automotive Owner Trust
	1,235	4.16%, 04/16/2012		1,258
	860	5.07%, 06/15/2013		903
	1,000	5.66%, 03/15/2013		990
		Wachovia Automotive Loan Owner Trust
	1,700	5.42%, 04/21/2014 ■		1,572
	1,000	5.54%, 12/20/2012 ■		974
		WFS Financial Owner Trust
	1,091	4.76%, 05/17/2013		1,101
				22,347
		Credit Card Issuing — 2.9%
		American Express Credit Account Master Trust
	2,000	0.68%, 01/15/2013 ■ Δ		1,981
		Capital One Multi-Asset Execution Trust
	1,000	1.59%, 03/15/2013 Δ		1,003
		Chase Issuance Trust
	1,500	1.09%, 06/15/2012 Δ		1,506
		Citibank Credit Card Issuance Trust
	2,000	0.52%, 01/09/2012 Δ		1,992
	1,000	5.70%, 05/15/2013		1,026
		MBNA Credit Card Master Note Trust
	550	6.80%, 07/15/2014		572
				8,080
		Other Financial Investment Activities — 0.1%
		North Street Referenced Linked Notes
	1,000	1.19%, 04/28/2011 ⌂ Δ		120
	500	1.54%, 04/28/2011 ⌂ † Δ		54
				174
		Real Estate Credit (Mortgage Banking) — 11.5%
		Bayview Commercial Asset Trust
	344	1.28%, 01/25/2035 ■ Δ		153
	5,841	7.00%, 07/25/2037 ⌂ ►		454
	10,592	7.18%, 01/25/2037 ⌂ ►†		741
	9,837	7.50%, 09/25/2037 ⌂ ►		789
		Bayview Financial Acquisition Trust
	901	4.91%, 02/25/2033 ⌂		828
	2,000	5.64%, 11/28/2036		1,331
		Bear Stearns Asset Backed Securities, Inc.
	565	5.16%, 09/25/2033 Δ		296
		Bear Stearns Commercial Mortgage Securities, Inc.
	18,959	4.12%, 11/11/2041 ⌂ ►		293
	48,676	4.65%, 02/11/2041 ⌂ ►		308
	104,991	6.25%, 12/11/2040 ⌂ ►		367
		CBA Commercial Small Balance Commercial Mortgage
	9,563	3.00%, 01/25/2039 ⌂ ►		383
	16,655	4.79%, 12/25/2036 ⌂ † Δ		656
	17,389	7.00%, 07/25/2035 — 06/25/2038 ⌂ ► †		1,126
		Chase Commercial Mortgage Securities Corp.
	1,997	7.63%, 07/15/2032 Δ		2,046
		Citicorp Residential Mortgage Securities
	100	6.27%, 06/25/2037 Δ		91
		Citigroup Commercial Mortgage Trust
	420	5.38%, 10/15/2049		430
		Commercial Mortgage Pass-Through Certificates
	1,500	0.74%, 12/15/2020 ⌂ Δ		302
	2,256	3.59%, 03/10/2039 ⌂ ►		23
		Countrywide Asset-Backed Certificates
	894	5.71%, 11/25/2035		233
		CS First Boston Mortgage Securities Corp.
	9,004	4.17%, 07/15/2036 ⌂ ►		99
	1,000	5.42%, 05/15/2036 Δ		1,005
	1,500	6.52%, 08/13/2018 ■		1,462
		Equity One ABS, Inc.
	20	2.78%, 07/25/2034 Δ		1
		GE Capital Commercial Mortgage Corp.
	6,292	3.76%, 03/10/2040 ■ ►		51
		GMAC Mortgage Corp. Loan Trust
	801	4.59%, 04/25/2033		585
	164	5.12%, 04/25/2033		57
	465	5.75%, 10/25/2036		342
		Goldman Sachs Mortgage Securities Corp. II
	1,723	4.32%, 10/10/2028		1,748
	14,266	4.38%, 08/10/2038 ⌂ ►		70
	1,000	5.48%, 11/10/2039		1,007
		Green Tree Financial Corp.
	1	7.30%, 01/15/2026		1
		Greenwich Capital Commercial Funding Corp.
	1,500	5.38%, 03/10/2039		1,523

The accompanying notes are an integral part of these financial statements.

5

The Hartford Short Duration Fund
Schedule of Investments — (continued) 
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES — 22.4% — (continued)
		Real Estate Credit (Mortgage Banking) — 11.5% — (continued)
		Hasco NIM Trust
$	37	0.00%, 12/26/2035 ⌂ •	$	—
		JP Morgan Chase Commercial Mortgage Securities Corp.
	1,181	1.04%, 02/15/2020 ⌂ Δ		610
	1,998	3.84%, 01/12/2039		1,999
	10,309	4.65%, 10/15/2037 ■ ►		61
	28,170	4.82%, 08/12/2037 ►		60
	771	5.34%, 05/12/2045		789
		JP Morgan Chase Commercial Mortgage Security Corp.
	1,000	4.30%, 01/15/2038		998
		LaSalle Commercial Mortgage Securities
	15,248	6.20%, 09/20/2043 ⌂ ►		149
		LB-UBS Commercial Mortgage Trust
	1,419	1.45%, 12/15/2036 ■ Δ		7
		Lehman Brothers Small Balance Commercial
	1,014	6.77%, 09/27/2036 ⌂ †		153
		Long Beach Asset Holdings Corp.
	180	0.00%, 04/25/2046 ■ •		—
		Merrill Lynch Mortgage Trust
	11,617	3.81%, 08/12/2039 ⌂ ►		168
	13,559	3.96%, 10/12/2041 ⌂ ►		223
	18,034	4.67%, 09/12/2042 ⌂ ►		134
	1,057	5.53%, 05/12/2039 Δ		1,076
		Morgan Stanley Dean Witter Capital I
	34	5.38%, 01/15/2039		35
		Nationstar Home Equity Loan Trust
	13	0.00%, 03/25/2037 ⌂ •		—
		Renaissance Home Equity Loan Trust
	108	0.00%, 04/25/2037 ⌂ •		1
	675	7.00%, 09/25/2037		78
	368	7.50%, 04/25/2037		2
		Sovereign Commercial Mortgage Securities
	2,000	5.79%, 07/22/2030 ■ Δ		1,978
		Structured Asset Investment Loan Trust
	232	2.91%, 11/25/2033 Δ		72
		Structured Asset Securities Corp.
	450	2.78%, 02/25/2037 Δ		1
	400	2.78%, 01/25/2037 ■ Δ		4
		Voyager Countrywide Delaware Trust
	1,341	5.57%, 11/26/2035 ■		317
		Wachovia Bank Commercial Mortgage Trust
	1,220	5.42%, 01/15/2045		1,244
	1,610	5.92%, 06/15/2049 Δ		1,610
		Washington Mutual, Inc.
	16,945	7.00%, 11/23/2043 ⌂ ■ Ψ		598
		Wells Fargo Home Equity Trust
	1,696	0.59%, 04/25/2034 Δ		1,316
				32,484
		Total asset & commercial mortgage backed securities (cost $71,362)	$	63,085
CORPORATE BONDS: INVESTMENT GRADE — 68.4%
		Advertising and Related Services — 0.9%
		Time Warner, Inc.
	1,520	1.15%, 11/13/2009 Δ		1,520
	1,000	5.50%, 11/15/2011		1,069
				2,589
		Aerospace Product and Parts Manufacturing — 1.8%
		Boeing Co.
	600	3.50%, 02/15/2015		614
		Honeywell International, Inc.
	1,092	4.25%, 03/01/2013		1,156
		Northrop Grumman Corp.
	2,000	7.13%, 02/15/2011		2,138
		United Technologies Corp.
	987	6.10%, 05/15/2012		1,089
				4,997
		Agriculture, Construction, and Mining Machinery — 0.2%
		Deere & Co.
	534	7.85%, 05/15/2010		554
		Alumina and Aluminum Production and Processing — 0.3%
		Alcan, Inc.
	750	6.45%, 03/15/2011		790
		Basic Chemical Manufacturing — 0.4%
		Dow Chemical Co.
	1,000	7.60%, 05/15/2014		1,111
		Beverage Manufacturing — 2.2%
		Anheuser-Busch InBev N.V.
	1,556	3.00%, 10/15/2012 ■		1,570
	1,000	5.38%, 11/15/2014 ■		1,063
		Coca-Cola Co.
	1,000	3.63%, 03/15/2014		1,042
		Diageo Capital plc
	1,460	7.25%, 11/01/2009		1,460
		PepsiCo, Inc.
	1,000	3.75%, 03/01/2014		1,042
				6,177
		Cable and Other Program Distribution — 0.7%
		Time Warner Cable, Inc.
	2,000	5.40%, 07/02/2012		2,136
		Commercial and Service Industry Machinery Manufacturing — 0.4%
		Xerox Corp.
	1,000	7.13%, 06/15/2010		1,030
		Commercial Banking — 9.7%
		Barclays Bank plc
	1,500	5.45%, 09/12/2012		1,623
		Commonwealth Bank of Australia
	2,000	2.75%, 10/15/2012 ■		2,012
		Credit Suisse New York
	1,800	3.45%, 07/02/2012		1,859
		FleetBoston Financial Corp.
	1,500	7.38%, 12/01/2009		1,507

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE — 68.4% — (continued)
		Commercial Banking — 9.7% — (continued)
		HSBC Bank USA
$	1,000	4.63%, 04/01/2014	$	1,045
		Key Bank NA
	250	1.17%, 11/03/2009 Δ		250
	1,500	5.70%, 08/15/2012		1,539
		Manufacturers & Traders Trust Co.
	795	5.59%, 12/28/2020		656
		Marshall & Ilsley Corp.
	1,500	0.47%, 06/01/2011 Δ		1,337
		National City Bank of Ohio
	1,000	0.61%, 01/21/2010 Δ		1,000
	500	4.50%, 03/15/2010		505
		Rabobank Netherlands
	2,000	2.65%, 08/17/2012 ■		2,024
		Santander US Debt S.A.
	2,000	0.68%, 10/21/2011 ■ Δ		1,996
		Sovereign Bancorp, Inc.
	2,000	0.84%, 03/23/2010 Δ		1,998
		State Street Bank & Trust Co.
	800	0.51%, 12/08/2015 Δ		742
	500	1.85%, 03/15/2011		507
		SunTrust Banks, Inc.
	500	0.53%, 05/21/2012 Δ		473
	1,300	0.70%, 08/24/2015 Δ		1,048
	500	7.75%, 05/01/2010		514
		Svenska Handelsbanken AB
	1,000	1.45%, 09/14/2012 ■ Δ		994
	1,000	4.88%, 06/10/2014 ■		1,050
		US Bank NA
	500	6.38%, 08/01/2011		540
		Westpac Banking Corp.
	2,000	0.58%, 10/21/2011 ■ Δ		1,998
				27,217
		Communications Equipment Manufacturing — 0.4%
		Cisco Systems, Inc.
	1,000	5.25%, 02/22/2011		1,054
		Computer and Peripheral Equipment Manufacturing — 1.0%
		Dell, Inc.
	500	3.38%, 06/15/2012		518
		Hewlett-Packard Co.
	500	1.43%, 05/27/2011 Δ		508
	300	2.25%, 05/27/2011		306
	385	2.95%, 08/15/2012		395
		IBM Corp.
	1,000	4.95%, 03/22/2011		1,053
				2,780
		Couriers — 0.4%
		United Parcel Service, Inc.
	1,000	3.88%, 04/01/2014		1,049
		Depository Credit Banking — 3.2%
		BB&T Corp.
	500	3.10%, 07/28/2011		510
	750	3.85%, 07/27/2012		775
	500	5.70%, 04/30/2014		541
		Citigroup, Inc.
	1,000	5.25%, 02/27/2012		1,041
	837	6.38%, 08/12/2014		888
		Fifth Third Bank
	1,000	4.75%, 02/01/2015		946
		Wells Fargo & Co.
	500	2.13%, 06/15/2012		509
	2,673	7.55%, 06/21/2010		2,783
		Wells Fargo Bank NA
	1,000	1.06%, 05/16/2016 Δ		865
				8,858
		Electric Generation, Transmission and Distribution — 2.5%
		Ohio Power Co.
	1,500	0.76%, 04/05/2010 Δ		1,499
		Pacific Gas & Electric Co.
	1,500	1.60%, 06/10/2010 Δ		1,507
		Southern Co.
	2,917	0.68%, 10/21/2011 Δ		2,926
		Virginia Electric & Power Co.
	1,000	4.50%, 12/15/2010		1,032
				6,964
		Grain and Oilseed Milling — 0.4%
		General Mills, Inc.
	1,000	5.65%, 09/10/2012		1,092
		Grocery Stores — 1.2%
		Kroger Co.
	1,035	6.75%, 04/15/2012		1,134
	750	8.05%, 02/01/2010		763
		Safeway, Inc.
	700	4.95%, 08/16/2010		722
	625	6.50%, 03/01/2011		662
				3,281
		Health and Personal Care Stores — 1.4%
		CVS Caremark Corp.
	685	0.66%, 06/01/2010 Δ		685
		CVS Corp.
	2,000	5.75%, 08/15/2011		2,151
		Express Scripts, Inc.
	1,200	5.25%, 06/15/2012		1,278
				4,114
		Industrial Machinery, Equipment Rental & Leasing — 0.6%
		COX Communications, Inc.
	1,500	7.13%, 10/01/2012		1,683
		Insurance Carriers — 5.1%
		Aetna, Inc.
	1,500	7.88%, 03/01/2011		1,590
		Berkshire Hathaway Finance Corp.
	1,500	4.00%, 04/15/2012		1,579
		John Hancock Global Funding II
	1,000	5.00%, 09/30/2013 ■		1,029
		Massachusetts Mutual Global Funding
	1,000	3.63%, 07/16/2012 ■		1,031
		Met Life Global Funding I
	1,000	5.13%, 04/10/2013 ■		1,059
		Metropolitan Life Global Funding I
	600	2.88%, 09/17/2012 ■		602
	500	5.13%, 06/10/2014 ■		531
		New York Life Global Funding
	2,667	2.25%, 12/14/2012 ■		2,665

The accompanying notes are an integral part of these financial statements.

7

The Hartford Short Duration Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE — 68.4% — (continued)
		Insurance Carriers — 5.1% — (continued)
		Prudential Financial, Inc.
$	2,000	5.10%, 12/14/2011	$	2,104
		UnitedHealth Group, Inc.
	1,000	0.79%, 06/21/2010 Δ		996
		Wellpoint, Inc.
	500	4.25%, 12/15/2009		502
	525	5.00%, 01/15/2011		544
				14,232
		International Trade Financing (Foreign Banks) — 0.5%
		Westpac Banking Corp.
	1,500	4.20%, 02/27/2015		1,529
		Iron and Steel Mills and Ferroalloy Manufacturing — 0.4%
		ArcelorMittal
	1,000	9.00%, 02/15/2015		1,155
		Medical and Diagnostic Laboratories — 0.4%
		Roche Holdings, Inc.
	1,000	4.50%, 03/01/2012 ■		1,058
		Medical Equipment and Supplies Manufacturing — 0.2%
		CareFusion Corp.
	500	4.13%, 08/01/2012 ■		514
		Metal Ore Mining — 1.5%
		Rio Tinto Finance USA Ltd.
	1,500	5.88%, 07/15/2013		1,617
		Xstrata Finance Dubai Ltd.
	2,500	1.27%, 11/13/2009 ■Δ		2,497
				4,114
		Monetary Authorities — Central Bank — 0.1%
		Bank of New York Mellon Corp.
	363	4.30%, 05/15/2014		383
		Motor Vehicle Manufacturing — 0.4%
		Daimler Finance NA LLC
	500	5.75%, 09/08/2011		528
		DaimlerChrysler NA Holdings Corp.
	600	5.88%, 03/15/2011		626
				1,154
		Navigational, Measuring, and Control Instruments — 0.9%
		Lockheed Martin Corp.
	1,500	8.20%, 12/01/2009		1,508
		Raytheon Co.
	1,000	4.85%, 01/15/2011		1,038
				2,546
		Nondepository Credit Banking — 3.0%
		American Express Credit Corp.
	1,700	0.36%, 11/09/2009 Δ		1,700
		Caterpillar Financial Services Corp.
	900	0.88%, 08/20/2010 Δ		900
	1,000	4.15%, 01/15/2010		1,006
		Countrywide Financial Corp.
	2,000	1.43%, 05/07/2012 Δ		1,941
	79	4.50%, 06/15/2010		80
	162	5.80%, 06/07/2012		172
		General Electric Capital Corp.
	1,000	0.95%, 08/15/2011 Δ		978
	1,500	6.13%, 02/22/2011		1,588
				8,365
		Nonmetallic Mineral Mining and Quarrying — 0.2%
		BHP Billiton Finance USA Ltd.
	500	5.50%, 04/01/2014		549
		Office Supplies, Stationery, and Gift Stores — 0.4%
		Staples, Inc.
	1,000	7.75%, 04/01/2011		1,074
		Oil and Gas Extraction — 2.9%
		Anadarko Finance Co.
	750	6.75%, 05/01/2011		800
		Anadarko Petroleum Corp.
	194	5.75%, 06/15/2014		209
		Devon Energy Corp.
	1,100	6.88%, 09/30/2011		1,200
		EnCana Corp.
	1,000	6.30%, 11/01/2011		1,083
		Husky Energy, Inc.
	1,000	6.25%, 06/15/2012		1,086
		Kerr-McGee Corp.
	535	6.88%, 09/15/2011		579
		Shell International Finance B.V.
	1,000	4.00%, 03/21/2014		1,051
	500	5.63%, 06/27/2011		538
		Statoilhydro ASA
	391	3.88%, 04/15/2014		410
		XTO Energy, Inc.
	1,000	7.50%, 04/15/2012		1,114
				8,070
		Oilseed and Grain Farming — 0.1%
		Husky Energy, Inc.
	239	5.90%, 06/15/2014		260
		Other Financial Investment Activities — 1.3%
		BAE Systems Holdings, Inc.
	2,000	6.40%, 12/15/2011 ■		2,141
		BP Capital Markets plc
	526	1.55%, 08/11/2011		534
	1,000	3.13%, 03/10/2012		1,034
				3,709
		Other Food Manufacturing — 0.5%
		Kraft Foods, Inc.
	500	5.63%, 11/01/2011		533
		Unilever Capital Corp.
	1,000	7.13%, 11/01/2010		1,066
				1,599
		Other General Merchandise Stores — 0.3%
		Wal-Mart Stores, Inc.
	1,000	3.20%, 05/15/2014		1,025

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE — 68.4% — (continued)
		Other Miscellaneous Manufacturing — 0.7%
		Tyco International Group S.A.
$	2,000	6.38%, 10/15/2011	$	2,160
		Petroleum and Coal Products Manufacturing — 1.6%
		Amerada Hess Corp.
	300	6.65%, 08/15/2011		323
		Chevron Corp.
	1,000	3.45%, 03/03/2012		1,049
		ConocoPhillips
	1,000	4.60%, 01/15/2015		1,073
		Hess Corp.
	500	7.00%, 02/15/2014		563
		Valero Energy Corp.
	1,520	6.88%, 04/15/2012		1,656
				4,664
		Pharmaceutical & Medicine Manufacturing — 0.4%
		Wyeth
	1,000	6.95%, 03/15/2011		1,077
		Pharmaceutical and Medicine Manufacturing — 1.7%
		AstraZeneca plc
	1,750	5.40%, 09/15/2012		1,929
		Eli Lilly & Co.
	1,164	3.55%, 03/06/2012		1,219
		Merck & Co., Inc.
	705	1.88%, 06/30/2011		714
		Pfizer, Inc.
	1,000	4.45%, 03/15/2012		1,060
				4,922
		Pipeline Transportation of Natural Gas — 0.9%
		Enterprise Products Operating L.P.
	1,275	7.50%, 02/01/2011		1,355
		Kinder Morgan Energy Partners L.P.
	150	5.63%, 02/15/2015		161
	1,000	6.75%, 03/15/2011		1,065
				2,581
		Rail Transportation — 1.0%
		Canadian Pacific Railway Co.
	740	6.25%, 10/15/2011		790
		Norfolk Southern Corp.
	365	8.63%, 05/15/2010		380
		Union Pacific Corp.
	1,000	6.13%, 01/15/2012		1,077
	500	6.65%, 01/15/2011		528
				2,775
		Real Estate Credit (Mortgage Banking) — 0.6%
		Countrywide Home Loans, Inc.
	98	4.00%, 03/22/2011		100
		First Union National Bank Commercial Mortgage
	1,500	7.80%, 08/18/2010		1,575
				1,675
��		Residential Building Construction — 0.4%
		CRH America, Inc.
	1,000	5.30%, 10/15/2013		1,039
		Resin, Synthetic Rubber, Filaments Manufacturing — 0.2%
		Dow Chemical Co.
	650	4.85%, 08/15/2012		677
		Securities and Commodity Contracts and Brokerage — 5.0%
		Credit Suisse First Boston USA, Inc.
	2,000	4.13%, 01/15/2010		2,014
		Goldman Sachs Group, Inc.
	1,000	5.30%, 02/14/2012		1,064
	243	6.00%, 05/01/2014		267
	1,000	6.88%, 01/15/2011		1,064
		J.P. Morgan Chase & Co.
	1,000	0.63%, 06/13/2016 Δ		931
		JP Morgan Chase & Co.
	1,500	4.65%, 06/01/2014		1,582
	1,810	6.75%, 02/01/2011		1,915
		Merrill Lynch & Co., Inc.
	2,000	0.71%, 03/23/2010 Δ		2,000
	720	0.73%, 12/04/2009 Δ		720
		Morgan Stanley
	1,200	0.41%, 05/07/2010 Δ		1,199
	375	1.09%, 05/07/2010 Δ		375
	1,000	5.75%, 08/31/2012		1,072
				14,203
		Soap, Cleaning Compound and Toilet Manufacturing — 0.4%
		Clorox Co.
	1,000	6.13%, 02/01/2011		1,058
		Software Publishers — 0.9%
		Microsoft Corp.
	465	2.95%, 06/01/2014		472
		Oracle Corp.
	974	3.75%, 07/08/2014		1,012
	1,000	5.00%, 01/15/2011		1,047
				2,531
		Sovereign Foreign Governments — 0.7%
		Ontario (Province of)
	1,000	1.17%, 05/22/2012 Δ		1,010
		Quebec (Province of)
	1,000	6.13%, 01/22/2011		1,063
				2,073
		Support Activities For Mining — 0.4%
		Weatherford International Ltd.
	1,000	5.95%, 06/15/2012		1,075
		Telecommunications — Other — 1.4%
		France Telecom S.A.
	435	4.38%, 07/08/2014		459
	1,500	7.75%, 03/01/2011 Δ		1,622
		Telecom Italia Capital
	1,000	1.12%, 07/18/2011 Δ		991
	750	4.00%, 01/15/2010		754
				3,826
		Telecommunications — Wired Carriers — 1.1%
		AT&T, Inc.
	1,000	5.88%, 02/01/2012		1,082
		Deutsche Telekom International Finance B.V.
	1,000	8.50%, 06/15/2010 Δ		1,045
		Royal KPN N.V.
	1,000	8.00%, 10/01/2010		1,060
				3,187

The accompanying notes are an integral part of these financial statements.

9

The Hartford Short Duration Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE — 68.4% — (continued)
		Telecommunications — Wireless Carriers — 1.1%
		Comcast Cable Communications, Inc.
$	1,000	6.75%, 01/30/2011			$	1,062
		Vodafone Group plc
	1,000	5.35%, 02/27/2012				1,067
	1,000	7.75%, 02/15/2010				1,020
						3,149
		Telecommunications Resellers — 0.6%
		Telefonica Europe B.V.
	1,500	7.75%, 09/15/2010				1,584
		Tobacco Manufacturing — 0.2%
		Altria Group, Inc.
	500	7.75%, 02/06/2014				571
		Waste Treatment and Disposal — 0.6%
		Allied Waste North America, Inc.
	1,000	5.75%, 02/15/2011				1,051
	500	6.50%, 11/15/2010				517
						1,568
		Wireless Communications Services — 2.6%
		Cingular Wireless Services, Inc.
	500	7.88%, 03/01/2011				542
		Embarq Corp.
	1,000	6.74%, 06/01/2013				1,085
		Rogers Communications, Inc.
	1,250	9.63%, 05/01/2011				1,383
		Telus Corp.
	1,500	8.00%, 06/01/2011				1,635
		Verizon Wireless
	1,500	5.25%, 02/01/2012 ■				1,603
		Verizon Wireless Capital
	1,000	3.75%, 05/20/2011 ■				1,034
						7,282
		Total corporate bonds: investment grade (cost $187,519)			$	192,489
U.S. GOVERNMENT AGENCIES — 1.6%
		Federal Home Loan Mortgage Corporation — 0.5%
$	1,316	6.00%, 09/15/2032			$	1,336
		Federal National Mortgage Association — 0.6%
	1,668	5.50%, 05/25/2014				1,725
		Government National Mortgage Association — 0.5%
	1,412	6.50%, 05/16/2031				1,538
		Total U.S. government agencies (cost $4,465)			$	4,599
U.S. GOVERNMENT SECURITIES — 0.7%
		U.S. Treasury Securities — 0.7%
		U.S. Treasury Notes — 0.7%
$	2,000	2.00%, 09/30/2010			$	2,030
		Total U.S. government securities (cost $2,002)			$	2,030
		Total long-term investments (cost $265,348)			$	262,203
SHORT-TERM INVESTMENTS — 5.1%
		Commercial Paper — 5.1%
		Finance and Insurance — 1.3%
		European Investment Bank
$	316	0.10%, 11/4/2009o			$	316
		Societe Generale NA
	3,377	0.16%, 11/12/2009o				3,377
						3,693
		Food Manufacturing — 0.7%
		Kraft Foods, Inc.
	1,948	0.30%, 11/3/2009o				1,948
		Paper Manufacturing — 1.8%
		Bemis Co., Inc.
	5,054	0.12%, 11/2/2009o				5,054
		Petroleum and Coal Products Manufacturing — 1.3%
		Devon Energy Corp.
	3,499	0.22%, 11/9/2009■o				3,499
						14,194
		Total short-term investments (cost $14,194)			$	14,194
		Total investments (cost $279,542)▲	98.2	%	$	276,397
		Other assets and liabilities	1.8	%		5,187
		Total net assets	100.0	%	$	281,584

Note: Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 16.7% of total net assets at October 31, 2009.

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $279,542 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	7,919
Unrealized Depreciation		(11,064	)
Net Unrealized Depreciation	$	(3,145	)

The accompanying notes are an integral part of these financial statements.

10

† The aggregate value of securities valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Fund’s Board of Directors at October 31, 2009, was $2,730, which represents 0.97% of total net assets.

• Currently non-income producing. For long-term debt securities, items identified are in default as to payment of interest and/or principal.

Δ Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2009.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2009, was $42,602, which represents 15.13% of total net assets.

► The interest rates disclosed for interest only strips represent effective yields based upon estimated future cash flows at October 31, 2009.

o	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
Ψ	The company is in bankruptcy. The investment held by the fund is current with respect to interest payments.

⌂ The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period	Shares/
Acquired	Par		Security	Cost Basis
05/2007 - 02/2009	$	5,841	Bayview Commercial Asset Trust, 7.00%, 07/25/2037 - 144A	$	797
12/2006 - 03/2009	$	10,592	Bayview Commercial Asset Trust, 7.18%, 01/25/2037 - 144A		971
08/2007	$	9,837	Bayview Commercial Asset Trust, 7.50%, 09/25/2037 - 144A		1,332
11/2006	$	901	Bayview Financial Acquisition Trust, 4.91%, 02/25/2033 - 144A		887
12/2004	$	18,959	Bear Stearns Commercial Mortgage Securities, Inc., 4.12%, 11/11/2041		287
03/2005 - 08/2007	$	48,676	Bear Stearns Commercial Mortgage Securities, Inc., 4.65%, 02/11/2041		314
12/2005	$	104,991	Bear Stearns Commercial Mortgage Securities, Inc., 6.25%, 12/11/2040 - 144A		359
11/2006 - 08/2007	$	9,563	CBA Commercial Small Balance Commercial Mortgage, 3.00%, 01/25/2039 - 144A		817
10/2007 - 11/2007	$	16,655	CBA Commercial Small Balance Commercial Mortgage, 4.79%, 12/25/2036 - 144A		—
04/2006 - 08/2007	$	17,389	CBA Commercial Small Balance Commercial Mortgage, 7.00%, 07/25/2035 - 06/25/2038 - 144A		79
10/2006	$	1,500	Commercial Mortgage Pass-Through Certificates, 0.74%, 12/15/2020 - 144A		1,500
03/2004 - 08/2006	$	2,256	Commercial Mortgage Pass-Through Certificates, 3.59%, 03/10/2039 - 144A		28
08/2004 - 08/2006	$	9,004	CS First Boston Mortgage Securities Corp., 4.17%, 07/15/2036 - 144A		108
07/2004	$	14,266	Goldman Sachs Mortgage Securities Corp. II, 4.38%, 08/10/2038 - 144A		75
03/2006 - 08/2009	$	37	Hasco NIM Trust, 0.00%, 12/26/2035 - 144A		36
03/2006	$	1,181	JP Morgan Chase Commercial Mortgage Securities Corp., 1.04%, 02/15/2020 - 144A		1,180
12/2006 - 08/2007	$	15,248	LaSalle Commercial Mortgage Securities, 6.20%, 09/20/2043 - 144A		379
09/2006 - 07/2007	$	1,014	Lehman Brothers Small Balance Commercial, 6.77%, 09/27/2036 - 144A		1,013
09/2004	$	11,617	Merrill Lynch Mortgage Trust, 3.81%, 08/12/2039 - 144A		175
11/2004 - 08/2006	$	13,559	Merrill Lynch Mortgage Trust, 3.96%, 10/12/2041 - 144A		252
03/2005	$	18,034	Merrill Lynch Mortgage Trust, 4.67%, 09/12/2042		109
04/2007	$	13	Nationstar Home Equity Loan Trust, 0.00%, 03/25/2037 - 144A		13
10/2006 - 11/2006	$	1,000	North Street Referenced Linked Notes, 1.19%, 04/28/2011 - 144A		987
11/2006	$	500	North Street Referenced Linked Notes, 1.54%, 04/28/2011 - 144A		483
03/2007	$	108	Renaissance Home Equity Loan Trust, 0.00%, 04/25/2037 - 144A		108
11/2006	$	16,945	Washington Mutual, Inc., 7.00%, 11/23/2043 - 144A		654

The aggregate value of these securities at October 31, 2009 was $8,649 which represents 3.07% of total net assets.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Short Duration Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009

(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	63,085	$	—	$	54,139	$	8,946
Corporate Bonds: Investment Grade		192,489		—		192,489		—
U.S. Government Agencies		4,599		—		4,599		—
U.S. Government Securities		2,030		—		2,030		—
Short-Term Investments		14,194		—		14,194		—
Total	$	276,397	$	—	$	267,451	$	8,946

	Balance as of					Change in						Transfers In			Balance as of
	October 31,		Realized Gain			Unrealized						and/or Out of			October 31,
	2008		(Loss)			Depreciation			Net Sales			Level 3			2009
Assets:
Asset & Commercial Mortgage Backed Securities	$	19,239	$	(2,500	)	$	(1,308	)*	$	(2,110	)	$	(4,375	)	$	8,946
Total	$	19,239	$	(2,500	)	$	(1,308	)	$	(2,110	)	$	(4,375	)	$	8,946

* Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $(1,365).

The accompanying notes are an integral part of these financial statements.

12

The Hartford Short Duration Fund

Statement of Assets and Liabilities

October 31, 2009

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $279,542)	$	276,397
Cash		6
Receivables:
Fund shares sold		3,600
Dividends and interest		2,650
Other assets		68
Total assets		282,721
Liabilities:
Payables:
Fund shares redeemed		1,003
Investment management fees		21
Dividends		61
Distribution fees		15
Accrued expenses		37
Total liabilities		1,137
Net assets	$	281,584
Summary of Net Assets:
Capital stock and paid-in-capital		289,723
Accumulated undistributed net investment income		131
Accumulated net realized loss on investments		(5,125	)
Unrealized depreciation of investments		(3,145	)
Net assets	$	281,584
Shares authorized		300,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	9.62/$9.92
Shares outstanding		13,050
Net assets	$	125,549
Class B: Net asset value per share	$	9.62
Shares outstanding		969
Net assets	$	9,322
Class C: Net asset value per share	$	9.62
Shares outstanding		5,499
Net assets	$	52,909
Class Y: Net asset value per share	$	9.60
Shares outstanding		9,767
Net assets	$	93,804

The accompanying notes are an integral part of these financial statements.

13

The Hartford Short Duration Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Interest	$	9,345
Total investment income		9,345
Expenses:
Investment management fees		948
Transfer agent fees		164
Distribution fees
Class A		187
Class B		76
Class C		327
Custodian fees		4
Accounting services fees		38
Registration and filing fees		61
Board of Directors’ fees		7
Audit fees.		13
Other expenses		44
Total expenses (before waivers and fees paid indirectly)		1,869
Expense waivers		(20	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(20	)
Total expenses, net		1,849
Net Investment Income		7,496
Net Realized Loss on Investments:
Net realized loss on investments in securities		(1,978	)
Net Realized Loss on Investments		(1,978	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		12,281
Net Changes in Unrealized Appreciation of Investments		12,281
Net Gain on Investments		10,303
Net Increase in Net Assets Resulting from Operations	$	17,799

The accompanying notes are an integral part of these financial statements.

14

The Hartford Short Duration Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	7,496		$	8,317
Net realized loss on investments		(1,978	)		(750	)
Net unrealized appreciation (depreciation) of investments		12,281			(13,330	)
Net Increase (Decrease) In Net Assets Resulting From Operations		17,799			(5,763	)
Distributions to Shareholders:
From net investment income
Class A		(2,593	)		(1,537	)
Class B		(211	)		(173	)
Class C		(907	)		(771	)
Class Y		(3,764	)		(5,747	)
Total distributions		(7,475	)		(8,228	)
Capital Share Transactions:
Class A		74,593			14,905
Class B		3,087			(131	)
Class C		24,514			6,112
Class Y		(17,807	)		(25,523	)
Net increase (decrease) from capital share transactions		84,387			(4,637	)
Net Increase (Decrease) In Net Assets		94,711			(18,628	)
Net Assets:
Beginning of period		186,873			205,501
End of period	$	281,584		$	186,873
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	131		$	105

The accompanying notes are an integral part of these financial statements.

15

The Hartford Short Duration Fund

Notes to Financial Statements October 31, 2009

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Short Duration Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 3.00%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to

16

purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Debt securities (other than short-term obligations) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a good representation of exit price.

Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.

Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.

c) Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Hartford Investment Management Company (“Hartford Investment Management”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.

17

The Hartford Short Duration Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

d)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund had no outstanding repurchase agreements as of October 31, 2009.
e)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income are declared daily and paid monthly. Dividends are paid on shares beginning on the business day after the day when the funds used to purchase the shares are collected by the transfer agent for the Fund. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
f)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
g)	Securities Purchased on a When-Issued or Delayed-Delivery Basis — Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of October 31, 2009, the Fund had no outstanding when-issued or delayed delivery securities.
h)	Credit Risk — Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while

18

	lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a Fund which holds securities with higher credit risk may fluctuate more than with less aggressive bond funds.
i)	Prepayment Risks — Certain debt securities allow for prepayment of principal without penalty. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. In addition, with respect to securities, rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. The potential for the value of a debt security to increase in response to interest rate declines is limited. For certain securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.
j)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
k)	Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a) Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	7,449	$	8,250

19

The Hartford Short Duration Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

     As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	201
Accumulated Capital Losses *		(5,125	)
Unrealized Depreciation †		(3,145	)
Total Accumulated Deficit	$	(8,069	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund has recorded reclassifications in its capital accounts. These reclassifications had no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase undistributed net investment income by $5 and decrease accumulated net realized loss on investments by $5.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2011	$	221
2012		295
2013		977
2014		731
2015		162
2016		751
2017		1,988
Total	$	5,125

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

20

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.45	%
On next $4.5 billion		0.40	%
On next $5 billion		0.38	%
Over $10 billion		0.37	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class Y
0.90%		1.65	%		1.65	%		0.65	%

d)	Fees Paid Indirectly — The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2009, this amount is included in the Statement of Operations.
	The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Class B Shares		1.65			1.65			1.65			1.65			1.65
Class C Shares		1.65			1.65			1.65			1.65			1.65
Class Y Shares		0.53			0.58			0.64			0.65			0.65

e)

Distribution and Service Plan for Class A, B and C Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $581 and contingent deferred sales charges of $36 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B and C shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of only up to 0.25%. Some or all of the fee may be used for

21

The Hartford Short Duration Fund
Notes to Financial Statements — (continued) 
October 31, 2009
(000’s Omitted)

	shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the Distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $15. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $151 for providing such services. These fees are accrued daily and paid monthly.

5. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	159,025
Sales Proceeds Excluding U.S. Government Obligations		81,214
Cost of Purchases for U.S. Government Obligations		21,138
Sales Proceeds for U.S. Government Obligations		30,317

6. Capital Share Transactions:

     The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares		��			Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		13,360		246		(5,619	)		—		7,987			5,432		124		(4,017	)		—		1,539
Amount	$	124,591	$	2,298	$	(52,296	)	$	—	$	74,593		$	52,093	$	1,186	$	(38,374	)	$	—	$	14,905
Class B
Shares		737		20		(423	)		—		334			328		15		(354	)		—		(11	)
Amount	$	6,822	$	184	$	(3,919	)	$	—	$	3,087		$	3,124	$	145	$	(3,400	)	$	—	$	(131	)
Class C
Shares		4,529		71		(2,004	)		—		2,596			2,886		49		(2,304	)		—		631
Amount	$	42,410	$	658	$	(18,554	)	$	—	$	24,514		$	27,690	$	470	$	(22,048	)	$	—	$	6,112
Class Y
Shares		1,542		402		(3,889	)		—		(1,945	)		2,212		603		(5,607	)		—		(2,792	)
Amount	$	14,544	$	3,720	$	(36,071	)	$	—	$	(17,807	)	$	21,156	$	5,768	$	(52,447	)	$	—	$	(25,523	)

22

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		52	$	476
For the Year Ended October 31, 2008		49	$	471

7. Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

8. Subsequent Events:

Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

23

The Hartford Short Duration Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized																Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions							(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized		Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains		from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	9.21	$	0.33	$	—	$	0.41		$	0.74		$	(0.33	)	$	—	$	—	$	(0.33	)	$	0.41		$	9.62
B		9.21		0.26		—		0.41			0.67			(0.26	)		—		—		(0.26	)		0.41			9.62
C		9.21		0.26		—		0.41			0.67			(0.26	)		—		—		(0.26	)		0.41			9.62
Y		9.19		0.36		—		0.41			0.77			(0.36	)		—		—		(0.36	)		0.41			9.60
For the Year Ended October 31, 2008
A		9.82		0.37		—		(0.62	)		(0.25	)		(0.36	)		—		—		(0.36	)		(0.61	)		9.21
B		9.82		0.29		—		(0.61	)		(0.32	)		(0.29	)		—		—		(0.29	)		(0.61	)		9.21
C		9.82		0.29		—		(0.61	)		(0.32	)		(0.29	)		—		—		(0.29	)		(0.61	)		9.21
Y		9.81		0.40		—		(0.63	)		(0.23	)		(0.39	)		—		—		(0.39	)		(0.62	)		9.19
For the Year Ended October 31, 2007
A		9.89		0.44		—		(0.07	)		0.37			(0.44	)		—		—		(0.44	)		(0.07	)		9.82
B		9.90		0.37		—		(0.09	)		0.28			(0.36	)		—		—		(0.36	)		(0.08	)		9.82
C		9.90		0.37		—		(0.09	)		0.28			(0.36	)		—		—		(0.36	)		(0.08	)		9.82
Y		9.88		0.47		—		(0.08	)		0.39			(0.46	)		—		—		(0.46	)		(0.07	)		9.81
For the Year Ended October 31, 2006
A		9.85		0.35		—		0.04			0.39			(0.35	)		—		—		(0.35	)		0.04			9.89
B		9.85		0.27		—		0.05			0.32			(0.27	)		—		—		(0.27	)		0.05			9.90
C		9.85		0.27		—		0.05			0.32			(0.27	)		—		—		(0.27	)		0.05			9.90
Y		9.84		0.37		—		0.04			0.41			(0.37	)		—		—		(0.37	)		0.04			9.88
For the Year Ended October 31, 2005
A		10.08		0.33		—		(0.24	)		0.09			(0.32	)		—		—		(0.32	)		(0.23	)		9.85
B		10.08		0.25		—		(0.23	)		0.02			(0.25	)		—		—		(0.25	)		(0.23	)		9.85
C		10.08		0.25		—		(0.23	)		0.02			(0.25	)		—		—		(0.25	)		(0.23	)		9.85
Y		10.07		0.35		—		(0.23	)		0.12			(0.35	)		—		—		(0.35	)		(0.23	)		9.84

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

24

- Ratios and Supplemental Data -

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	8.23	%	$	125,549		0.91	%		0.90	%		0.90	%		3.50	%		56	%
	7.42			9,322		1.80			1.65			1.65			2.78			—
	7.42			52,909		1.65			1.65			1.65			2.78			—
	8.62			93,804		0.53			0.53			0.53			3.92			—
	(2.60	)		46,620		0.95			0.90			0.90			3.78			73
	(3.33	)		5,846		1.84			1.65			1.65			3.06			—
	(3.33	)		26,738		1.69			1.65			1.65			3.03			—
	(2.40	)		107,669		0.58			0.58			0.58			4.11			—
	3.80			34,606		1.04			0.90			0.90			4.49			68
	2.91			6,349		1.90			1.65			1.65			3.73			—
	2.91			22,322		1.77			1.65			1.65			3.74			—
	4.08			142,224		0.64			0.64			0.64			4.75			—
	4.02			26,726		1.10			0.90			0.90			3.53			119
	3.33			6,760		1.92			1.65			1.65			2.77			—
	3.33			14,382		1.83			1.65			1.65			2.76			—
	4.28			102,198		0.68			0.65			0.65			3.78			—
	0.92			29,212		1.05			0.90			0.90			3.23			123
	0.17			8,814		1.89			1.65			1.65			2.47			—
	0.17			22,973		1.78			1.65			1.65			2.47			—
	1.18			82,439		0.67			0.65			0.65			3.53			—

25

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Short Duration Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Short Duration Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

26

The Hartford Short Duration Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

27

The Hartford Short Duration Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

28

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29

The Hartford Short Duration Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	4.00	%
Other Securities	96.00	%
Total	100.00	%
QII†	100.00	%

*	The income received from federal obligations.
†	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.330		N/A		N/A		0.330
Class B		0.260		N/A		N/A		0.260
Class C		0.260		N/A		N/A		0.260
Class Y		0.362		N/A		N/A		0.362

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

30

The Hartford Short Duration Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,072.20	$	4.70	$	1,000.00	$	1,020.67	$	4.58		0.90	%		184		365
Class B	$	1,000.00	$	1,068.20	$	8.60	$	1,000.00	$	1,016.89	$	8.39		1.65		��	184		365
Class C	$	1,000.00	$	1,067.00	$	8.60	$	1,000.00	$	1,016.89	$	8.39		1.65			184		365
Class Y	$	1,000.00	$	1,073.10	$	2.72	$	1,000.00	$	1,022.58	$	2.65		0.52			184		365

31

The Hartford Short Duration Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Short Duration Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

32

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and

33

The Hartford Short Duration Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

34

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

35

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-34 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford Small Company Fund

The Hartford Small Company Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	9
Statement of Assets and Liabilities at October 31, 2009	10
Statement of Operations for the Year Ended October 31, 2009	11
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	12
Notes to Financial Statements	13
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	28
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Federal Tax Information (Unaudited)	32
Expense Example (Unaudited)	33
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	34

The Hartford Small Company Fund inception 07/22/1996

(subadvised by Wellington Management Company, LLP
Hartford Investment Management Company) Investment objective — Seeks growth of capital.

Performance Overview(1) 10/31/99 – 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Russell 2000 Growth Index is an unmanaged index of those Russell 2000 Index growth companies with higher price-to-book ratios and higher forecasted growth values.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			10
	Year			Year			Year
Small Company A#		6.19	%		2.60	%		1.75	%
Small Company A##		0.35	%		1.44	%		1.18	%
Small Company B#		5.81	%		1.94	%	NA*
Small Company B##		0.81	%		1.62	%	NA*
Small Company C#		5.38	%		1.83	%		1.02	%
Small Company C##		4.38	%		1.83	%		1.02	%
Small Company I#		6.45	%		2.78	%		1.84	%
Small Company R3#		5.83	%		2.64	%		2.01	%
Small Company R4#		6.22	%		2.85	%		2.11	%
Small Company R5#		6.47	%		3.00	%		2.19	%
Small Company Y#		6.67	%		3.08	%		2.23	%
Russell 2000 Growth Index		11.34	%		0.95	%		0.12	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	10 year returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(4)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(5)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.

Portfolio Managers
Wellington Management Company, LLP		Hartford Investment Management Company
Steven C. Angeli, CFA	Mario E. Abularach, CFA, CMT	Hugh Whelan, CFA
Senior Vice President, Partner	Vice President	Managing Director
Stephen C. Mortimer		Kurt Cubbage, CFA
Senior Vice President		Vice President

How did the Fund perform?

The Class A shares of The Hartford Small Company Fund returned 6.19%, before sales charge, for the twelve-month period ended October 31, 2009, underperforming its benchmark, the Russell 2000 Growth Index which returned 11.34% for the same period. The Fund also underperformed the 13.14% return of the average fund in the Lipper Small Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The twelve-month period ended October 31, 2009, was one of the most volatile in history, reflecting investors’ fluctuating reactions to economic data releases and the U.S. government’s involvement to help mitigate the financial crisis. The broad U.S. equity market continued to decline until the early March lows, when it began to sharply rebound all the way through mid October. In this environment, small cap, mid cap and large cap stocks all registered a positive return over the twelve-month period, as

2

measured by the Russell 2000 (+6.4%), S&P MidCap 400 (+18.2%) and S&P 500 (+9.8%) indices, respectively. Seven of ten sectors within the Russell 2000 Growth index advanced during the period. Consumer Discretionary (+31.7%), Information Technology (+30.0%), and Utilities (+16.6%) were the strongest-performing sectors while Industrials (-5.2%), Financials (-4.5%), and Energy (-4.1%) declined the most.

From mid-March, a low-profitability, low-quality stock rally led the market out of the bottom. This rally impacted the Fund’s performance since a large portion of the Fund only invests in high-quality, profitable stocks. As a result, the Fund security selection detracted from performance for the remainder of the period. However, the effects of security selection were slightly mitigated by positive stock selection in Industrials and Financials. In particular, an overweight (i.e. the Fund’s sector position was greater than the benchmark position) position in Consumer Discretionary and an underweight (i.e. the Fund’s sector position was less than the benchmark position) in Energy also were additive to relative (i.e. performance of the Fund as measured against the benchmark) performance.

Stocks that detracted the most from relative returns during the period were Solutia (Materials) and Human Genome Science (Health Care). Shares of specialty chemical producer Solutia declined amid heightened anxiety over the company’s debt levels and exposure to automotive- and construction-related end markets. The Fund eliminated the position during the period. Shares of Human Genome Science, a biotechnology company, declined due to a loss in confidence in its Hepatitis C drug and concerns of a delay in its anthrax vaccine program. The Fund eliminated the position early in the period. Significant detractors from absolute (i.e. total return) returns included Penn Virginia (Energy) and Ubisoft Entertainment (Information Technology).

Top contributors to relative performance during the period included Aecom Technology (Industrials), SeaGate Technology (Information Technology), and Red Hat (Information Technology). Shares of Aecom Technology, which provides infrastructure planning, consulting, design, and program and construction management services, rose as the company’s earnings exceeded expectations. The Fund sold into strength, eliminating our position during the period. The Fund established a position in hard drive maker SeaGate Technology early in the period anticipating better industry fundamentals (capacity reduction and low inventories), company-specific execution (new management, restructuring steps and product mix changes). SeaGate’s stock price moved higher as the company reported earnings that topped consensus forecasts. Red Hat’s shares rose as it posted better-than-expected results on growing revenue, climbing market share, and higher margins in a tight information technology spending environment. Significant contributors to absolute returns included Starent Networks (Information Technology) and Jabil Circuit Inc. (Information Technology).

What is the outlook?

The first half of the period was characterized by tremendous uncertainty that undermined confidence and plummeting stock prices. Signs of lessening deterioration in early spring had a powerful positive influence on sentiment and stock prices. Reported corporate profits began to exceed expectations, in large part due to cost cutting. Lean inventories hold up the promise for some uptick in industrial activity while easy year-on-year comparisons could pave the way for better “growth” headlines. Meanwhile, stocks have moved decisively higher: the Russell 2000 Growth Index is now up over 70% since early March. The question now is how sustainable the improvement in fundamentals and sentiment will prove.

Despite the uncertainty, the Fund continues to focus on stocks of companies that have unique business models or special market opportunities that should allow them to deliver superior growth. The Fund remains well diversified, with holdings across all major market sectors. At the end of the period, the Fund had overweights in Consumer Discretionary, Materials, and Consumer Staples relative to the Russell 2000 Growth Index. The Fund ended the period most underweight Health Care, Information Technology, and Financials.

At October 31, 2009, 59% of the Fund’s assets were managed by Wellington Management Company, LLP and 41% of the assets were managed by Hartford Investment Management Company.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		0.3	%
Banks (Financials)		0.8
Capital Goods (Industrials)		7.2
Commercial & Professional Services (Industrials)		3.5
Consumer Durables & Apparel (Consumer Discretionary)		8.3
Consumer Services (Consumer Discretionary)		6.0
Diversified Financials (Financials)		1.4
Energy (Energy)		3.5
Food & Staples Retailing (Consumer Staples)		0.4
Food, Beverage & Tobacco (Consumer Staples)		2.3
Health Care Equipment & Services (Health Care)		11.2
Household & Personal Products (Consumer Staples)		2.2
Insurance (Financials)		1.3
Materials (Materials)		3.6
Media (Consumer Discretionary)		1.4
Other Investment Pools and Funds (Financials)		0.4
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		8.3
Real Estate (Financials)		1.1
Retailing (Consumer Discretionary)		5.7
Semiconductors & Semiconductor Equipment (Information Technology)		5.4
Software & Services (Information Technology)		12.5
Technology Hardware & Equipment (Information Technology)		6.9
Telecommunication Services (Services)		1.8
Transportation (Industrials)		2.8
Utilities (Utilities)		0.3
Short-Term Investments		2.4
Other Assets and Liabilities		(1.0	)
Total		100.0	%

3

The Hartford Small Company Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 98.2%
		Automobiles & Components — 0.3%
	113	Cooper Tire & Rubber Co.	$	1,717
	36	Standard Motor Products		297
				2,014
		Banks — 0.8%
	172	Signature Bank •		5,429
				5,429
		Capital Goods — 7.2%
	313	Advanced Battery Technologies, Inc. •		1,052
	36	Applied Signal Technology		735
	21	AZZ, Inc. •		723
	296	BE Aerospace, Inc. •		5,254
	88	Beacon Roofing Supply, Inc. •		1,260
	71	Chart Industries, Inc. •		1,411
	67	China Fire & Security Group •		946
	37	Cubic Corp.		1,279
	64	EMCOR Group, Inc. •		1,513
	22	Heico Corp.		833
	107	Kennametal, Inc.		2,521
	105	Lennox International, Inc.		3,530
	22	Middleby Corp.•		983
	393	Mueller Water Products, Inc.		1,762
	22	Nordson Corp.		1,153
	67	Orbital Sciences Corp. •		867
	62	Orion Marine Group, Inc. •		1,187
	33	Pentair, Inc.		969
	17	Powell Industries, Inc. •		624
	132	Regal-Beloit Corp.		6,171
	154	Rush Enterprises, Inc. •		1,678
	31	Simpson Manufacturing Co., Inc.		731
	31	SMA Solar Technology AG		2,942
	101	Teledyne Technologies, Inc. •		3,444
	37	Trex Co., Inc. •		584
	30	Watsco, Inc.		1,535
	46	Woodward Governor Co.		1,086
				46,773
		Commercial & Professional Services — 3.5%
	44	APAC TeleServices, Inc. •		286
	331	Corrections Corp. of America •		7,932
	12	Healthcare Services Group, Inc.		241
	129	Herman Miller, Inc.		1,999
	50	HNI Corp.		1,318
	190	Knoll, Inc.		1,864
	243	Sykes Enterprises, Inc. •		5,773
	64	Tetra Tech, Inc. •		1,657
	22	Watson Wyatt Worldwide, Inc.		965
				22,035
		Consumer Durables & Apparel — 8.3%
	262	Carter’s, Inc. •		6,187
	12	Deckers Outdoor Corp •		1,089
	62	Fossil, Inc. •		1,651
	444	Hanesbrands, Inc. •		9,602
	303	Jarden Corp.		8,308
	39	Lululemon Athletica, Inc. •		987
	16	Oxford Industries, Inc.		309
	25	Polaris Industries, Inc.		1,049
	547	Rossi Residencial S.A.		3,609
	227	Smith & Wesson Holding Corp. •		972
	31	Steven Madden Ltd. •		1,246
	88	Sturm Ruger & Co., Inc.		939
	135	Tempur-Pedic International, Inc. •		2,613
	38	True Religion Apparel, Inc. •		967
	97	Tupperware Brands Corp.		4,362
	36	Under Armour, Inc. Class A •		977
	193	Warnaco Group, Inc. •		7,828
	48	Wolverine World Wide, Inc.		1,236
				53,931
		Consumer Services — 6.0%
	172	Bally Technologies, Inc. •		6,768
	159	Brinks Home Security Holding •		4,917
	44	Buffalo Wild Wings, Inc. •		1,820
	15	Capella Education Co. •		1,033
	238	Cheesecake Factory, Inc. •		4,323
	89	Coinstar, Inc. •		2,822
	471	Corinthian Colleges, Inc. •		7,475
	16	K12, Inc. •		259
	176	Life Time Fitness, Inc. •		3,795
	53	Lincoln Educational Services Corp.•		1,044
	37	P. F. Chang’s China Bistro, Inc. •		1,088
	66	Shuffle Master, Inc. •		517
	80	WMS Industries, Inc. •		3,202
				39,063
		Diversified Financials — 1.4%
	65	Ezcorp, Inc. •		837
	44	First Cash Financial Services, Inc. •		763
	311	GFI Group, Inc.		1,602
	101	Knight Capital Group, Inc. •		1,700
	109	optionsXpress Holdings, Inc.		1,697
	50	Stifel Financial •		2,603
				9,202
		Energy — 3.5%
	93	Cal Dive International, Inc. •		714
	32	Carbo Ceramics, Inc.		1,870
	176	Complete Production Services, Inc. •		1,675
	27	Dril-Quip, Inc. •		1,292
	56	James River Coal Co. •		1,055
	179	Karoon Gas Australia Ltd. •		1,209
	21	Lufkin Industries, Inc.		1,176
	106	Massey Energy Co.		3,077
	59	Matrix Service Co. •		519
	23	NATCO Group, Inc. •		1,023
	82	Overseas Shipholding Group, Inc.		3,234
	93	St. Mary Land & Exploration Co.		3,162
	81	Willbros Group, Inc. •		1,059
	38	World Fuel Services Corp.		1,938
				23,003
		Food & Staples Retailing — 0.4%
	47	Casey’s General Stores, Inc.		1,493
	49	United Natural Foods, Inc. •		1,193
				2,686
		Food, Beverage & Tobacco — 2.3%
	36	American Italian Pasta Co. •		967
	71	Cental Euro Distribution Corp. •		2,215
	371	Cott Corp. •		2,930
	25	Diamond Foods, Inc.		744
	57	Green Mountain Coffee Roasters •		3,799
	16	J&J Snack Foods Corp.		622
	30	Lancaster Colony Corp.		1,474
	34	Sanderson Farms, Inc.		1,240
	76	Zhongpin, Inc. •		1,005
				14,996

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 98.2% — (continued)
		Health Care Equipment & Services — 11.2%
	39	Abaxis, Inc. •	$	901
	137	Align Technology, Inc. •		2,153
	214	Allscripts-Misys Healthcare Solutions, Inc.		4,164
	77	Almost Family, Inc. •		2,331
	26	Amedisys, Inc. •		1,037
	124	American Medical Systems Holdings•		1,908
	36	Athenahealth, Inc. •		1,344
	77	Bioscrip, Inc. •		579
	46	Catalyst Health Solutions •		1,451
	102	Clarient, Inc. •		332
	66	Eclipsys Corp. •		1,233
	31	Emergency Medical Services •		1,490
	23	Haemonetics Corp. •		1,166
	240	Health Net, Inc. •		3,572
	327	HealthSouth Corp. •		4,777
	32	HMS Holdings Corp. •		1,356
	208	Hologic, Inc. •		3,077
	11	ICU Medical, Inc. •		401
	51	Immucor, Inc. •		913
	106	Inverness Medical Innovation, Inc. •		4,031
	1	Landauer, Inc.		65
	65	Masimo Corp. •		1,727
	81	MedAssets, Inc. •		1,771
	39	Meridian Bioscience, Inc.		865
	50	NuVasive, Inc. •		1,820
	110	Owens & Minor, Inc.		4,515
	53	Palomar Medical Technologies, Inc. •		542
	52	PharMerica Corp. •		801
	49	Providence Service Corp. •		608
	93	PSS World Medical, Inc. •		1,889
	170	Psychiatric Solutions, Inc. •		3,515
	26	Quality Systems		1,617
	27	Rehabcare Group, Inc. •		511
	45	Sirona Dental Systems, Inc. •		1,201
	66	STERIS Corp.		1,944
	125	SXC Health Solutions Corp. •		5,719
	51	Thoratec Corp. •		1,344
	301	Volcano Corp. •		4,325
				72,995
		Household & Personal Products — 2.2%
	276	American Oriental Bioengineering, Inc. •		1,093
	18	Chattem, Inc. •		1,114
	28	Female Health Co. •		130
	185	Herbalife Ltd.		6,226
	196	Medifast, Inc. •		4,308
	50	Nu Skin Enterprises, Inc. Class A		1,129
	4	Usana Health Sciences, Inc. •		125
				14,125
		Insurance — 1.3%
	66	Allied World Assurance Holdings Ltd.		2,965
	29	Assured Guaranty Ltd.		483
	223	Lancashire Holdings Ltd.		1,848
	71	Platinum Underwriters Holdings Ltd.		2,556
	17	RLI Corp.		846
				8,698
		Materials — 3.6%
	21	Clearwater Paper Corp. •		953
	88	Cytec Industries, Inc.		2,913
	61	Eagle Materials, Inc.		1,522
	601	Huabao International Holdings Ltd.		573
	160	Intrepid Potash, Inc. •		4,109
	35	Koppers Holdings, Inc.		925
	38	LSB Industries, Inc. •		474
	18	Newmarket Corp.		1,674
	30	Rock Tenn Co. Class A .		1,308
	128	Scotts Miracle-Gro Co. Class A		5,211
	20	Silgan Holdings, Inc.		1,075
	9	Stepan Co.		504
	95	Stillwater Mining Co. •		589
	42	W.R. Grace & Co. •		911
				22,741
		Media — 1.4%
	127	DreamWorks Animation SKG, Inc. •		4,074
	263	Focus Media Holding Ltd. ADR •		3,163
	83	Valassis Communications, Inc. •		1,510
				8,747
		Pharmaceuticals, Biotechnology & Life Sciences — 8.3%
	380	Alkermes, Inc. •		3,032
	114	Auxilium Pharmaceuticals, Inc. •		3,586
	154	Celera Corp. •		950
	30	Cephalon, Inc. •		1,636
	209	Cubist Pharmaceuticals, Inc. •		3,541
	40	Emergent Biosolutions, Inc. •		579
	93	Enzon, Inc. •		779
	93	Exelixis, Inc. •		566
	27	Genomic Health, Inc. •		499
	56	Hi-Technology Pharmacal Co., Inc. •		1,029
	152	Human Genome Sciences, Inc. •		2,841
	250	Icon plc ADR •		6,171
	84	Impax Laboratories, Inc. •		742
	90	Isis Pharmaceuticals, Inc. •		1,146
	67	Martek Biosciences Corp. •		1,204
	61	Medicis Pharmaceutical Corp. Class A		1,284
	127	Nektar Therapeutics •		1,035
	125	Onyx Pharmaceuticals, Inc. •		3,318
	93	OSI Pharmaceuticals, Inc. •		3,003
	263	PAREXEL International Corp. •		3,298
	233	PDL Biopharma, Inc.		1,962
	144	Questcor Pharmaceuticals •		655
	189	Regeneron Pharmaceuticals, Inc. •		2,964
	150	Sciclone Pharmaceuticals, Inc. •		370
	210	Seattle Genetics, Inc. •		1,903
	62	United Therapeutics Corp. •		2,616
	58	Vertex Pharmaceuticals, Inc. •		1,950
	119	VIVUS, Inc. •		944
				53,603
		Real Estate — 1.1%
	145	BR Malls Participacoes S.A. •		1,559
	101	Diamondrock Hospitality		767
	26	Equity Lifestyle Properties, Inc.		1,192
	41	LTC Properties, Inc.		982
	25	PS Business Parks, Inc.		1,231
	40	Tanger Factory Outlet Center		1,519
				7,250
		Retailing — 5.7%
	88	99 Cents Only Stores •		998
	148	Advance Automotive Parts, Inc.		5,522
	131	Aeropostale, Inc. •		4,906
	162	Big Lots, Inc. •		4,059
	20	Blue Nile, Inc. •		1,209

The accompanying notes are an integral part of these financial statements.

5

The Hartford Small Company Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 98.2% — (continued)
		Retailing — 5.7% — (continued)
	37	Cato Corp. •	$	739
	16	Core-Mark Holding Co. Inc. •		450
	68	Dick’s Sporting Goods, Inc. •		1,544
	42	Gymboree Corp.•		1,779
	74	J. Crew Group, Inc. •		3,029
	33	Joseph A. Bank Clothiers, Inc. •		1,364
	65	Kirklands, Inc. •		821
	141	Lumber Liquidators, Inc. •		3,001
	312	OfficeMax, Inc.		3,563
	65	PetMed Express, Inc.		1,018
	29	The Buckle, Inc.		869
	39	Tractor Supply Co. •		1,725
				36,596
		Semiconductors & Semiconductor Equipment — 5.4%
	178	Amkor Technology, Inc. •		980
	177	Atheros Communications, Inc. •		4,369
	81	Cavium Networks, Inc. •		1,537
	39	Cypress Semiconductor Corp. •		330
	50	FEI Co. •		1,194
	38	Hittite Microwave Corp. •		1,396
	62	Microsemi Corp. •		822
	27	Netlogic Microsystems, Inc. •		1,042
	20	NVE Corp. •		758
	588	ON Semiconductor Corp. •		3,933
	1,362	RF Micro Devices, Inc. •		5,422
	65	Semtech Corp. •		1,003
	560	Skyworks Solutions, Inc. •		5,842
	72	Tessera Technologies, Inc. •		1,596
	859	TriQuint Semiconductor, Inc. •		4,627
				34,851
		Software & Services — 12.5%
	112	Acxiom Corp. •		1,280
	34	Advent Software, Inc. •		1,313
	48	ArcSight, Inc. •		1,180
	98	Ariba, Inc. •		1,160
	255	Art Technology Group, Inc. •		1,051
	46	Blackbaud, Inc.		1,020
	32	Blackboard, Inc. •		1,134
	49	Commvault Systems, Inc. •		959
	42	Concur Technologies, Inc.•		1,483
	171	Constant Contact, Inc. •		2,825
	67	CyberSource Corp. •		1,101
	65	DealerTrack Holdings, Inc. •		1,073
	27	Digital River, Inc. •		613
	74	Equinix, Inc. •		6,343
	66	Gartner, Inc. Class A •		1,226
	100	Global Cash Access, Inc. •		631
	46	i2 Technologies, Inc. •		718
	98	Informatica Corp. •		2,070
	70	j2 Global Communications, Inc. •		1,433
	106	Jack Henry & Associates, Inc.		2,454
	50	JDA Software Group, Inc. •		1,001
	157	Lawson Software, Inc. •		989
	32	Manhattan Associates, Inc. •		738
	43	Mercadolibre, Inc. •		1,527
	253	Neustar, Inc. •		5,854
	39	North American Equity		342
	98	Parametric Technology Corp. •		1,467
	41	Pegasystems, Inc .		1,182
	304	Rackspace Hosting, Inc. •		5,094
	195	Red Hat, Inc. •		5,040
	88	S1 Corp. •		529
	68	Smith Micro Software, Inc. •		616
	73	Solera Holdings, Inc.		2,352
	72	SonicWALL, Inc. •		575
	66	SuccessFactors, Inc. •		1,016
	28	Syntel, Inc.		1,021
	290	Take-Two Interactive Software, Inc. •		3,177
	41	Taleo Corp. Class A . •		893
	65	TeleTech Holdings, Inc . •		1,162
	208	Tibco Software, Inc. •		1,816
	403	TiVo, Inc. •		4,381
	114	Valueclick, Inc. •		1,125
	50	Vistaprint N.V. •		2,575
	155	Vocus, Inc. •		2,807
	78	Websense, Inc. •		1,252
	79	Wright Express Corp. •		2,194
				81,792
		Technology Hardware & Equipment — 6.9%
	625	3Com Corp. •		3,213
	39	Acme Packet, Inc. •		382
	44	ADTRAN, Inc.		1,017
	148	Arris Group, Inc. •		1,524
	40	Blue Coat Systems, Inc. •		881
	133	Brightpoint, Inc. •		978
	35	Checkpoint Systems, Inc. •		481
	12	Cogent, Inc. •		114
	30	Comtech Telecommunications Corp. •		973
	24	Harmonic, Inc. •		129
	32	Itron, Inc. •		1,903
	445	Jabil Circuit, Inc.		5,956
	1	Multi-Fineline Electronix, Inc. •		37
	8	Osi Systems, Inc. •		162
	79	Palm, Inc. •		922
	63	Plantronics, Inc.		1,525
	159	Plexus Corp. •		4,023
	89	Polycom, Inc. •		1,920
	214	QLogic Corp. •		3,762
	198	Riverbed Technology, Inc. •		4,060
	541	Seagate Technology		7,544
	51	Starent Networks Corp. •		1,725
	308	Tellabs, Inc. •		1,855
				45,086
		Telecommunication Services — 1.8%
	248	Centennial Cellular Corp. Class A •		2,099
	211	Cincinnati Bell, Inc. •		649
	28	Consolidated Communications Holdings, Inc.		386
	22	Iowa Telecommunications Services, Inc.		264
	65	Neutral Tandem, Inc. •		1,365
	104	PAETEC Holding Corp. •		337
	14	Premiere Global Services, Inc. •		103
	172	SBA Communications Corp.•		4,864
	66	Syniverse Holdings, Inc. •		1,139
	29	Virgin Mobile USA, Inc. •		117
				11,323
		Transportation — 2.8%
	125	Avis Budget Group, Inc. •		1,051
	102	Con-way, Inc.		3,353

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount					Market Value ╪
COMMON STOCKS — 98.2% — (continued)
		Transportation — 2.8% — (continued)
	59	Copa Holdings S.A. Class A			$	2,473
	131	Hawaiian Holdings, Inc.•				925
	99	J.B. Hunt Transport Services, Inc.				2,981
	356	Localiza Rent a Car S.A.				3,724
	279	Tam S.A. •				3,978
						18,485
		Utilities — 0.3%
	47	New Jersey Resources Corp.				1,638
		Total common stocks (cost $583,768)			$	637,062
EXCHANGE TRADED FUNDS — 0.4%
		Other Investment Pools and Funds - 0.4%
	44	iShares Russell 2000 Growth Index Fund			$	2,713
		Total exchange traded funds (cost $2,418)			$	2,713
		Total long-term investments (cost $586,186)			$	639,775
SHORT-TERM INVESTMENTS — 2.4%
		Repurchase Agreements — 2.3%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $382, collateralized by GNMA 5.00%, 2039, value of $390)
$	382	0.08%, 10/30/2009			$	382
		BNP Paribas Securities Corp. Repurchase Agreement (maturing on 11/02/2009 in the amount of $2,749, collateralized by U.S. Treasury Bond 5.25% — 7.88%, 2021 — 2029, value of $2,847)
	2,749	0.06%, 10/30/2009				2,749
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $2,238, collateralized by FHLMC 4.00% — 7.00%, 2011 — 2039, FNMA 4.00% — 7.00%, 2017 — 2047, value of $2,283)
	2,238	0.08%, 10/30/2009				2,238
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $2,493, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $2,543)
	2,493	0.08%, 10/30/2009				2,493
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1,383, collateralized by U.S. Treasury Bond 5.00%, 2037, U.S. Treasury Note 3.13% — 4.63%, 2013 — 2017, value of $1,410)
	1,383	0.06%, 10/30/2009				1,383
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $25, collateralized by U.S. Treasury Note 2.75%, 2013, value of $26)
	25	0.05%, 10/30/2009				25
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/02/2009 in the amount of $1,266, collateralized by U.S. Treasury Note 1.50%, 2010, value of $1,284)
	1,266	0.04%, 10/30/2009				1,266
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $4,320, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $4,406)
	4,320	0.07%, 10/30/2009				4,320
						14,856
		U.S. Treasury Bills — 0.1%
	520	0.07%, 1/14/2010 □o				520
		Total short-term investments (cost $15,376)			$	15,376
		Total investments (cost $601,562)▲	101.0	%	$	655,151
		Other assets and liabilities	(1.0	)%		(6,289	)
		Total net assets	100.0	%	$	648,862

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 6.1% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.

▲  At October 31, 2009, the cost of securities for federal income tax purposes was $615,760 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	80,425
Unrealized Depreciation		(41,034	)
Net Unrealized Appreciation	$	39,391

• Currently non-income producing.    

o The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

The accompanying notes are an integral part of these financial statements.

7

The Hartford Small Company Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

□ Security pledged as initial margin deposit for open futures contracts at October 31, 2009.

Futures Contracts Outstanding at October 31, 2009

					Unrealized
	Number of			Expiration	Appreciation/
Description	Contracts*		Position	Month	(Depreciation)
Russell 2000 Mini		89	Long	Dec 2009	$	(262	)

*	The number of contracts does not omit 000’s.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

Forward Foreign Currency Contracts Outstanding at October 31, 2009

							Unrealized
	Market		Contract		Delivery		Appreciation/
Description	Value ╪		Amount		Date		(Depreciation)
Hong Kong Dollar (Buy)	$	580	$	580		11/03/09	$	—

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Small Company Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks ‡	$	637,062	$	630,490	$	6,572	$	—
Exchange Traded Funds		2,713		2,713		—		—
Short-Term Investments		15,376		—		15,376		—
Total	$	655,151	$	633,203	$	21,948	$	—
Liabilities:
Other Financial Instruments *	$	262	$	262	$	—	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

The accompanying notes are an integral part of these financial statements.

9

The Hartford Small Company Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $601,562)	$	655,151
Cash		1
Foreign currency on deposit with custodian (cost$—)		—
Receivables:
Investment securities sold		5,534
Fund shares sold		941
Dividends and interest		95
Other assets		104
Total assets		661,826
Liabilities:
Unrealized depreciation on forward foreign currency contracts		—
Payables:
Investment securities purchased		11,263
Fund shares redeemed		1,276
Investment management fees		89
Distribution fees		24
Variation margin		128
Accrued expenses		184
Total liabilities		12,964
Net assets	$	648,862
Summary of Net Assets:
Capital stock and paid-in-capital		838,241
Accumulated net investment loss		(192	)
Accumulated net realized loss on investments and foreign currency transactions		(242,515	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		53,328
Net assets	$	648,862
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	13.90/$14.71
Shares outstanding		19,845
Net assets	$	275,834
Class B: Net asset value per share	$	12.39
Shares outstanding		1,305
Net assets	$	16,169
Class C: Net asset value per share	$	12.34
Shares outstanding		3,085
Net assets	$	38,082
Class I: Net asset value per share	$	14.03
Shares outstanding		1,163
Net assets	$	16,312
Class R3: Net asset value per share	$	14.70
Shares outstanding		872
Net assets	$	12,822
Class R4: Net asset value per share	$	14.85
Shares outstanding		2,123
Net assets	$	31,532
Class R5: Net asset value per share	$	14.97
Shares outstanding		827
Net assets	$	12,384
Class Y: Net asset value per share	$	15.03
Shares outstanding		16,346
Net assets	$	245,727

The accompanying notes are an integral part of these financial statements.

10

The Hartford Small Company Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	3,460
Interest		13
Securities lending		49
Less: Foreign tax withheld		(34	)
Total investment income		3,488
Expenses:
Investment management fees		4,614
Administrative services fees		62
Transfer agent fees		1,287
Distribution fees
Class A		630
Class B		170
Class C		368
Class R3		39
Class R4		63
Custodian fees		45
Accounting services fees		91
Registration and filing fees		112
Board of Directors’ fees		16
Audit fees		25
Other expenses		208
Total expenses (before waivers and fees paid indirectly)		7,730
Expense waivers		(489	)
Transfer agent fee waivers		(316	)
Commission recapture		(156	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(961	)
Total expenses, net		6,769
Net Investment Loss		(3,281	)
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized loss on investments in securities		(147,491	)
Net realized gain on futures		1,707
Net realized loss on forward foreign currency contracts		(114	)
Net realized gain on other foreign currency transactions		82
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(145,816	)
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		192,687
Net unrealized depreciation of futures		(456	)
Net unrealized appreciation of forward foreign currency contracts		1
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		1
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		192,233
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		46,417
Net Increase in Net Assets Resulting from Operations	$	43,136

The accompanying notes are an integral part of these financial statements.

11

The Hartford Small Company Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment loss	$	(3,281	)	$	(2,066	)
Net realized loss on investments, other financial instruments and foreign currency transactions		(145,816	)		(94,199	)
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		192,233			(215,903	)
Net Increase (Decrease) In Net Assets Resulting From Operations		43,136			(312,168	)
Distributions to Shareholders:
From net realized gain on investments
Class A		—			(32,052	)
Class B		—			(6,169	)
Class C		—			(7,503	)
Class I		—			(439	)
Class R3		—			(20	)
Class R4		—			(1,013	)
Class R5		—			(56	)
Class Y		—			(19,626	)
Total distributions		—			(66,878	)
Capital Share Transactions:
Class A		(12,824	)		159,043
Class B		(5,342	)		(8,767	)
Class C		(4,668	)		12,119
Class I		3,846			13,691
Class R3		8,423			4,087
Class R4		10,059			18,065
Class R5		3,991			10,131
Class Y		58,600			89,740
Net increase from capital share transactions		62,085			298,109
Net Increase (Decrease) In Net Assets		105,221			(80,937	)
Net Assets:
Beginning of period		543,641			624,578
End of period	$	648,862		$	543,641
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	(192	)	$	—

The accompanying notes are an integral part of these financial statements.

12

The Hartford Small Company Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Small Company Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are

13

The Hartford Small Company Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Debt securities (other than short-term obligations) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Options contracts on securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at their last reported sale price at the Valuation Time on the Primary Market on which the instrument is primarily traded. If the instrument did not trade on the Primary Market, it may be valued at the most recent sale price at the Valuation Time on another exchange or market where it did trade. If it is not possible to determine the last reported sale price on the Primary Market or another exchange or market at the Valuation Time, the value of the security shall be taken to be the most recent mean between bid and asked prices on such exchange or market at the Valuation Time. Absent both bid and asked prices on such exchange, the bid price may be used.

Futures contracts are valued at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively. If a settlement price is not available, futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the mean of the closing bid and asked prices as of the Valuation Time.

14

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

15

The Hartford Small Company Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Hartford Investment Management Company (“Hartford Investment Management”) or Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending — The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
g)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
h)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had

16

	investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.
i)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
j)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
k)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Statement of Assets and Liabilities Location
Foreign exchange contracts		Unrealized depreciation on forward foreign currency contracts	$	—
Equity contracts		Summary of Net Assets — Unrealized depreciation		262

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

17

The Hartford Small Company Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps		Total
Foreign exchange contracts	$	—	$	—	$	—	$	(114	)	$	—	$	(114	)
Equity contracts		—		—		1,707		—			—		1,707
Total	$	—	$	—	$	1,707	$	(114	)	$	—	$	1,593

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
								Forward
			Purchased					Currency
Risk Exposure Category	Written Options		Options		Futures			Contracts		Swaps		Total
Foreign exchange contracts		—		—		—			1		—	$	1
Equity contracts		—		—		(456	)		—		—		(456	)
Total	$	—	$	—	$	(456	)	$	1	$	—	$	(455	)

l) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Futures and Options:

Futures and Options Transactions — The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.

At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.

The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of October 31, 2009.

An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.

18

The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. As of October 31, 2009, there were no outstanding purchased or written option contracts.

4. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	—	$	43,260
Long-Term Capital Gains *		—		23,618

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

19

The Hartford Small Company Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Accumulated Capital Losses *	$	(228,771	)
Unrealized Appreciation †		39,392
Total Accumulated Deficit	$	(189,379	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase accumulated undistributed net investment income by $3,089, increase accumulated net realized gain on investments by $275, and decrease paid-in-capital by $3,364.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	87,693
2017		141,078
Total	$	228,771

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

5. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management and Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management and Wellington.

20

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		0.8500	%
On next $250 million		0.8000	%
On next $500 million		0.7500	%
On next $500 million		0.7000	%
On next $3.5 billion		0.6500	%
On next $5 billion		0.6300	%
Over $10 billion		0.6200	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.016	%
On next $5 billion		0.014	%
Over $10 billion		0.012	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.40%	2.15%	2.15%	1.15%	1.65%	1.35%	1.05%	1.00%

d) Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

21

The Hartford Small Company Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.29	%		1.38	%		1.39	%		1.37	%		1.35	%
Class B Shares		1.73			2.01			2.11			2.12			2.10
Class C Shares		2.01			2.14			2.14			2.11			2.10
Class I Shares		1.09			1.15			1.12			1.10	*
Class R3 Shares		1.62			1.65			1.65	†
Class R4 Shares		1.28			1.28			1.36	†
Class R5 Shares		1.02			0.99			1.10	†
Class Y Shares		0.88			0.88			0.90			0.91			0.92

*	From August 31, 2006 (commencement of operations), through October 31, 2006.
†	From December 22, 2006 (commencement of operations), through October 31, 2007.

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $362 and contingent deferred sales charges of $30 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $18. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in

22

	the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $990 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.
g)	Payments from Affiliate — The total return in the accompanying financial highlights includes payment from affiliates. Had the payment from affiliates been excluded, the total return for the periods listed below would have been as follows:

				Impact from
				Payment from
	Impact from			Affiliate for			Total Return
	Payment from			Trading			Excluding
	Affiliate for SEC			Reimbursements			Payment from
	Settlement for the			for the			Affiliate for the
	Year Ended			Year Ended			Year Ended
	October 31, 2007			October 31, 2007			October 31, 2007
Class A		0.16	%		0.22	%		23.41	%
Class B		0.18			0.24			22.46
Class C		0.18			0.24			22.37
Class I		0.16			0.22			23.81
Class R3		—			0.20			17.44
Class R4		—			0.20			17.80
Class R5		—			0.20			18.07
Class Y		0.16			0.20			23.99

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,061,345
Sales Proceeds Excluding U.S. Government Obligations		999,306

23

The Hartford Small Company Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		6,962		—		(8,084	)		—		(1,122	)		11,324		1,490		(4,107	)		—		8,707
Amount	$	84,120	$	—	$	(96,944	)	$	—	$	(12,824	)	$	201,298	$	30,285	$	(72,540	)	$	—	$	159,043
Class B
Shares		120		—		(609	)		—		(489	)		203		317		(1,083	)		—		(563	)
Amount	$	1,300	$	—	$	(6,642	)	$	—	$	(5,342	)	$	3,295	$	5,795	$	(17,857	)	$	—	$	(8,767	)
Class C
Shares		604		—		(1,047	)		—		(443	)		1,097		366		(787	)		—		676
Amount	$	6,484	$	—	$	(11,152	)	$	—	$	(4,668	)	$	17,871	$	6,702	$	(12,454	)	$	—	$	12,119
Class I
Shares		789		—		(530	)		—		259			1,008		20		(282	)		—		746
Amount	$	10,152	$	—	$	(6,306	)	$	—	$	3,846		$	17,944	$	406	$	(4,659	)	$	—	$	13,691
Class R3
Shares		940		—		(283	)		—		657			273		1		(66	)		—		208
Amount	$	12,135	$	—	$	(3,712	)	$	—	$	8,423		$	5,284	$	20	$	(1,217	)	$	—	$	4,087
Class R4
Shares		1,404		—		(592	)		—		812			1,119		47		(234	)		—		932
Amount	$	18,261	$	—	$	(8,202	)	$	—	$	10,059		$	21,464	$	1,013	$	(4,412	)	$	—	$	18,065
Class R5
Shares		477		—		(184	)		—		293			595		3		(87	)		—		511
Amount	$	6,409	$	—	$	(2,418	)	$	—	$	3,991		$	11,698	$	57	$	(1,624	)	$	—	$	10,131
Class Y
Shares		7,077		—		(2,520	)		—		4,557			4,810		901		(1,388	)		—		4,323
Amount	$	90,495	$	—	$	(31,895	)	$	—	$	58,600		$	93,771	$	19,626	$	(23,657	)	$	—	$	89,740

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		228	$	2,819
For the Year Ended October 31, 2008		456	$	8,432

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

24

10.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

25

The Hartford Small Company Fund

Financial Highlights

- Selected Per-Share Data (a) -
	Net Asset							Net Realized																Net Increase
	Value at							and Unrealized			Total from			Dividends from		Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment		from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income		Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	13.09	$	(0.08	)	$	—	$	0.89		$	0.81		$	—	$	—		$	—	$	—		$	0.81		$	13.90
B		11.71		(0.12	)		—		0.80			0.68			—		—			—		—			0.68			12.39
C		11.71		(0.15	)		—		0.78			0.63			—		—			—		—			0.63			12.34
I		13.18		(0.06	)		—		0.91			0.85			—		—			—		—			0.85			14.03
R3		13.89		(0.13	)		—		0.94			0.81			—		—			—		—			0.81			14.70
R4		13.98		(0.09	)		—		0.96			0.87			—		—			—		—			0.87			14.85
R5		14.06		(0.06	)		—		0.97			0.91			—		—			—		—			0.91			14.97
Y		14.10		(0.04	)		—		0.97			0.93			—		—			—		—			0.93			15.03
For the Year Ended October 31, 2008
A		24.46		(0.06	)		—		(8.68	)		(8.74	)		—		(2.63	)		—		(2.63	)		(11.37	)		13.09
B		22.30		(0.20	)		—		(7.76	)		(7.96	)		—		(2.63	)		—		(2.63	)		(10.59	)		11.71
C		22.32		(0.18	)		—		(7.80	)		(7.98	)		—		(2.63	)		—		(2.63	)		(10.61	)		11.71
I		24.55		(0.02	)		—		(8.72	)		(8.74	)		—		(2.63	)		—		(2.63	)		(11.37	)		13.18
R3		25.83		(0.07	)		—		(9.24	)		(9.31	)		—		(2.63	)		—		(2.63	)		(11.94	)		13.89
R4		25.91		(0.03	)		—		(9.27	)		(9.30	)		—		(2.63	)		—		(2.63	)		(11.93	)		13.98
R5		25.97		—			—		(9.28	)		(9.28	)		—		(2.63	)		—		(2.63	)		(11.91	)		14.06
Y		26.00		0.02			—		(9.29	)		(9.27	)		—		(2.63	)		—		(2.63	)		(11.90	)		14.10
For the Year Ended October 31, 2007
A		21.58		(0.09	)		0.07		4.77			4.75			—		(1.87	)		—		(1.87	)		2.88			24.46
B		19.97		(0.26	)		0.10		4.36			4.20			—		(1.87	)		—		(1.87	)		2.33			22.30
C		20.00		(0.23	)		0.08		4.34			4.19			—		(1.87	)		—		(1.87	)		2.32			22.32
I		21.59		(0.01	)		—		4.84			4.83			—		(1.87	)		—		(1.87	)		2.96			24.55
R3(g)		21.95		(0.07	)		—		3.95			3.88			—		—			—		—			3.88			25.83
R4(g)		21.95		(0.03	)		—		3.99			3.96			—		—			—		—			3.96			25.91
R5(g)		21.95		(0.01	)		—		4.03			4.02			—		—			—		—			4.02			25.97
Y		22.73		0.02			0.06		5.06			5.14			—		(1.87	)		—		(1.87	)		3.27			26.00
For the Year Ended October 31, 2006
A		18.45		(0.18	)		—		3.31			3.13			—		—			—		—			3.13			21.58
B		17.20		(0.36	)		—		3.13			2.77			—		—			—		—			2.77			19.97
C		17.22		(0.32	)		—		3.10			2.78			—		—			—		—			2.78			20.00
I(j)		20.70		(0.01	)		—		0.90			0.89			—		—			—		—			0.89			21.59
Y		19.33		(0.06	)		—		3.46			3.40			—		—			—		—			3.40			22.73
For the Year Ended October 31, 2005
A		15.09		(0.16	)		—		3.52			3.36			—		—			—		—			3.36			18.45
B		14.17		(0.29	)		—		3.32			3.03			—		—			—		—			3.03			17.20
C		14.19		(0.29	)		—		3.32			3.03			—		—			—		—			3.03			17.22
Y		15.74		(0.07	)		—		3.66			3.59			—		—			—		—			3.59			19.33

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(g)	Commenced operations on December 22, 2006.
(h)	Not annualized.
(i)	Annualized.
(j)	Commenced operations on August 31, 2006.

26

- Ratios and Supplemental Data -
			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
			Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
	Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)	Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
6.19%	$	275,834		1.53	%		1.32	%		1.32	%		(0.67	)%		180	%
5.81		16,169		2.59			1.76			1.76			(1.10	)		—
5.38		38,082		2.31			2.04			2.04			(1.39	)		—
6.45		16,312		1.24			1.11			1.11			(0.48	)		—
5.83		12,822		1.66			1.65			1.65			(1.04	)		—
6.22		31,532		1.31			1.31			1.31			(0.67	)		—
6.47		12,384		1.11			1.05			1.05			(0.42	)		—
6.59		245,727		0.91			0.91			0.91			(0.27	)		—
(39.57)		274,412		1.39			1.39			1.39			(0.39	)		183
(39.95)		21,008		2.31			2.02			2.02			(1.01	)		—
(40.01)		41,294		2.15			2.15			2.15			(1.14	)		—
(39.41)		11,912		1.19			1.15			1.15			(0.15	)		—
(39.69)		2,990		1.66			1.65			1.65			(0.68	)		—
(39.51)		18,332		1.29			1.29			1.29			(0.29	)		—
(39.32)		7,510		1.00			1.00			1.00			(0.01	)		—
(39.23)		166,183		0.89			0.89			0.89			0.12			—
23.88 (f)		299,819		1.41			1.40			1.40			(0.44	)		186
22.97 (f)		52,549		2.28			2.12			2.12			(1.16	)		—
22.88 (f)		63,650		2.15			2.15			2.15			(1.19	)		—
24.28 (f)		3,886		1.12			1.12			1.12			(0.16	)		—
17.68 (f),(h)		181		1.84	(i)		1.65	(i)		1.65	(i)		(0.69	) (i)		—
18.04 (f),(h)		9,809		1.34	(i)		1.34	(i)		1.34	(i)		(0.54	)(i)		—
18.31 (f),(h)		588		1.07	(i)		1.05	(i)		1.05	(i)		(0.38	)(i)		—
24.44 (f)		194,096		0.91			0.91			0.91			0.09			—
16.96		194,656		1.48			1.40			1.40			(0.87	)		170
16.10		52,036		2.32			2.15			2.15			(1.62	)		—
16.14		47,744		2.23			2.15			2.15			(1.62	)		—
4.30 (h)		69		1.38	(i)		1.15	(i)		1.15	(i)		(0.58	)(i)		—
17.59		108,770		0.95			0.95			0.95			(0.39	)		—
22.27		159,577		1.57			1.40			1.40			(0.88	)		104
21.38		56,664		2.39			2.15			2.15			(1.63	)		—
21.35		44,564		2.30			2.15			2.15			(1.63	)		—
22.81		43,274		0.97			0.97			0.97			(0.43	)		—

27

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Small Company Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Small Company Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

28

The Hartford Small Company Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

29

The Hartford Small Company Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

     Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009)) Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

30

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

31

The Hartford Small Company Fund

Federal Tax Information (Unaudited)

The Fund made no capital gain or income distributions for the fiscal year ended October 31, 2009.

32

The Hartford Small Company Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
			��		during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,144.00	$	7.24	$	1,000.00	$	1,018.45	$	6.82		1.34	%		184		365
Class B	$	1,000.00	$	1,141.90	$	9.77	$	1,000.00	$	1,016.08	$	9.20		1.81			184		365
Class C	$	1,000.00	$	1,139.40	$	11.16	$	1,000.00	$	1,014.77	$	10.51		2.07			184		365
Class I	$	1,000.00	$	1,146.20	$	6.17	$	1,000.00	$	1,019.46	$	5.80		1.14			184		365
Class R3	$	1,000.00	$	1,143.10	$	8.86	$	1,000.00	$	1,016.94	$	8.34		1.64			184		365
Class R4	$	1,000.00	$	1,144.90	$	7.03	$	1,000.00	$	1,018.65	$	6.61		1.30			184		365
Class R5	$	1,000.00	$	1,146.20	$	5.63	$	1,000.00	$	1,019.96	$	5.30		1.04			184		365
Class Y	$	1,000.00	$	1,146.50	$	4.87	$	1,000.00	$	1,020.67	$	4.58		0.90			184		365

33

The Hartford Small Company Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Small Company Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreements between HIFSCO and the Fund’s sub-advisers Wellington Management Company, LLP (“Wellington”) and Hartford Investment Management Company (“HIMCO”, together with Wellington, “Sub-advisers” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year, and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board, and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act. With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-advisers. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-advisers, who provide day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-advisers’ other investment personnel, their investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-advisers’ method for compensating the portfolio managers.

34

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-advisers.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-advisers’ overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of Wellington. With respect to HIMCO, the Board noted that the fees payable to HIMCO are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for HIMCO and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-advisers, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-advisers relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered

35

The Hartford Small Company Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to Wellington from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington that Wellington would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates. With respect to HIMCO, the Board considered any benefits to HIMCO from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

36

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-36 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford Strategic Income Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	5
Investment Valuation Hierarchy Level Summary at October 31, 2009	14
Statement of Assets and Liabilities at October 31, 2009	15
Statement of Operations for the Year Ended October 31, 2009	16
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	17
Notes to Financial Statements	18
Financial Highlights	30
Report of Independent Registered Public Accounting Firm	32
Directors and Officers (Unaudited)	33
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Proxy Voting Records (Unaudited)	35
Quarterly Portfolio Holdings Information (Unaudited)	35
Federal Tax Information Notice (Unaudited)	36
Expense Example (Unaudited)	37
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	38

The Hartford Strategic Income Fund inception 05/31/2007

(subadvised by Hartford Investment Management Company)	Investment objective — Seeks a high level of current income.
	Capital appreciation is a secondary objective.

Performance Overview(1) 5/31/07 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			Since
	Year			Inception
Strategic Income A#		26.24	%		1.55	%
Strategic Income A##		20.56	%		-0.36	%
Strategic Income B#		25.20	%		0.74	%
Strategic Income B##		20.20	%		-0.35	%
Strategic Income C#		25.30	%		0.83	%
Strategic Income C##		24.30	%		0.83	%
Strategic Income I#		26.65	%		1.88	%
Strategic Income Y#		26.69	%		2.80	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		7.10	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.
(5)	Class Y shares commenced operations on 8/31/07.

Portfolio Managers
Michael Bacevich	Mark Niland, CFA	Nasri Toutoungi
Managing Director	Managing Director	Managing Director
Michael Gray, CFA
Managing Director

How did the Fund perform?

The Class A shares of The Hartford Strategic Income Fund returned 26.24%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmark, the Barclays Capital U.S. Aggregate Bond Index, returned 13.79%, while the average return of the Lipper Multi-Sector Income Funds category, a group of funds with investment strategies similar to those of the Fund, was 27.87%.

Why did the Fund perform this way?

The twelve-month period ending October 31, 2009, had three phases. The last two months of 2008 were marked by continued broad weakness in asset prices. The first quarter of 2009 was unique for the recovery in industrial debt spreads across the rating spectrum, but weakness continued in equities, commercial real estate and bank and finance company debt. The third phase began mid March with the recovery of equities and was perpetuated by the expansion of Term Asset-Backed Securities Loan Facility (TALF), the initiation of the Public-Private Investment Program (PPIP) and the successful results of the U.S. Department of the Treasury’s bank stress tests. Since the early part of second quarter 2009 all fixed income spread sectors (i.e. issues yielding more than Treasuries) have

2

experienced spread tightening (i.e. short and long term interest rates moving closer together) and significant outperformance versus like maturity Treasuries.

The Fund began the year overweight (i.e. the Fund’s sector position was greater than the benchmark position) spread sectors such as Investment Grade and High Yield Corporate debt and subsequently added to those overweights as confidence was restored to the financial markets. It was this overweight to spread product and well timed expansion of the overweight that led to benchmark outperformance over the period.

The Fund maintained sizeable allocations to non-investment grade securities throughout the period. Specifically, the Fund had an average allocation to High Yield Corporate Bonds of 25% throughout the year. In addition, the Fund averaged a 9% allocation to Bank Loans. These sectors returned 48.0% and 32.7% for the twelve-month period as measured by the Barclays Capital U.S. Corporate High Yield Bond Index and the Barclay’s High Yield Bank Loan indices, respectively.

The Fund also had a benchmark overweight to investment grade credit throughout the period. The bulk of the overweight was expressed in the Industrial sector. This average overweight to the asset class contributed positively to benchmark outperformance. The Fund was underweight (i.e. the Fund’s sector position was less than the benchmark position) the benchmark in Treasuries, Mortgage Backed Securities (MBS) and Agencies. Although Agencies and MBS had positive returns over the period, those returns significantly lagged those of the previously mentioned sectors.

Yield curve and duration (i.e. sensitivity to changes in interest rates) exposure was applied tactically throughout the period but very little performance can be attributed to this positioning. This was due to the fact that the Fund had intermittent periods of both positive and negative contributions from yield curve / duration, in essence canceling each other out.

What is Your Outlook?

Our view of the yield curve is consistent with low growth and low inflation. We expect yields to remain in their current ranges across the curve (ten year range 3.2%-3.8%). Longer maturities will continue to experience volatility with supply pressure, inflation concerns, dollar policy concerns and weak growth but will likely remain in a range as well. We think the shape of the short end (three month-three years) of the curve already implies the imminent removal of accommodative monetary policy, even though we do not think this is likely happen any time soon. Despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

Structured products, namely Asset Backed Securities (ABS) and Commercial Mortgage Backed Securities (CMBS), have benefited significantly from the TALF and PPIP programs. Despite the tremendous price appreciation experienced in these sectors already, we believe opportunity remains. In the ABS space, auto receivables with accumulated capital cushions remain attractive. Similarly, the higher quality tranches of well underwritten CMBS structures remain attractive despite a less than rosy forecast for commercial real estate.

Corporate credit has had a record breaking year already especially within the high yield market and investment grade market. Despite this performance, current spread levels remain congruent with past recessions; and we feel that the expected ongoing economic weakness is already “priced-in”.

We expect positive returns from corporate debt in the coming fourth quarter but on a much more modest level relative to the results year to date. These asset classes, in particular high yield bonds, offer the most compelling prospects for yield and total return in the Fund. Bank loans, although still attractive on a fundamental basis, are expected to contribute less on a yield basis to the Fund and offer less potential for continued capital appreciation.

Distribution by Credit Quality
as of October 31, 2009

	Percentage of
	Long Term
Rating	Holdings
AAA		15 .6	%
AA		2 .5
A		12 .8
BBB		20 .1
BB		23 .4
B		21 .0
CCC		3 .4
C		0 .1
D		1 .0
Not Rated		0 .1
Total		100.0	%

3

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry	Net Assets
Accommodation and Food Services		1.2	%
Administrative Waste Management and Remediation		1.2
Agriculture, Construction, and Mining Machinery		0.2
Agriculture, Forestry, Fishing and Hunting		0.9
Air Transportation		0.1
Arts, Entertainment and Recreation		4.9
Beverage and Tobacco Product Manufacturing		1.3
Chemical Manufacturing		2.6
Computer and Electronic Product Manufacturing		0.2
Construction		1.4
Educational Services		0.1
Electrical Equipment, Appliance Manufacturing		0.5
Finance and Insurance		19.5
Food Manufacturing		0.6
Food Services		0.3
Foreign Governments		6.6
Health Care and Social Assistance		5.2
Information		10.4
Long Put Future Option Contract		0.0
Machinery Manufacturing		0.1
Mining		3.1
Miscellaneous Manufacturing		1.2
Motor Vehicle & Parts Manufacturing		1.4
Nonmetallic Mineral Product Manufacturing		0.1
Paper Manufacturing		0.9
Petroleum and Coal Products Manufacturing		8.2
Pipeline Transportation		2.2
Plastics and Rubber Products Manufacturing		0.2
Primary Metal Manufacturing		1.3
Printing and Related Support Activities		0.1
Professional, Scientific and Technical Services		1.3
Public Administration		0.5
Rail Transportation		0.1
Real Estate and Rental and Leasing		0.8
Retail Trade		3.7
Soap, Cleaning Compound and Toilet Manufacturing		0.3
Transit and Ground Passenger Transportation		0.1
Transportation		0.5
U.S. Government Agencies		1.7
U.S. Government Securities		6.6
Utilities		4.8
Wholesale Trade		0.4
Short-Term Investments		3.4
Other Assets and Liabilities		(0.2	)
Total		100.0	%

4

The Hartford Strategic Income Fund

Schedule of Investments
October 31, 2009

(000’s Omitted)

Shares or Principal Amount				Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES — 7.7%
		Finance and Insurance — 7.7%
		Ally Automotive Receivables Trust
$	200	3.00%, 10/15/2015 §	$	201
		Bank of America Automotive Trust
	700	3.03%, 10/15/2016 §		709
		Bank of America Credit Card Trust
	500	5.17%, 06/15/2019		527
		Bayview Commercial Asset Trust
	1,195	7.50%, 09/25/2037 ⌂ ►		96
		Bayview Financial Acquisition Trust
	250	8.05%, 08/28/2047		53
		Bear Stearns Commercial Mortgage Securities, Inc.
	475	4.68%, 08/13/2039		478
	940	5.12%, 02/11/2041 Δ		931
	3,600	5.90%, 09/11/2038 Δ		3,668
		CBA Commercial Small Balance Commercial Mortgage
	4,373	7.25%, 07/25/2039 ⌂ ►		372
		Citigroup Commercial Mortgage Trust
	215	5.89%, 12/10/2049 Δ		157
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	1,440	5.89%, 11/15/2044		1,423
		Commercial Mortgage Pass-Through Certificates
	290	4.72%, 03/10/2039		287
	730	5.46%, 07/10/2037 Δ		733
		Credit-Based Asset Servicing and Securitization
	82	0.51%, 05/25/2036 § Δ		50
		CS First Boston Mortgage Securities Corp.
	270	5.23%, 12/15/2040		269
		GE Capital Commercial Mortgage Corp.
	580	5.05%, 07/10/2045 Δ		583
		GMAC Mortgage Corp. Loan Trust
	555	6.05%, 12/25/2037 Δ		320
		Greenwich Capital Commercial Funding Corp.
	622	0.00%, 11/05/2021 ⌂• Δ		3
	1,080	4.80%, 08/10/2042		1,031
	610	5.44%, 03/10/2039 Δ		544
	3,500	5.74%, 12/10/2049 Δ		3,220
	690	6.12%, 07/10/2038 Δ		662
		Honda Automotive Receivables Owner Trust
	327	5.28%, 01/23/2012		332
		IMPAC Commercial Mortgage Backed Trust
	279	1.74%, 02/25/2036 Δ		114
		JP Morgan Chase Commercial Mortgage Securities Corp.
	354	4.72%, 01/15/2038		348
	690	5.04%, 03/15/2046 Δ		690
	510	5.34%, 05/15/2047		459
	280	5.40%, 05/15/2045		260
		LB-UBS Commercial Mortgage Trust
	265	4.48%, 10/15/2029		259
	300	5.88%, 06/15/2038 Δ		296
		Lehman Brothers Small Balance Commercial
	547	5.91%, 06/25/2037 §		421
		MBNA Credit Card Master Note Trust
	300	6.80%, 07/15/2014		312
		Merrill Lynch Mortgage Trust
	153	5.83%, 06/12/2050 Δ		131
		Merrill Lynch/Countrywide Commercial Mortgage Trust
	540	5.38%, 08/12/2048		424
		Morgan Stanley Capital I
	960	4.70%, 07/15/2056		948
	930	5.01%, 01/14/2042		942
		Renaissance Home Equity Loan Trust
	700	5.58%, 11/25/2036 Δ		614
		Residential Funding Mortgage Securities, Inc.
	1,672	6.00%, 07/25/2037		1,416
		Wachovia Bank Commercial Mortgage Trust
	585	5.31%, 11/15/2048		566
	1,075	5.34%, 12/15/2043		829
	290	5.41%, 07/15/2041 Δ		292
		Wells Fargo Alternative Loan Trust
	570	6.25%, 11/25/2037 ⌂		418
				26,388
		Total asset & commercial mortgage backed securities (cost $25,116)	$	26,388
CORPORATE BONDS: INVESTMENT GRADE — 33.4%
		Administrative Waste Management and Remediation — 0.4%
		Allied Waste North America, Inc.
$	500	7.13%, 05/15/2016	$	531
	900	7.25%, 03/15/2015		946
				1,477
		Air Transportation — 0.0%
		United Air Lines, Inc.
	77	7.19%, 04/01/2011		77
		Arts, Entertainment and Recreation — 0.6%
		DirecTV Holdings LLC
	1,340	7.63%, 05/15/2016		1,454
		News America Holdings, Inc.
	430	6.90%, 08/15/2039 §		456
				1,910
		Beverage and Tobacco Product Manufacturing — 1.0%
		Altria Group, Inc.
	931	10.20%, 02/06/2039		1,241
		Anheuser-Busch Cos., Inc.
	570	8.20%, 01/15/2039 §		719
		Anheuser-Busch InBev N.V.
	1,210	7.75%, 01/15/2019 §		1,410
				3,370
		Chemical Manufacturing — 1.0%
		Dow Chemical Co.
	1,935	8.55%, 05/15/2019		2,209
		Yara International ASA
	970	7.88%, 06/11/2019 §		1,106
				3,315

The accompanying notes are an integral part of these financial statements.

5

The Hartford Strategic Income Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE — 33.4% — (continued)
		Construction — 0.5%
		CRH America, Inc.
$	1,340	8.13%, 07/15/2018	$	1,547
		Educational Services ��� 0.1%
		President & Fellows of Harvard
	336	6.00%, 01/15/2019 ■		380
		Electrical Equipment, Appliance Manufacturing — 0.5%
		Controladora Mabe S.A. de C.V.
	1,700	7.88%, 10/28/2019 ■		1,632
		Finance and Insurance — 9.8%
		Bank of America Corp.
	565	5.65%, 05/01/2018		571
	915	6.50%, 08/01/2016		979
	450	7.38%, 05/15/2014		504
		Barclays Bank plc
	855	6.05%, 12/04/2017 ■		871
		Capital One Bank
	1,715	8.80%, 07/15/2019		2,031
		Citigroup, Inc.
	615	6.38%, 08/12/2014		652
	650	8.13%, 07/15/2039		756
	1,061	8.50%, 05/22/2019		1,240
		Comerica Bank
	1,400	5.75%, 11/21/2016		1,319
		Corpoacion Andina De Fomento
	265	8.13%, 06/04/2019		315
		Goldman Sachs Capital Trust II
	2,077	5.79%, 06/01/2012 ♠ Δ		1,545
		Guardian Life Insurance Co.
	1,446	7.38%, 09/30/2039 ■		1,461
		Jefferies Group, Inc.
	1,171	8.50%, 07/15/2019		1,272
		JP Morgan Chase & Co.
	520	6.30%, 04/23/2019		571
		JP Morgan Chase Capital II
	230	0.98%, 02/01/2027 Δ		163
		JP Morgan Chase Capital XXV
	595	6.80%, 10/01/2037		585
		Key Bank NA
	2,210	5.80%, 07/01/2014		2,175
	965	6.95%, 02/01/2028		848
		Liberty Mutual Group, Inc.
	2,240	10.75%, 06/15/2058 ■		2,352
		Manufacturers & Traders Trust Co.
	815	5.59%, 12/28/2020		672
		Massachusetts Mutual Life Insurance Co.
	415	8.88%, 06/01/2039 ■		506
		MBNA America Bank N.A.
	495	7.13%, 11/15/2012		538
		Morgan Stanley
	1,450	7.30%, 05/13/2019		1,625
		National City Bank of Ohio
	600	4.50%, 03/15/2010		607
		New York Life Insurance Co.
	1,417	6.75%, 11/15/2039 ■		1,437
		PNC Preferred Funding Trust II
	1,400	6.11%, 03/15/2012 ■ ♠ Δ		948
		Progressive Corp.
	241	6.70%, 06/15/2037 Δ		211
		Prudential Financial, Inc.
	282	7.38%, 06/15/2019		315
		Rabobank Netherlands
	274	11.00%, 06/30/2019 ■ ♠		344
		Simon Property Group L.P.
	454	6.75%, 05/15/2014		489
		State Street Capital Trust III
	1,350	8.25%, 03/15/2042 Δ		1,362
		Transcapitalinvest Ltd.
	1,200	5.67%, 03/05/2014 §		1,182
		UBS Preferred Funding Trust I
	1,250	8.62%, 10/01/2010 ♠		1,162
		USB Capital IX
	1,830	6.19%, 04/15/2011 ♠ Δ		1,405
		Wells Fargo Bank NA
	600	0.65%, 05/16/2016 Δ		519
				33,532
		Foreign Governments — 3.3%
		Banco Nacional De Desenvolvimento
	235	6.50%, 06/10/2019 ■		247
		Brazil (Republic of)
	1,015	8.00%, 01/15/2018		1,160
		Colombia (Republic of)
	725	7.38%, 03/18/2019		820
		El Salvador (Republic of)
	991	7.65%, 06/15/2035 §		991
		Hungary (Republic of)
	680	4.75%, 02/03/2015		673
		Lithuania (Republic of)
	1,650	6.75%, 01/15/2015 ■		1,660
		Peru (Republic of)
	1,920	6.55%, 03/14/2037		1,997
		South Africa (Republic of)
	1,630	5.88%, 05/30/2022		1,716
	200	6.88%, 05/27/2019		223
		United Mexican States
	1,846	5.95%, 03/19/2019		1,929
				11,416
		Health Care and Social Assistance — 1.6%
		Amgen, Inc.
	252	6.40%, 02/01/2039		287
		Covidien International
	1,500	6.55%, 10/15/2037		1,748
		CVS Corp.
	1,335	8.35%, 07/10/2031 ■		1,516
		Pfizer, Inc.
	590	6.20%, 03/15/2019		672
	615	7.20%, 03/15/2039		773
		Roche Holdings, Inc.
	279	7.00%, 03/01/2039 ■		343
				5,339
		Information — 3.6%
		AT&T, Inc.
	600	6.55%, 02/15/2039		649
		Cingular Wireless Services, Inc.
	590	8.75%, 03/01/2031		778
		Embarq Corp.
	2,700	8.00%, 06/01/2036		2,794

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE — 33.4% — (continued)
		Information — 3.6% — (continued)
		Hanaro Telecom, Inc.
$	460	7.00%, 02/01/2012 ■	$	478
		Qwest Corp.
	1,440	7.25%, 10/15/2035		1,195
		Rogers Cable, Inc.
	390	8.75%, 05/01/2032		501
		Rogers Communications, Inc.
	1,273	7.50%, 03/15/2015		1,480
		Telecom Italia Capital
	346	7.18%, 06/18/2019		384
	1,104	7.72%, 06/04/2038		1,280
		Time Warner Cable, Inc.
	900	8.25%, 04/01/2019		1,083
		Verizon Wireless
	1,312	8.50%, 11/15/2018 ■		1,634
				12,256
		Mining — 1.2%
		Anglo American Capital plc
	1,112	9.38%, 04/08/2014 — 04/08/2019 ■		1,304
		Barrick Gold Corp.
	570	6.95%, 04/01/2019		651
		Consol Energy, Inc.
	430	7.88%, 03/01/2012		457
		Rio Tinto Finance USA Ltd.
	1,150	5.88%, 07/15/2013		1,239
	320	9.00%, 05/01/2019		398
				4,049
		Miscellaneous Manufacturing — 0.8%
		Meccanica Holdings USA, Inc.
	1,626	6.25%, 07/15/2019 — 01/15/2040 ■		1,705
		Tyco International Ltd.
	837	8.50%, 01/15/2019		1,021
				2,726
		Nonmetallic Mineral Product Manufacturing — 0.1%
		Holcim Ltd.
	257	6.00%, 12/30/2019 ■		265
		Petroleum and Coal Products Manufacturing — 3.8%
		Anadarko Petroleum Corp.
	820	6.45%, 09/15/2036		853
		Cenovus Energy, Inc.
	1,005	6.75%, 11/15/2039 ■		1,098
		ConocoPhillips
	946	6.50%, 02/01/2039		1,059
		Consumers Energy Co.
	820	6.70%, 09/15/2019		942
		Diamond Offshore Drilling, Inc.
	582	5.70%, 10/15/2039		568
		EnCana Corp.
	136	6.50%, 05/15/2019		151
		Gazprom International S.A.
	390	7.20%, 02/01/2020 §		401
		Husky Energy, Inc.
	396	7.25%, 12/15/2019		458
		Kazmunaigaz Finance Sub B.V.
	1,650	11.75%, 01/23/2015 ■		1,972
		Nabors Industries, Inc.
	634	9.25%, 01/15/2019		766
		Petrobras International Finance Co.
	1,385	6.88%, 01/20/2040		1,384
		Sempra Energy
	700	6.50%, 06/01/2016		769
	523	9.80%, 02/15/2019		667
		TNK-BP Finance S.A.
	300	7.50%, 07/18/2016 ■		302
		Valero Energy Corp.
	1,320	6.63%, 06/15/2037		1,212
	441	9.38%, 03/15/2019		522
				13,124
		Pipeline Transportation — 0.7%
		Kinder Morgan Energy Partners L.P.
	550	5.63%, 02/15/2015		590
	730	6.95%, 01/15/2038		782
		TransCanada Pipelines Ltd.
	814	7.25%, 08/15/2038		989
				2,361
		Primary Metal Manufacturing — 1.2%
		Alcan, Inc.
	255	6.13%, 12/15/2033		258
		ArcelorMittal
	2,500	7.00%, 10/15/2039		2,364
	1,415	9.00%, 02/15/2015		1,633
				4,255
		Public Administration — 0.5%
		Waste Management, Inc.
	1,460	7.38%, 03/11/2019		1,702
		Rail Transportation — 0.1%
		Canadian Pacific Railway Co.
	253	7.25%, 05/15/2019		292
		Real Estate and Rental and Leasing — 0.7%
		American Real Estate Partners L.P.
	445	7.13%, 02/15/2013		437
		COX Communications, Inc.
	371	6.25%, 06/01/2018 ■		391
	325	8.38%, 03/01/2039 ■		390
		ERAC USA Finance Co.
	1,176	5.60%, 05/01/2015 ■		1,187
				2,405
		Retail Trade — 0.2%
		Ahold Lease USA, Inc.
	773	8.62%, 01/02/2025		777
		Utilities — 1.7%
		Commonwealth Edison Co.
	1,700	5.80%, 03/15/2018		1,835
		Duke Energy Corp.
	355	6.35%, 08/15/2038		408
	222	7.00%, 11/15/2018		264
		Electricite de France
	605	6.95%, 01/26/2039 ■		733
		Enel Finance International S.A.
	1,354	6.00%, 10/07/2039 ■		1,385
		Exelon Generation Co. LLC
	535	6.25%, 10/01/2039		558

The accompanying notes are an integral part of these financial statements.

7

The Hartford Strategic Income Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE — 33.4% — (continued)
		Utilities — 1.7% — (continued)
		Pacific Gas & Electric Energy Recovery Funding LLC
$	629	8.25%, 10/15/2018	$	791
				5,974
		Total corporate bonds: investment grade (cost $103,335)	$	114,181
CORPORATE BONDS: NON-INVESTMENT GRADE — 36.6%
		Accommodation and Food Services — 1.2%
		Ameristar Casinos, Inc.
$	220	9.25%, 06/01/2014 ■	$	229
		Harrah’s Operating Co., Inc.
	1,235	11.25%, 06/01/2017 ■		1,259
		MGM Mirage, Inc.
	135	10.38%, 05/15/2014 ■		144
	2,410	11.13%, 11/15/2017 ■		2,651
				4,283
		Administrative Waste Management and Remediation — 0.5%
		Iron Mountain, Inc.
	685	8.00%, 06/15/2020		697
		West Corp.
	1,130	9.50%, 10/15/2014		1,130
				1,827
		Agriculture, Forestry, Fishing and Hunting — 0.9%
		SPX Corp.
	1,150	7.63%, 12/15/2014		1,185
		Tyson Foods, Inc.
	1,660	10.50%, 03/01/2014		1,892
				3,077
		Air Transportation — 0.1%
		Bristow Group, Inc.
	70	7.50%, 09/15/2017		67
		Continental Airlines, Inc.
	387	7.03%, 06/15/2011		349
				416
		Arts, Entertainment and Recreation — 3.2%
		AMC Entertainment, Inc.
	725	11.00%, 02/01/2016		761
		Cenveo, Inc.
	300	10.50%, 08/15/2016 ■		295
		Echostar DBS Corp.
	2,260	7.75%, 05/31/2015		2,311
		FireKeepers Development Authority
	1,000	13.88%, 05/01/2015 ■		1,080
		First Data Corp.
	2,100	9.88%, 09/24/2015		1,937
		Marquee Holdings, Inc.
	575	9.51%, 08/15/2014		478
		Pinnacle Entertainment, Inc.
	205	8.63%, 08/01/2017 ■		204
		TL Acquisitions, Inc.
	2,495	10.50%, 01/15/2015 ■		2,358
		Virgin Media Finance plc
	920	9.50%, 08/15/2016		973
		Virgin Media, Inc.
	390	6.50%, 11/15/2016 ۞■		412
				10,809
		Beverage and Tobacco Product Manufacturing — 0.3%
		Constellation Brands, Inc.
	995	8.38%, 12/15/2014		1,050
		Chemical Manufacturing — 0.2%
		Ashland, Inc.
	690	9.13%, 06/01/2017 ■		745
		Computer and Electronic Product Manufacturing — 0.2%
		Seagate Technology International
	605	10.00%, 05/01/2014 ■		672
		Construction — 0.7%
		D.R. Horton, Inc.
	945	4.88%, 01/15/2010		945
		Desarrolladora Homes S.A.
	521	7.50%, 09/28/2015		506
		KB Home & Broad Home Corp.
	450	6.38%, 08/15/2011		451
		Odebrecht Finance Ltd.
	504	7.00%, 04/21/2020 ■		476
				2,378
		Finance and Insurance — 1.5%
		Ford Motor Credit Co.
	750	5.70%, 01/15/2010		750
	1,535	7.50%, 08/01/2012		1,495
	540	12.00%, 05/15/2015		608
		GMAC LLC
	925	7.00%, 02/01/2012 ■		883
		LPL Holdings, Inc.
	1,255	10.75%, 12/15/2015 ■		1,271
				5,007
		Food Manufacturing — 0.3%
		Smithfield Foods, Inc.
	940	10.00%, 07/15/2014 ■		987
		Food Services — 0.3%
		Aramark Corp.
	940	5.00%, 06/01/2012		884
		Foreign Governments — 3.3%
		Argentina (Republic of)
	2,370	7.00%, 10/03/2015		1,767
		Indonesia (Republic of)
	380	6.88%, 01/17/2018 §		404
	1,400	7.25%, 04/20/2015 §		1,497
		Panama (Republic of)
	1,890	7.13%, 01/29/2026		2,079
		Philippines (Republic of)
	285	6.38%, 10/23/2034		279
	1,400	6.50%, 01/20/2020		1,486
	225	8.38%, 06/17/2019		272
		Turkey (Republic of)
	1,656	7.25%, 03/15/2015		1,846
		Venezuela (Republic of)
	2,244	5.75%, 02/26/2016 §		1,509
				11,139
		Health Care and Social Assistance — 3.2%
		Biomet, Inc.
	1,420	10.38%, 10/15/2017		1,528

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: NON-INVESTMENT GRADE — 36.6% — (continued)
		Health Care and Social Assistance — 3.2% — (continued)
		DaVita, Inc.
$	1,175	6.63%, 03/15/2013	$	1,157
		HCA, Inc.
	640	7.88%, 02/01/2011		653
	305	8.50%, 04/15/2019 ■		323
	1,610	9.25%, 11/15/2016		1,682
		IASIS Healthcare Capital Corp.
	900	8.75%, 06/15/2014		923
		Invacare Corp.
	65	9.75%, 02/15/2015		69
		Inverness Medical Innovation, Inc.
	680	9.00%, 05/15/2016		690
		Multiplan Corp.
	375	10.38%, 04/15/2016 ■		360
		Psychiatric Solutions, Inc.
	1,550	7.75%, 07/15/2015		1,527
		Reable Therapeutics Finance LLC
	550	11.75%, 11/15/2014		550
		Skilled Healthcare Group, Inc.
	600	11.00%, 01/15/2014		624
		Warner Chilcott Corp.
	1,000	8.75%, 02/01/2015		1,035
				11,121
		Information — 5.3%
		Canwest MediaWorks L.P.
	535	0.00%, 08/01/2015 ■ •		107
		Charter Communications Operating LLC
	925	12.88%, 09/15/2014 ■ Ψ		1,022
		CSC Holdings, Inc.
	820	8.50%, 04/15/2014 ■		866
		Frontier Communications Corp.
	2,360	8.25%, 05/01/2014		2,419
		Intelsat Corp.
	1,020	9.25%, 06/15/2016		1,038
		Intelsat Jackson Holdings Ltd.
	370	11.50%, 06/15/2016		388
		Level 3 Financing, Inc.
	1,550	12.25%, 03/15/2013		1,616
		MetroPCS Wireless, Inc.
	1,940	9.25%, 11/01/2014		1,955
		Qwest Communications International, Inc.
	1,500	7.50%, 02/15/2014		1,470
		Sprint Capital Corp.
	1,400	7.63%, 01/30/2011		1,416
	1,010	8.75%, 03/15/2032		873
		Videotron Ltee
	625	6.88%, 01/15/2014		625
	1,070	9.13%, 04/15/2018		1,158
		Wind Acquisition Finance S.A.
	1,300	11.75%, 07/15/2017 ■		1,469
		Windstream Corp.
	1,520	8.63%, 08/01/2016		1,562
				17,984
		Machinery Manufacturing — 0.1%
		Bausch & Lomb, Inc.
	460	9.88%, 11/01/2015		476
		Mining — 1.9%
		Drummond Co., Inc.
	1,410	7.38%, 02/15/2016 ■		1,290
		Peabody Energy Corp.
	450	6.88%, 03/15/2013		455
	1,000	7.38%, 11/01/2016		1,010
		Teck Resources Ltd.
	1,900	10.75%, 05/15/2019		2,213
		Vedanta Resources plc
	1,650	9.50%, 07/18/2018 ■		1,646
				6,614
		Miscellaneous Manufacturing — 0.3%
		Graham Packaging Co., Inc.
	500	8.50%, 10/15/2012		504
		L-3 Communications Corp.
	410	5.88%, 01/15/2015		399
				903
		Motor Vehicle & Parts Manufacturing — 0.5%
		ESCO Corp.
	1,600	8.63%, 12/15/2013 ■		1,580
		Paper Manufacturing — 0.9%
		Appleton Papers, Inc.
	404	11.25%, 12/15/2015 ■		340
		Georgia-Pacific LLC
	2,150	8.25%, 05/01/2016 ■		2,279
	420	9.50%, 12/01/2011		454
				3,073
		Petroleum and Coal Products Manufacturing — 3.3%
		Chesapeake Energy Corp.
	470	7.00%, 08/15/2014		474
	775	7.63%, 07/15/2013		798
	235	9.50%, 02/15/2015		254
		Ferrellgas Partners L.P.
	400	6.75%, 05/01/2014		382
	1,275	8.75%, 06/15/2012		1,275
		Headwaters, Inc.
	340	11.38%, 11/01/2014 ■		341
		Inergy L.P.
	1,000	8.25%, 03/01/2016		1,015
		Newfield Exploration Co.
	1,250	7.13%, 05/15/2018		1,255
		Petrohawk Energy Corp.
	1,500	9.13%, 07/15/2013		1,553
		Plains Exploration & Production Co.
	450	7.63%, 06/01/2018		437
	1,100	7.75%, 06/15/2015		1,086
	300	10.00%, 03/01/2016		321
		Tesoro Corp.
	1,000	9.75%, 06/01/2019		1,027
		Western Refining, Inc.
	1,000	10.75%, 06/15/2014 ■ Δ		925
				11,143
		Pipeline Transportation — 1.5%
		Copano Energy LLC
	600	8.13%, 03/01/2016		587
		Dynegy Holdings, Inc.
	1,600	7.75%, 06/01/2019		1,348

The accompanying notes are an integral part of these financial statements.

9

The Hartford Strategic Income Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS: NON-INVESTMENT GRADE — 36.6% — (continued)
		Pipeline Transportation — 1.5% — (continued)
		El Paso Corp.
$	1,800	7.00%, 06/15/2017	$	1,801
	500	7.75%, 01/15/2032		468
		Kinder Morgan, Inc.
	550	5.15%, 03/01/2015		522
	540	6.50%, 09/01/2012		555
				5,281
		Plastics and Rubber Products Manufacturing — 0.2%
		Goodyear Tire & Rubber Co.
	750	5.01%, 12/01/2009Δ		750
		Printing and Related Support Activities — 0.1%
		Harland Clarke Holdings
	455	9.50%, 05/15/2015		415
		Professional, Scientific and Technical Services — 1.0%
		Affinion Group, Inc.
	1,855	11.50%, 10/15/2015		1,938
		Affinon Group, Inc.
	510	10.13%, 10/15/2013		523
		SunGard Data Systems, Inc.
	900	10.25%, 08/15/2015		928
				3,389
		Retail Trade — 2.7%
		Dollar General Corp.
	1,680	10.63%, 07/15/2015		1,840
		Dollarama Group L.P.
	700	8.88%, 08/15/2012		731
		Federated Retail Holdings, Inc.
	2,770	5.90%, 12/01/2016		2,555
		Parkson Retail Group Ltd.
	1,050	7.88%, 11/14/2011		1,085
		Supervalu, Inc.
	1,280	8.00%, 05/01/2016		1,302
		United Components, Inc.	��
	1,275	9.38%, 06/15/2013		1,208
		Yankee Acquisition Corp.
	725	8.50%, 02/15/2015		693
				9,414
		Transit and Ground Passenger Transportation — 0.1%
		Grupo Senda Autotransporte
	290	10.50%, 10/03/2015 ■		236
		Utilities — 2.4%
		AES Corp.
	2,365	8.00%, 10/15/2017		2,377
		AES El Salvador Trust
	700	6.75%, 02/01/2016 §		601
		Energy Future Holdings Corp.
	2,490	10.88%, 11/01/2017		1,730
		Mirant Mid-Atlantic LLC
	626	9.13%, 06/30/2017		632
		Mirant North America LLC
	680	7.38%, 12/31/2013		670
		NRG Energy, Inc.
	1,365	7.25%, 02/01/2014		1,355
	795	8.50%, 06/15/2019		805
		Texas Competitive Electric Co.
	315	10.25%, 11/01/2015		224
				8,394
		Wholesale Trade — 0.4%
		SGS International, Inc.
	450	12.00%, 12/15/2013		427
		Supervalu, Inc.
	900	7.50%, 11/15/2014		898
				1,325
		Total corporate bonds: non-investment grade (cost $117,553)	$	125,372
MUNICIPAL BONDS — 0.5%
		Transportation — 0.5%
		Bay Area Toll Auth
$	910	6.26%, 04/01/2049 ☼	$	919
		North Texas Tollway Auth Rev
	739	6.72%, 01/01/2049		805
				1,724
		Total municipal bonds (cost $1,666)	$	1,724
SENIOR FLOATING RATE INTERESTS: INVESTMENT GRADE ♦ — 0.1%
		Motor Vehicle & Parts Manufacturing — 0.1%
		Lear Corp.
$	400	0.00%, 08/10/2010 ±Ω	$	400
		Total senior floating rate interests: investment grade (cost $400)	$	400
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE ♦ — 10.2%
		Administrative Waste Management and Remediation — 0.3%
		Affinion Group, Inc.
$	1,048	9.19%, 05/17/2012 ±	$	943
		Agriculture, Construction, and Mining Machinery — 0.2%
		Goodyear Engineered Products, Delayed Draw Term Loan
	50	2.50%, 07/31/2014 ±		40
		Goodyear Engineered Products, First Lien
	845	2.50%, 07/31/2014 ±		678
				718
		Arts, Entertainment and Recreation — 1.1%
		Dex Media West LLC, Inc.
	989	7.00%, 10/24/2014 ±¤ Ψ		870
		Golden Nugget, Inc.
	250	3.50%, 12/31/2014 ±⌂		100
		Greenwood Racing, Inc.
	1,448	2.50%, 11/14/2011 ±		1,411
		Pittsburgh Casino
	1,000	9.25%, 01/24/2013 ±		919
		Universal City Development Partners Ltd.
	313	6.00%, 11/15/2014 ±☼		312
				3,612

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount			Market Value ╪
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE ♦— 10.2% — (continued)
		Chemical Manufacturing — 1.4%
		Arizona Chemical Co.
$	250	5.76%, 02/27/2014 ±	$	214
		Ashland, Inc.
	325	6.65%, 05/13/2014 ±		330
		Ineos Group
	1,000	7.50%, 12/16/2013 ±¤		851
	1,000	8.00%, 12/16/2014 ±¤		855
		Lyondell Chemical Co.
	334	5.80%, 02/03/2010 ± Ψ		315
	1,741	9.17%, 02/03/2010 ±¤ Ψ		1,792
		Lyondell Chemical Co., Dutch RC
	15	3.74%, 12/20/2013 ± Ψ		9
		Lyondell Chemical Co., Dutch Tranche A
	34	3.74%, 12/20/2013 ± Ψ		20
		Lyondell Chemical Co., German B-1
	43	3.99%, 12/20/2014 ± Ψ		25
		Lyondell Chemical Co., German B-2
	43	3.99%, 12/20/2014 ± Ψ		24
		Lyondell Chemical Co., German B-3
	43	3.99%, 12/20/2014 ± Ψ		24
		Lyondell Chemical Co., Primary RC
	56	3.74%, 12/20/2013 ± Ψ		32
		Lyondell Chemical Co., Term Loan A
	107	3.74%, 12/20/2013 ± Ψ		61
		Lyondell Chemical Co., U.S. B-1
	187	7.00%, 12/20/2014 ± Ψ		106
		Lyondell Chemical Co., U.S. B-2
	187	7.00%, 12/20/2014 ± Ψ		106
		Lyondell Chemical Co., U.S. B-3
	187	7.00%, 12/20/2014 ± Ψ		106
				4,870
		Construction — 0.2%
		Custom Building Products
	811	9.00%, 10/20/2011 ±		795
		Finance and Insurance — 0.5%
		BNY Convergex Group LLC & EZE Castle Software
	1,500	3.25%, 08/30/2013 ±		1,442
		MacAndrews Amg Holdings LLC
	350	6.03%, 04/17/2012 ± ⌂		311
				1,753
		Food Manufacturing — 0.3%
		Dole Food Co., Inc.
	98	0.28%, 04/12/2013 ±		99
	172	7.97%, 04/12/2013 ±		173
	617	8.00%, 04/12/2013 ±		622
				894
		Health Care and Social Assistance — 0.4%
		Generics International, Inc.
	983	3.78%, 11/19/2014 ±⌂		894
		Inverness Medical Innovation, Inc.
	438	4.50%, 06/26/2015 ±		423
				1,317
		Information — 1.5%
		Charter Communications Operating LLC
	1,990	9.25%, 03/06/2014 ±Ψ		2,006
		Emdeon Business Services LLC
	500	5.29%, 05/16/2014 ±		482
		Infor Global Solutions, Delayed Draw Term Loan
	256	4.00%, 07/28/2012 ±		225
		Infor Global Solutions, U.S. Term Loan
	490	4.00%, 07/28/2012 ±		432
		One Communications Corp.
	442	4.58%, 06/30/2012 ±		402
		Telesat Canada, Delayed Draw Term Loan
	39	3.25%, 09/01/2014 ±		37
		Telesat Canada, Term Loan B
	453	3.25%, 09/01/2014 ±		434
		West Corp.
	997	7.25%, 10/24/2013 ±		998
		WideOpenWest Finance LLC
	284	7.30%, 06/29/2015 ±		217
				5,233
		Miscellaneous Manufacturing — 0.1%
		WESCO Aircraft Hardware Corp.
	500	6.00%, 03/28/2014 ±		417
		Motor Vehicle & Parts Manufacturing — 0.8%
		Accuride Corp.
	1,500	8.00%, 01/31/2012 ±¤ Ψ		1,486
		Lear Corp.
	994	0.00%, 04/25/2012 ◊ Ω		955
		Lear Corp., Extended Delayed Draw Term Loan B
	96	5.50%, 10/21/2014 ◊ ¤ Ψ		96
		Lear Corp., Extended Term Loan B
	96	5.50%, 10/21/2014 ◊ ¤ Ψ		97
				2,634
		Petroleum and Coal Products Manufacturing — 1.1%
		Atlas Pipeline Partners L.P.
	941	6.75%, 07/27/2014 ±		915
		Calumet Lubricants Co., L.P.
	115	0.13%, 12/29/2014 ±		102
	856	4.31%, 01/03/2015 ±		760
		Coffeyville Resources
	1,055	8.50%, 12/21/2013 ±		1,052
		Turbo Beta Ltd.
	1,023	14.50%, 03/12/2018 ± ⌂ †		716
		Western Refining, Inc.
	270	8.25%, 05/30/2014 ±		262
				3,807
		Primary Metal Manufacturing — 0.1%
		John Maneely Co.
	442	3.51%, 12/08/2013 ±		403
		Professional, Scientific and Technical Services — 0.3%
		Brand Energy & Infrastructure Services
	490	3.66%, 02/07/2014 ±		453
		Tensar Corp.
	476	3.78%, 10/28/2012 ±		371
				824
		Real Estate and Rental and Leasing — 0.1%
		Realogy Corp.
	104	3.16%, 10/05/2013 ±		86
	385	3.29%, 10/05/2014 ±		320
				406

The accompanying notes are an integral part of these financial statements.

11

The Hartford Strategic Income Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE ♦— 10.2% — (continued)
		Retail Trade — 0.8%
		Rite Aid Corp.
$	2,700	9.50%, 06/10/2015 ±☼	$	2,766
		Soap, Cleaning Compound and Toilet Manufacturing - 0.3%
		Philosophy, Inc.
	239	2.25%, 03/17/2014 ±		195
		Yankee Candle Co.
	947	2.25%, 02/06/2014 ±		881
				1,076
		Utilities — 0.7%
		Astoria Generating Co. Acquisitions LLC
	500	4.04%, 08/23/2013 ±		460
		BRSP LLC
	1,000	7.50%, 06/24/2014 ±		938
		Texas Competitive Electric Holdings Co. LLC
	490	3.74%, 10/10/2014 ±		379
		Texas Competitive Electric Holdings Co. LLC, Term Loan B-3
	490	3.74%, 10/12/2014 ±		376
		TPF Generation Holdings LLC
	375	4.50%, 12/21/2014 ±		319
				2,472
		Total senior floating rate interests: non-investment grade (cost $35,878)	$	34,940
U.S. GOVERNMENT AGENCIES — 1.7%
		Other Government Agencies — 1.7%
		Small Business Administration
		Participation Certificates:
	2,668	5.16%, 02/01/2028		2,836
	2,674	5.31%, 05/01/2027		2,889
				5,725
		Total U.S. government agencies (cost $5,376)	$	5,725
U.S. GOVERNMENT SECURITIES — 6.6%
		U.S. Treasury Securities — 6.6%
		U.S. Treasury Notes — 6.6%
$	20,895	1.00%, 09/30/2011 ‡	$	20,954
	1,710	4.50%, 08/15/2039		1,786
				22,740
		Total U.S. government securities (cost $22,694)	$	22,740
Contracts			Market Value ╪
PUT OPTIONS PURCHASED — 0.0%
		Long Put Future Option Contract — 0.0%
		10 Year U.S. Treasury
	—	Expiration: February, 2010, Exercise Price:
		$110.00	$	46
		Total put options purchased (cost $56)	$	46
		Total long-term investments (cost $312,074)	$	331,516

Shares or Principal Amount
SHORT-TERM INVESTMENTS — 3.4%
		Investment Pools and Funds — 3.0%
	10,134	JP Morgan U.S. Government Money Market Fund			$	10,134
	—	State Street Bank U.S. Government Money Market Fund				—
	—	Wells Fargo Advantage Government Money Market Fund				—
						10,134
		Repurchase Agreements — 0.3%
		BNP Paribas Securities Corp. Repurchase Agreement (maturing on 11/02/2009 in the amount of $531, collateralized by U.S. Treasury Bond 5.25% — 7.88%, 2021 - 2029, value of $550)
$	531	0.06%, 10/30/2009				531
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $267, collateralized by U.S. Treasury Bond 5.00%, 2037, U.S. Treasury Note 3.13% - 4.63%, 2013 — 2017, value of $273)
	267	0.06%, 10/30/2009				267
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/02/2009 in the amount of $245, collateralized by U.S. Treasury Note 1.50%, 2010, value of $248)
	245	0.04%, 10/30/2009				245
						1,043
		U.S. Treasury Bills — 0.1%
	325	0.07%, 1/14/2010oo				325
		Total short-term investments (cost $11,502)			$	11,502
		Total investments (cost $323,576) ▲	100.2	%	$	343,018
		Other assets and liabilities	(0.2	)%		(670	)
		Total net assets	100.0	%	$	342,348

Note: Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 18.3% of total net assets at October 31, 2009.

The accompanying notes are an integral part of these financial statements.

12

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $323,857 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	23,823
Unrealized Depreciation		(4,662	)
Net Unrealized Appreciation	$	19,161

†	The aggregate value of securities valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Fund’s Board of Directors at October 31, 2009, was $716, which represents 0.21% of total net assets.
•	Currently non-income producing. For long-term debt securities, items identified are in default as to payment of interest and/or principal.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2009.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2009, was $58,063, which represents 16.96% of total net assets.
§	Securities contain some restrictions as to public resale. These securities comply with Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933, and determined to be liquid. At October 31, 2009, the market value of these securities amounted to $6,585 or 1.92% of total net assets.
♠	Perpetual maturity security. Maturity date shown is the first call date.
۞	Convertible security.
►	The interest rates disclosed for interest only strips represent effective yields based upon estimated future cash flows at October 31, 2009.
o	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
☼	The cost of securities purchased on a when-issued or delayed delivery basis at October 31, 2009 was $6,753.
±	The interest rate disclosed for these securities represents the average coupon as of October 31, 2009.
◊	The interest rate disclosed for these securities represents an estimated average coupon as of October 31, 2009.
Ω	Debt security in default due to bankruptcy.
Ψ	The company is in bankruptcy. The investment held by the fund is current with respect to interest payments.
♦	Senior loans in which the Fund invests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank’s certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.
□	Security pledged as initial margin deposit for open futures contracts at October 31, 2009.

Futures Contracts Outstanding at October 31, 2009

					Unrealized
	Number of			Expiration	Appreciation/
Description	Contracts*		Position	Month	(Depreciation)
2 Year U.S. Treasury
Note		35	Long	Dec 2009	$	28
5 Year U.S. Treasury
Note		43	Long	Dec 2009		8
10 Year U.S. Treasury
Note		1	Short	Dec 2009		—
U.S. Long Bond		17	Short	Dec 2009		39
					$	75

*	The number of contracts does not omit 000’s.
⌂	The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period		Shares/
Acquired		Par		Security	Cost Basis
	08/2007	$	1,195	Bayview Commercial Asset Trust, 7.50%, 09/25/2037 - 144A	$	163
	05/2007	$	4,373	CBA Commercial Small Balance Commercial Mortgage, 7.25%, 07/25/2039 - 144A		362
	11/2007	$	983	Generics International, Inc., 3.78%, 11/19/2014		972
	06/2007	$	250	Golden Nugget, Inc., 3.50%, 12/31/2014		250
	05/2007	$	622	Greenwich Capital Commercial Funding Corp., 0.00%, 11/05/2021 - 144A		604
	09/2007	$	350	MacAndrews Amg Holdings LLC, 6.03%, 04/17/2012		344
	06/2008 - 05/2009	$	1,023	Turbo Beta Ltd., 14.50%, 03/12/2018		1,023
	03/2008	$	570	Wells Fargo Alternative Loan Trust, 6.25%, 11/25/2037		460

	The aggregate value of these securities at October 31, 2009 was $2,910 which represents 0.85% of total net assets.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

13

The Hartford Strategic Income Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	26,388	$	—	$	25,192	$	1,196
Corporate Bonds: Investment Grade		114,181		—		113,327		854
Corporate Bonds: Non-Investment Grade		125,372		—		122,624		2,748
Municipal Bonds		1,724		—		1,724		—
Put Options Purchased		46		46		—		—
Senior Floating Rate Interests: Investment Grade		400		—		400		—
Senior Floating Rate Interests: Non-Investment Grade		34,940		—		33,813		1,127
U.S. Government Agencies		5,725		—		5,725		—
U.S. Government Securities		22,740		22,740		—		—
Short-Term Investments		11,502		10,134		1,368		—
Total	$	343,018	$	32,920	$	304,173	$	5,925
Other Financial Instruments *	$	75	$	75	$	—	$	—
Liabilities:
Other Financial Instruments *	$	—	$	—	$	—	$	—

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

						Change in
	Balance as of					Unrealized					Transfers In			Balance as of
	October 31,		Realized Gain			Appreciation					and/or Out of			October 31,
	2008		(Loss)			(Depreciation)			Net Purchases		Level 3			2009
Assets:
Asset & Commercial Mortgage Backed Securities		2,105		(169	)		(190	)*		32		(582	)		1,196
Corporate Bonds and Senior Floating Rate Interests		2,287		(1,473	)		2,229	†		1,942		(256	)		4,729
Total	$	4,392	$	(1,642	)	$	2,039		$	1,974	$	(838	)	$	5,925

*	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $(310).
†	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $1,258.

The accompanying notes are an integral part of these financial statements.

14

The Hartford Strategic Income Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $323,576)	$	343,018
Foreign currency on deposit with custodian (cost $—)		—
Receivables:
Investment securities sold		1,138
Fund shares sold		1,382
Dividends and interest		5,669
Variation margin		40
Other assets		92
Total assets		351,339
Liabilities:
Payables:
Investment securities purchased		7,749
Fund shares redeemed		609
Investment management fees		31
Dividends		449
Distribution fees		28
Variation margin		70
Accrued expenses		53
Other liabilities		2
Total liabilities		8,991
Net assets	$	342,348
Summary of Net Assets:
Capital stock and paid-in-capital		358,419
Accumulated undistributed net investment income		206
Accumulated net realized loss on investments and foreign currency transactions		(35,794	)
Unrealized appreciation of investments		19,517
Net assets	$	342,348
Shares authorized		750,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	8.69/$9.10
Shares outstanding		16,894
Net assets	$	146,738
Class B: Net asset value per share	$	8.69
Shares outstanding		1,657
Net assets	$	14,397
Class C: Net asset value per share	$	8.70
Shares outstanding		13,852
Net assets	$	120,513
Class I: Net asset value per share	$	8.71
Shares outstanding.		5,246
Net assets	$	45,664
Class Y: Net asset value per share	$	8.69
Shares outstanding		1,731
Net assets	$	15,036

The accompanying notes are an integral part of these financial statements.

15

The Hartford Strategic Income Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Interest	$	20,684
Total investment income		20,684
Expenses:
Investment management fees		1,472
Transfer agent fees		272
Distribution fees
Class A		282
Class B		101
Class C		898
Custodian fees		12
Accounting services fees		48
Registration and filing fees		92
Board of Directors’ fees		8
Audit fees		16
Other expenses		66
Total expenses (before fees paid indirectly)		3,267
Custodian fee offset		—
Total fees paid indirectly		—
Total expenses, net		3,267
Net Investment Income		17,417
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized loss on investments in securities		(26,888	)
Net realized gain on futures		2,849
Net realized loss on swap contracts		(39	)
Net realized loss on forward foreign currency contracts		(7	)
Net realized loss on other foreign currency transactions		(460	)
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(24,545	)
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		71,123
Net unrealized appreciation of futures		627
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		57
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		71,807
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		47,262
Net Increase in Net Assets Resulting from Operations	$	64,679

The accompanying notes are an integral part of these financial statements.

16

The Hartford Strategic Income Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	17,417		$	14,226
Net realized loss on investments, other financial instruments and foreign currency transactions		(24,545	)		(11,916	)
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		71,807			(52,134	)
Net Increase (Decrease) In Net Assets Resulting From Operations		64,679			(49,824	)
Distributions to Shareholders:
From net investment income
Class A		(7,387	)		(5,814	)
Class B		(577	)		(337	)
Class C		(5,257	)		(3,800	)
Class I		(2,079	)		(1,913	)
Class Y		(1,757	)		(1,949	)
Total distributions		(17,057	)		(13,813	)
Capital Share Transactions:
Class A		46,817			61,055
Class B		6,212			5,497
Class C		36,501			70,941
Class I		15,731			21,383
Class Y		(25,207	)		34,722
Net increase from capital share transactions		80,054			193,598
Net Increase In Net Assets		127,676			129,961
Net Assets:
Beginning of period		214,672			84,711
End of period	$	342,348		$	214,672
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	206		$	182

The accompanying notes are an integral part of these financial statements.

17

The Hartford Strategic Income Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Strategic Income Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Trade date for senior floating rate interests purchased in the primary market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary market is the date on which the transaction is entered into.
	Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation — The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are

18

significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Debt securities (other than short-term obligations and senior floating rate interests) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Senior floating rate interests generally trade in over-the-counter markets and are priced through an independent pricing service utilizing market quotations from loan dealers or financial institutions. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Options contracts on securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at their last reported sale price at the Valuation Time on the Primary Market on which the instrument is primarily traded. If the instrument did not trade on the Primary Market, it may be valued at the most recent sale price at the Valuation Time on another exchange or market where it did trade. If it is not possible to determine the last reported sale price on the Primary Market or another exchange or market at the Valuation Time, the value of the security shall be taken to be the most recent mean between bid and asked prices on such exchange or market at the Valuation Time. Absent both bid and asked prices on such exchange, the bid price may be used.

Futures contracts are valued at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively. If a settlement price is not available, futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the mean of the closing bid and asked prices as of the Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Fund’s Board of Directors.

19

The Hartford Strategic Income Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the valuation date.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.
	Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.
c)	Foreign Currency Transactions — Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

20

d)	Joint Trading Account — Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Hartford Investment Management Company (“Hartford Investment Management”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements — A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Forward Foreign Currency Contracts — The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding forward foreign currency contracts as of October 31, 2009.
g)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income are declared daily and paid monthly. Dividends are paid on shares beginning on the business day after the day when the funds used to purchase the shares are collected by the transfer agent for the Fund. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
h)	Illiquid and Restricted Securities — The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to

21

The Hartford Strategic Income Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
i)	Securities Purchased on a When-Issued or Delayed-Delivery Basis — Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery securities as of October 31, 2009.
j)	Credit Risk — Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a Fund which holds securities with higher credit risk may fluctuate more than with less aggressive bond funds.
k)	Senior Floating Rate Interests — The Fund, as shown in the Schedule of Investments, may invest in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income which would result in a reduction of income to the Fund and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.
l)	Prepayment Risks — Most senior floating rate interests and certain debt securities allow for prepayment of principal without penalty. Senior floating rate interests and securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. In addition, with respect to securities, rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment risk is a major risk of mortgage-backed securities and certain asset-backed securities. Accordingly, the potential for the value of a senior floating rate interest or debt security to increase in response to interest rate declines is limited. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.
	Senior floating rate interests or debt securities purchased to replace a prepaid loan or a debt security may have lower yields than the yield on the prepaid loan or debt security. Senior floating rate interests generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for the Borrower to repay, prepayments of senior floating rate interests may occur. As a result, the actual remaining maturity of senior floating rate interests held may be substantially less than the stated maturities shown in the Schedule of Investments.
m)	Credit Default Swaps — The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into event linked swaps, including credit default swap contracts. The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise

22

	exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a credit event, such as payment default or bankruptcy.
	Under a credit default swap, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities) or by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. The Fund will generally not buy protection on issuers that are not currently held by the Fund. The Fund had no outstanding credit default swaps as of October 31, 2009.
n)	Interest Rate Swaps — The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap contracts. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate benchmark (i.e. LIBOR, etc.), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When the interest rate swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.
	If an interest rate swap agreement provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayment rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that amount is positive. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty or by posting collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. As of October 31, 2009, the Fund had no outstanding interest rate swaps.
o)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
p)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives			Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location			Statement of Assets and Liabilities Location
Interest rate contracts	Investments in securities, at value (Purchased Options), Market Value	$	46
Interest rate contracts	Summary of Net Assets - Unrealized appreciation		75	Summary of Net Assets - Unrealized depreciation	—

The ratio of futures market value to net assets as of October 31, 2009, was 4.14%, compared to a monthly twelve-month average ratio of 12.66%. The volume of other derivative activity was minimal during the year ended October 31, 2009.

23

The Hartford Strategic Income Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts			Swaps			Total
Interest rate contracts	$	—	$	24	$	2,849	$	—		$	—		$	2,873
Foreign exchange contracts		—		—		—		(7	)		—			(7	)
Credit contracts		—		—		—		—			(39	)		(39	)
Total	$	—	$	24	$	2,849	$	(7	)	$	(39	)	$	2,827

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
								Forward
			Purchased					Currency
Risk Exposure Category	Written Options		Options			Futures		Contracts		Swaps		Total
Interest rate contracts		—		(10	)		627		—		—	$	617
Total	$	—	$	(10	)	$	627	$	—	$	—	$	617

q) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Futures and Options:

Futures and Options Transactions — The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.

At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.

The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of October 31, 2009.

An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.

24

The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. The Fund, as shown on the Schedule of Investments, had outstanding purchased option contracts as of October 31, 2009. There were no transactions involving written option contracts during the year ended October 31, 2009.

4. Federal Income Taxes:

a)	Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	16,954	$	13,558

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	691
Accumulated Capital Losses *		(35,437	)
Unrealized Appreciation †		19,161
Total Accumulated Deficit	$	(15,585	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

25

The Hartford Strategic Income Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated undistributed net investment income by $336 and increase accumulated net realized gain on investments by $336.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	12,098
2017		23,339
Total	$	35,437

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

5. Expenses:

a)

Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.550	%
On next $500 million		0.500	%
On next $4 billion		0.475	%
On next $5 billion		0.455	%
Over $10 billion		0.445	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

26

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B	Class C	Class I	Class Y
1.15%	1.90%	1.90%	0.90%	0.90%

d)	Fees Paid Indirectly — The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2009, this amount is included in the Statement of Operations.
	The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,
	2009			2008			2007
Class A Shares		1.00	%		0.61	%		0.46	%*
Class B Shares		1.83			1.45			1.25	*
Class C Shares		1.74			1.38			1.26	*
Class I Shares		0.75			0.38			0.27	*
Class Y Shares		0.65			0.30			0.24	†

*	From May 31, 2007 (date shares became available to the public), through October 31, 2007.
†	From August 31, 2007 (commencement of operations), through October 31, 2007.

e)

Distribution and Service Plan for Class A, B and C Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $1,435 and contingent deferred sales charges of $77 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B and C shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the Distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

27

The Hartford Strategic Income Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $62. These commissions are in turn paid to sales representatives of the broker/dealers.

f)

Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $261 for providing such services. These fees are accrued daily and paid monthly.

6. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	293,725
Sales Proceeds Excluding U.S. Government Obligations		236,426
Cost of Purchases for U.S. Government Obligations		202,170
Sales Proceeds for U.S. Government Obligations		183,747

7. Capital Share Transactions:

The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		12,459		680		(7,025	)		—		6,114			12,059		415		(6,100	)		—		6,374
Amount	$	96,754	$	5,439	$	(55,376	)	$	—	$	46,817		$	111,930	$	3,769	$	(54,644	)	$	—	$	61,055
Class B
Shares		1,068		52		(321	)		—		799			816		24		(253	)		—		587
Amount	$	8,333	$	415	$	(2,536	)	$	—	$	6,212		$	7,570	$	214	$	(2,287	)	$	—	$	5,497
Class C
Shares		6,920		419		(2,702	)		—		4,637			9,710		244		(2,509	)		—		7,445
Amount	$	54,226	$	3,344	$	(21,069	)	$	—	$	36,501		$	90,974	$	2,188	$	(22,221	)	$	—	$	70,941
Class I
Shares		3,964		211		(2,256	)		—		1,919			4,628		156		(2,605	)		—		2,179
Amount	$	31,796	$	1,691	$	(17,756	)	$	—	$	15,731		$	43,202	$	1,415	$	(23,234	)	$	—	$	21,383
Class Y
Shares		85		224		(3,576	)		—		(3,267	)		3,946		218		(256	)		—		3,908
Amount	$	631	$	1,734	$	(27,572	)	$	—	$	(25,207	)	$	34,952	$	1,964	$	(2,194	)	$	—	$	34,722

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		21	$	169
For the Year Ended October 31, 2008		5	$	45

28

8. Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

9. Subsequent Events:

Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

29

The Hartford Strategic Income Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset Value						Net Realized
	at						and Unrealized			Total from			Dividends from			Distributions							Net Increase
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized		Distributions		Total			(Decrease) in			Net Asset Value
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains		from Capital		Distributions			Net Asset Value			at End of Period
For the Year Ended October 31, 2009
A	$	7.35	$	0.53	$	—	$	1.33		$	1.86		$	(0.52	)	$	—	$	—	$	(0.52	)	$	1.34		$	8.69
B		7.35		0.46		—		1.33			1.79			(0.45	)		—		—		(0.45	)		1.34			8.69
C		7.36		0.47		—		1.33			1.80			(0.46	)		—		—		(0.46	)		1.34			8.70
I		7.37		0.54		—		1.34			1.88			(0.54	)		—		—		(0.54	)		1.34			8.71
Y		7.35		0.57		—		1.32			1.89			(0.55	)		—		—		(0.55	)		1.34			8.69
For the Year Ended October 31, 2008
A		9.75		0.65		—		(2.39	)		(1.74	)		(0.66	)		—		—		(0.66	)		(2.40	)		7.35
B		9.75		0.58		—		(2.40	)		(1.82	)		(0.58	)		—		—		(0.58	)		(2.40	)		7.35
C		9.76		0.59		—		(2.40	)		(1.81	)		(0.59	)		—		—		(0.59	)		(2.40	)		7.36
I		9.77		0.69		—		(2.41	)		(1.72	)		(0.68	)		—		—		(0.68	)		(2.40	)		7.37
Y		9.76		0.69		—		(2.41	)		(1.72	)		(0.69	)		—		—		(0.69	)		(2.41	)		7.35
From (date shares became available to the public) May 31, 2007, through October 31, 2007
A(e)		9.90		0.29		—		(0.14	)		0.15			(0.30	)		—		—		(0.30	)		(0.15	)		9.75
B(e)		9.90		0.26		—		(0.15	)		0.11			(0.26	)		—		—		(0.26	)		(0.15	)		9.75
C(e)		9.90		0.27		—		(0.15	)		0.12			(0.26	)		—		—		(0.26	)		(0.14	)		9.76
I(e)		9.90		0.31		—		(0.13	)		0.18			(0.31	)		—		—		(0.31	)		(0.13	)		9.77
Y(h)		9.57		0.12		—		0.19			0.31			(0.12	)		—		—		(0.12	)		0.19			9.76

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Shares became available to the public on May 31, 2007.
(f)	Not annualized.
(g)	Annualized.
(h)	Commenced operations on August 31, 2007.

30

- Ratios and Supplemental Data -

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and				Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding				Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)				Assets			Rate(d)
	26.24	%	$	146,738		1.00	%		1.00	%		1.00	%			6.70	%		164	%
	25.20			14,397		1.83			1.83			1.83				5.87			—
	25.30			120,513		1.74			1.74			1.74				5.98			—
	26.48			45,664		0.75			0.75			0.75				7.00			—
	26.69			15,036		0.65			0.65			0.65				7.22			—
	(19.02	)		79,242		0.97			0.61			0.61				7.14			132
	(19.66	)		6,308		1.81			1.45			1.45				6.33			—
	(19.62	)		67,863		1.75			1.38			1.38				6.40			—
	(18.77	)		24,508		0.75			0.38			0.38				7.37			—
	(18.85	)		36,751		0.67			0.30			0.30				7.49			—
	1.53	(f)		42,949		1.01	(g)		0.46	(g)		0.46	(g)			7.15	(g)		40
	1.21	(f)		2,644		1.80	(g)		1.25	(g)		1.25	(g)			6.42	(g)		—
	1.31	(f)		17,275		1.81	(g)		1.26	(g)		1.26	(g)			6.47	(g)		—
	1.84	(f)		11,212		0.82	(g)		0.27	(g)		0.27	(g)			7.49	(g)		—
	3.28	(f)		10,631		0.80	(g)		0.25	(g)		0.25	(g)	��		7.73	(g)		—

31

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Strategic Income Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks or brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Strategic Income Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

32

The Hartford Strategic Income Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

33

The Hartford Strategic Income Fund

Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

34

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

35

The Hartford Strategic Income Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	4.00	%
Other Direct Federal Obligations*	1.00	%
Other Securities	95.00	%
Total	100.00	%
QII†	100.00	%

*	The income received from federal obligations.
†	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.519		N/A		N/A		0.519
Class B		0.453		N/A		N/A		0.453
Class C		0.461		N/A		N/A		0.461
Class I		0.538		N/A		N/A		0.538
Class Y		0.547		N/A		N/A		0.547

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

36

The Hartford Strategic Income Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,163.10	$	5.45	$	1,000.00	$	1,020.16	$	5.09		1.00	%		184		365
Class B	$	1,000.00	$	1,158.40	$	9.96	$	1,000.00	$	1,015.98	$	9.30		1.83			184		365
Class C	$	1,000.00	$	1,157.20	$	9.46	$	1,000.00	$	1,016.43	$	8.84		1.74			184		365
Class I	$	1,000.00	$	1,164.20	$	4.04	$	1,000.00	$	1,021.48	$	3.77		0.74			184		365
Class Y	$	1,000.00	$	1,165.20	$	3.49	$	1,000.00	$	1,021.98	$	3.26		0.64			184		365

37

The Hartford Strategic Income Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Strategic Income Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

38

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and

39

The Hartford Strategic Income Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

40

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

41

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-37 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford Target Retirement 2010 Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Shareholder Meeting Results (Unaudited)	24
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	25

The Hartford Target Retirement 2010 Fund inception 09/30/2005
(subadvised by Hartford Investment Management Company)	Investment objective — Seeks to maximize total return and
	secondarily, to seek capital preservation.

Performance Overview(1) 9/30/05 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Average Annual Total Returns(2,3,4) (as of 10/31/09)

	1			Since
	Year			Inception
Target Retirement 2010 A#		19.45	%		0.79	%
Target Retirement 2010 A##		12.88	%		-0.60	%
Target Retirement 2010 R3#		19.24	%		0.65	%
Target Retirement 2010 R4#		19.58	%		0.89	%
Target Retirement 2010 R5#		19.65	%		1.00	%
Target Retirement 2010 Y#		19.56	%		1.02	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		5.72	%
S&P 500 Index		9.78	%		-2.03	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	The initial investment in Class A shares reflects the maximum sales charge.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Portfolio Managers
Hugh Whelan, CFA	Edward C. Caputo, CFA
Managing Director	Vice President

How did the Fund perform?

The Class A shares of The Hartford Target Retirement 2010 Fund returned 19.45%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 9.78% and 13.79%, respectively, while the average return for the Lipper Mixed-Asset Target 2010 Funds, a group of funds with investment strategies similar to those of the Fund, was 16.06%.

Why did the Fund perform this way?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market — high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. After a difficult first half of the year, investor risk aversion fell significantly and the year ending October 31, 2009 finished strong.

During the period, the S&P 500 rose 9.8%. Across the different market capitalizations, mid-cap and large-cap stocks outperformed small-cap stocks. Within U.S. equities, the growth investment style outperformed value. In contrast to last year, international stocks outperformed U.S. stocks. Specifically, Emerging Markets stock, measured by the MSCI Emerging Markets Stock Index, posted the strongest results, up 64.6%. In March, investors abruptly changed their attitude from risk aversion to risk

2

seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter of 2009, with the S&P 500 rising 55% since the risk rally began in March. Within equities, investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and Russell Mid-Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 stocks outperformed their higher quality peers.

Within fixed income, yields decreased during the year, with the ten-year Treasury note yield falling 57 basis points to 3.38% and the five-year Treasury note yield falling 52 basis points to 2.31%. Within the major sectors of the Barclays Capital U.S. Aggregate Index, Credit was the top performer, while Agency securities were the worst. High Yield asset classes such as U.S. high yield bonds, floating rate notes, and Emerging Market Debt significantly outperformed the Barclays Capital U.S. Aggregate Index. The Barclays Capital High Yield index, for example, posted strong results, up 48.1% over the period.

Generally, the Fund’s target asset allocation is set at approximately 56% equities and 44% fixed-income. The Fund’s strategic asset allocation decisions within equities contributed to the Fund’s performance. Specifically, favorable allocations within international markets into emerging market, international small-cap stocks, and international real estate investment trusts (REITs) helped to offset an underweight (i.e. the Fund’s sector position was less than the benchmark position) to small and mid-cap stocks. The Fund’s strategic asset allocation decisions within fixed income detracted from performance. Although the Fund benefited from exposures to high yield asset classes, diversification within these high yield asset classes detracted from results. The Fund’s duration (i.e. sensitivity to changes in interest rates) is targeted to be less than the Barclays Capital Aggregate Index, a decision based on the risk preferences of the Fund. For the year, duration positioning detracted from performance.

Beyond the asset allocation decision, we also add value by selecting the underlying mutual funds that will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s objectives and stated benchmark to see what it actually holds for securities and how it has behaved historically. Finally a proprietary optimization is run to determine which underlying funds the Fund should invest in. During the year, our underlying fund selection enhanced relative performance (i.e. performance of the Fund as measured against the benchmark). A hard rebalance (i.e. a fund rebalancing to move the underlying fund investments to their target allocation percentages) was required in March 2009 to restore the Fund allocations back to their targets.

During the period, the Fund continued to utilize exchange-traded funds (ETFs) to obtain asset class exposures unavailable through The Hartford fund family. Doing so enables the Fund to capture additional opportunities, while also enhancing its diversification. Specifically, the Fund has set target allocations to ETFs that provide U.S. real estate, international real estate and emerging market debt exposure. During the period, the Fund increased its weighting in REITs, recognizing the inflationary benefits of the asset class.

What is the outlook?

While the risk rally that began in early March has pushed equities and other high risk asset classes higher around the world, we believe that the appreciation of equities and higher risk fixed income asset classes will be more muted following their dramatic recovery in the 2nd and 3rd quarters. We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

Our view of the yield curve is consistent with low growth and low inflation and we expect yields to remain in their current ranges across the curve (10 year range of 3.2%–3.8%). In addition, we believe downward pressure on inflation has abated. However, slack in the economy means there is no near-term upward pressures on inflation. Longer maturities will likely remain in range despite continued concerns with supply pressures, inflation, dollar policy, and weak growth. We think the shape of the short end (3 months–3 years) of the curve already implies the imminent removal of accommodative monetary policy and despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

Going forward, the Fund is positioned with an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to small and large-cap international equities. High yield and floating rate notes exposure has been reduced to a more neutral weight as they are approaching fair value on the back of improved fundamentals. Lastly, we have reversed the underweight in inflation protected securities.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
Powershares Emerging Markets Sovereign Debt Portfolio ETF		0.5	%
SPDR DJ Wilshire International Real Estate ETF		0.7
SPDR DJ Wilshire REIT ETF		0.8
State Street Bank Money Market Fund		0.0
The Hartford Capital Appreciation Fund, Class Y		6.1
The Hartford Capital Appreciation II Fund, Class Y		2.1
The Hartford Disciplined Equity Fund, Class Y		2.1
The Hartford Dividend and Growth Fund, Class Y		3.3
The Hartford Equity Income Fund, Class Y		3.0
The Hartford Floating Rate Fund, Class Y		4.0
The Hartford Fundamental Growth Fund, Class Y		1.9
The Hartford Global Equity Fund, Class Y		0.1
The Hartford Global Growth Fund, Class Y		1.5
The Hartford Growth Fund, Class Y		1.9
The Hartford Growth Opportunities Fund, Class Y		1.7
The Hartford High Yield Fund, Class Y		2.5
The Hartford Income Fund, Class Y		6.5
The Hartford Inflation Plus Fund, Class Y		9.0
The Hartford International Opportunities Fund, Class Y		5.2
The Hartford International Small Company Fund, Class Y		1.9
The Hartford MidCap Fund, Class Y		2.1
The Hartford MidCap Growth Fund, Class Y		0.6
The Hartford MidCap Value Fund, Class Y		3.6
The Hartford Select SmallCap Value Fund, Class Y		0.4
The Hartford Short Duration Fund, Class Y		2.8
The Hartford Small Company Fund, Class Y		1.0
The Hartford Strategic Income Fund, Class Y		2.9
The Hartford Total Return Bond Fund, Class Y		15.2
The Hartford Value Fund, Class Y		13.4
The Hartford Value Opportunities Fund, Class Y		3.1
Other Assets and Liabilities		0.1
Total		100.0	%

3

The Hartford Target Retirement 2010 Fund
Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES — 97.9%
EQUITY FUNDS — 55.0%
	44	The Hartford Capital Appreciation Fund, Class Y			$	1,341
	42	The Hartford Capital Appreciation II Fund, Class Y •				465
	44	The Hartford Disciplined Equity Fund, Class Y				475
	46	The Hartford Dividend and Growth Fund, Class Y				741
	61	The Hartford Equity Income Fund, Class Y				664
	45	The Hartford Fundamental Growth Fund, Class Y •				423
	2	The Hartford Global Equity Fund, Class Y				12
	26	The Hartford Global Growth Fund, Class Y •				342
	29	The Hartford Growth Fund, Class Y •				410
	17	The Hartford Growth Opportunities Fund, Class Y •				370
	88	The Hartford International Opportunities Fund, Class Y				1,148
	39	The Hartford International Small Company Fund, Class Y				426
	26	The Hartford MidCap Fund, Class Y •				465
	17	The Hartford MidCap Growth Fund, Class Y •				130
	90	The Hartford MidCap Value Fund, Class Y				790
	12	The Hartford Select SmallCap Value Fund, Class Y				96
	15	The Hartford Small Company Fund, Class Y •				223
	310	The Hartford Value Fund, Class Y				2,962
	65	The Hartford Value Opportunities Fund, Class Y				684
		Total equity funds (cost $11,761)			$	12,167
FIXED INCOME FUNDS — 42.9%
	106	The Hartford Floating Rate Fund, Class Y			$	880
	83	The Hartford High Yield Fund, Class Y				556
	152	The Hartford Income Fund, Class Y				1,449
	174	The Hartford Inflation Plus Fund, Class Y				1,986
	63	The Hartford Short Duration Fund, Class Y				609
	73	The Hartford Strategic Income Fund, Class Y				636
	326	The Hartford Total Return Bond Fund, Class Y				3,369
		Total fixed income funds (cost $9,072)			$	9,485
		Total investments in affiliated investment companies (cost $20,833)			$	21,652
EXCHANGE TRADED FUNDS — 2.0%
	4	Powershares Emerging Markets Sovereign Debt Portfolio ETF			$	116
	4	SPDR DJ Wilshire International Real Estate ETF				154
	4	SPDR DJ Wilshire REIT ETF				177
		Total exchange traded funds (cost $549)			$	447
		Total long-term investments (cost $21,382)			$	22,099
SHORT-TERM INVESTMENTS — 0.0%
		Investment Pools and Funds — 0.0%
	1	State Street Bank Money Market Fund			$	1
		Total short-term investments (cost $1)			$	1
		Total investments (cost $21,383) 5	99 .9	%	$	22,100
		Other assets and liabilities	0 .1	%		24
		Total net assets	100.0	%	$	22,124

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

5 At October 31, 2009, the cost of securities for federal income tax purposes was $21,735 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,276
Unrealized Depreciation		(911	)
Net Unrealized Appreciation	$	365

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Target Retirement 2010 Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	21,652	$	21,652	$	—	$	—
Exchange Traded Funds		447		447		—		—
Short-Term Investments		1		1		—		—
Total	$	22,100	$	22,100	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2010 Fund
Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $550)	$	448
Investments in underlying affiliated funds, at market value (cost $20,833)		21,652
Receivables:
Fund shares sold		14
Dividends and interest		36
Other assets		47
Total assets		22,197
Liabilities:
Payables:
Investment securities purchased		6
Fund shares redeemed		59
Investment management fees		—
Distribution fees		1
Accrued expenses		7
Total liabilities		73
Net assets	$	22,124
Summary of Net Assets:
Capital stock and paid-in-capital		24,162
Accumulated undistributed net investment income		312
Accumulated net realized loss on investments		(3,067	)
Unrealized appreciation of investments		717
Net assets	$	22,124
Shares authorized		950,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	8.50/$8.99
Shares outstanding		1,099
Net assets	$	9,342
Class R3: Net asset value per share	$	8.48
Shares outstanding		186
Net assets	$	1,578
Class R4: Net asset value per share	$	8.51
Shares outstanding		1,060
Net assets	$	9,020
Class R5: Net asset value per share	$	8.51
Shares outstanding		241
Net assets	$	2,051
Class Y: Net asset value per share	$	8.50
Shares outstanding		16
Net assets	$	133

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2010 Fund
Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	17
Dividends from underlying affiliated funds		497
Interest		—
Total investment income		514
Expenses:
Investment management fees		25
Administrative services fees		12
Transfer agent fees		6
Distribution fees
Class A		18
Class B*		3
Class C*		4
Class R3		3
Class R4		16
Custodian fees		1
Accounting services fees		2
Registration and filing fees		61
Board of Directors’ fees		2
Audit fees		6
Other expenses		8
Total expenses (before waivers)		167
Expense waivers		(134	)
Total waivers		(134	)
Total expenses, net		33
Net Investment Income		481
Net Realized Loss on Investments:
Net realized loss on investments in underlying affiliated funds		(1,950	)
Net Realized Loss on Investments		(1,950	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		4,777
Net Changes in Unrealized Appreciation of Investments		4,777
Net Gain on Investments		2,827
Net Increase in Net Assets Resulting from Operations	$	3,308

* Classes B and C were merged into Class A on July 24, 2009. Please refer to the Notes to Financial Statements for further details.

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2010 Fund
Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	481		$	358
Net realized loss on investments		(1,950	)		(946	)
Net unrealized appreciation (depreciation) of investments		4,777			(4,566	)
Net Increase (Decrease) In Net Assets Resulting From Operations		3,308			(5,154	)
Distributions to Shareholders:
From net investment income
Class A		(101	)		(343	)
Class B*		(5	)		(20	)
Class C*		(9	)		(18	)
Class R3		(2	)		—
Class R4		(81	)		(89	)
Class R5		(17	)		(22	)
Class Y		(2	)		(6	)
From net realized gain on investments
Class A		—			(154	)
Class B*		—			(10	)
Class C*		—			(15	)
Class R4		—			(9	)
Class Y		—			(3	)
Total distributions		(217	)		(689	)
Capital Share Transactions:
Class A		1,880	†		2,108
Class B*		(580	)‡		95
Class C*		(762	)§		82
Class R3		1,400			1
Class R4		2,865			6,073
Class R5		636			1,626
Class Y		2			10
Net increase from capital share transactions		5,441			9,995
Net Increase In Net Assets		8,532			4,152
Net Assets:
Beginning of period		13,592			9,440
End of period	$	22,124		$	13,592
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	312		$	48

*	Classes B and C were merged into Class A on July 24, 2009. Please refer to the Notes to Financial Statements for further details.
†	Includes merger activity in the amount of $985.
‡	Includes merger activity in the amount of $(423).
§	Includes merger activity in the amount of $(562).

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2010 Fund
Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Target Retirement 2010 Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 5.50%. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.
	The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange-traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).
2.	Significant Accounting Policies:
	The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.
b)	Security Valuation — Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.
	The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading

9

The Hartford Target Retirement 2010 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.

10

d)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
e)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
f)	Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

11

The Hartford Target Retirement 2010 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	217	$	607
Long-Term Capital Gains *		—		82

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	312
Accumulated Capital Losses *		(2,715	)
Unrealized Appreciation †		365
Total Accumulated Deficit	$	(2,038	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund had no reclassifications.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	919
2017		1,796
Total	$	2,715

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in

12

accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class R3	Class R4	Class R5	Class Y
1.00%	1.15%	0.85%	0.80%	0.80%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.

d)	Distribution and Service Plan for Class A, R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $16 and contingent deferred sales charges of $2 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $1. These commissions are in turn paid to sales representatives of the broker/dealers.

13

The Hartford Target Retirement 2010 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

e)

Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $6 for providing such services. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class Y		16

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	10,886
Sales Proceeds Excluding U.S. Government Obligations		5,125

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009													For the Year Ended October 31, 2008
			Shares					Shares								Shares					Shares
			Issued for					Issued			Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from			(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger			Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		583		15		(523	)		123			198			544		50		(401	)		—		193
Amount	$	4,556	$	100	$	(3,761	)	$	985		$	1,880		$	5,204	$	496	$	(3,592	)	$	—	$	2,108
Class B
Shares		2		1		(6	)		(53	)		(56	)		24		3		(21	)		—		6
Amount	$	13	$	4	$	(174	)	$	(423	)	$	(580	)	$	235	$	31	$	(171	)	$	—	$	95
Class C
Shares		23		1		(35	)		(71	)		(82	)		47		3		(38	)		—		12
Amount	$	152	$	9	$	(361	)	$	(562	)	$	(762	)	$	420	$	32	$	(370	)	$	—	$	82
Class R3
Shares		193		—		(8	)		—			185			—		—		—			—		—
Amount	$	1,467	$	2	$	(69	)	$	—		$	1,400		$	—	$	1	$	—		$	—	$	1
Class R4
Shares		527		12		(146	)		—			393			780		11		(165	)		—		626
Amount	$	3,874	$	81	$	(1,090	)	$	—		$	2,865		$	7,414	$	98	$	(1,439	)	$	—	$	6,073
Class R5
Shares		128		3		(46	)		—			85			232		2		(79	)		—		155
Amount	$	942	$	17	$	(323	)	$	—		$	636		$	2,189	$	23	$	(586	)	$	—	$	1,626
Class Y
Shares		—		1		—			—			1			—		1		—			—		1
Amount	$	—	$	2	$	—		$	—		$	2		$	—	$	10	$	—		$	—	$	10

14

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		—	$	3
For the Year Ended October 31, 2008		—	$	5

8.

Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

9.	Class Mergers:
	At a Special Meeting of Shareholders held on July 16, 2009, the shareholders of the Fund approved the reclassification of Class B shares and Class C shares as Class A shares of the Fund.
	Effective with the close of business on July 24, 2009, Classes B and C were merged into Class A. The mergers were accomplished by tax-free exchanges as detailed below:

	Class A		Class B		Class C
Shares exchanged		N/A		53		71
Shares issued — to Class B shareholders		53		N/A		N/A
Shares issued — to Class C shareholders		70		N/A		N/A
Net assets immediately before merger	$	7,729	$	423	$	562
Net assets immediately after merger	$	8,714		N/A		N/A

10.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

15

The Hartford Target Retirement 2010 Fund
Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized																		Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions									(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions			Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital			Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A(f)	$	7.24	$	0.22	$	—	$	1.15		$	1.37		$	(0.11	)	$	—		$	—		$	(0.11	)	$	1.26		$	8.50
R3		7.23		0.18		—		1.18			1.36			(0.11	)		—			—			(0.11	)		1.25			8.48
R4		7.23		0.22		—		1.17			1.39			(0.11	)		—			—			(0.11	)		1.28			8.51
R5		7.24		0.22		—		1.16			1.38			(0.11	)		—			—			(0.11	)		1.27			8.51
Y		7.23		0.23		—		1.15			1.38			(0.11	)		—			—			(0.11	)		1.27			8.50
For the Year Ended October 31, 2008
A		10.66		0.30		—		(3.10	)		(2.80	)		(0.41	)		(0.21	)		—			(0.62	)		(3.42	)		7.24
R3		10.66		0.26		—		(3.11	)		(2.85	)		(0.37	)		(0.21	)		—			(0.58	)		(3.43	)		7.23
R4		10.66		0.36		—		(3.17	)		(2.81	)		(0.41	)		(0.21	)		—			(0.62	)		(3.43	)		7.23
R5		10.67		0.37		—		(3.16	)		(2.79	)		(0.43	)		(0.21	)		—			(0.64	)		(3.43	)		7.24
Y		10.66		0.33		—		(3.11	)		(2.78	)		(0.44	)		(0.21	)		—			(0.65	)		(3.43	)		7.23
For the Year Ended October 31, 2007
A		9.65		0.28		—		1.01			1.29			(0.28	)		—			—			(0.28	)		1.01			10.66
R3(g)		9.76		0.14		—		0.89			1.03			(0.13	)		—			—			(0.13	)		0.90			10.66
R4(g)		9.76		0.16		—		0.89			1.05			(0.15	)		—			—			(0.15	)		0.90			10.66
R5(g)		9.76		0.19		—		0.89			1.08			(0.17	)		—			—			(0.17	)		0.91			10.67
Y		9.65		0.32		—		0.99			1.31			(0.30	)		—			—			(0.30	)		1.01			10.66
For the Year Ended October 31, 2006
A		9.82		0.47		—		0.22			0.69			(0.50	)		—			(0.36	)		(0.86	)		(0.17	)		9.65
Y		9.83		0.50		—		0.21			0.71			(0.53	)		—			(0.36	)		(0.89	)		(0.18	)		9.65
From (commencement of operations) September 30, 2005, through October 31, 2005
A(j)		10.00		0.02		—		(0.20	)		(0.18	)		—			—			—			—			(0.18	)		9.82
Y(j)		10.00		0.02		—		(0.19	)		(0.17	)		—			—			—			—			(0.17	)		9.83

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Classes B and C were merged into Class A on July 24, 2009 (See Class Mergers in the accompanying Notes to Financial Statements).
(g)	Commenced operations on December 22, 2006.
(h)	Not annualized.
(i)	Annualized.
(j)	Commenced operations on September 30, 2005.

16

- Ratios and Supplemental Data -

					Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
			Net Assets at		Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net
			End of Period		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio Turnover
Total Return(b)			(000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Rate(d)
	19.29	%	$	9,342		0.95	%		0.24	%		0.24	%		3.00	%		31	%
	19.24			1,578		1.25			0.39			0.39			2.37			—
	19.58			9,020		1.03			0.09			0.09			3.00			—
	19.48			2,051		0.73			0.04			0.04			2.99			—
	19.56			133		0.65			0.04			0.04			3.12			—
	(27.74	)		6,520		1.02			0.42			0.42			2.87			68
	(28.14	)		8		1.47			0.87			0.87			2.70			—
	(27.84	)		4,823		1.04			0.45			0.45			1.67			—
	(27.64	)		1,131		0.71			0.11			0.11			1.86			—
	(27.60	)		111		0.76			0.16			0.16			3.40			—
	13.55			7,547		1.81			0.50			0.50			2.46			56
	10.56	(h)		11		2.32	(i)		0.90	(i)		0.90	(i)		1.62	(i)		—
	10.88	(h)		442		1.97	(i)		0.60	(i)		0.60	(i)		2.03	(i)		—
	11.15	(h)		11		1.72	(i)		0.30	(i)		0.30	(i)		2.23	(i)		—
	13.83			153		1.54			0.20			0.20			3.21			—
	7.43			1,618		8.32			0.54			0.54			2.01			10
	7.62			135		8.02			0.23			0.23			2.31			—
	(1.80	)(h)		11		0.65	(i)		0.49	(i)		0.49	(i)		2.53	(i)		12
	(1.70	)(h)		10		0.32	(i)		0.21	(i)		0.21	(i)		2.65	(i)		—

17

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2010 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2010 Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Target Retirement 2010 Fund
Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

The Hartford Target Retirement 2010 Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

20

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Target Retirement 2010 Fund
Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	6.00	%
Other Direct Federal Obligations*	1.00	%
Other Securities	93.00	%
Total	100.00	%
DRD†	70.00	%
QDI‡	75.00	%
QII§	100.00	%

*	The income received from federal obligations.
†	Income distributions, taxable as dividend income which qualify for deduction by corporations.
‡	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.
§	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.109		N/A		N/A		0.109
Class B		0.095		N/A		N/A		0.095
Class C		0.098		N/A		N/A		0.098
Class R3		0.113		N/A		N/A		0.113
Class R4		0.108		N/A		N/A		0.108
Class R5		0.112		N/A		N/A		0.112
Class Y		0.114		N/A		N/A		0.114

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Target Retirement 2010 Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,180.60	$	1.37	$	1,000.00	$	1,023.95	$	1.28		0.25	%		184		365
Class R3	$	1,000.00	$	1,181.10	$	2.14	$	1,000.00	$	1,023.24	$	1.99		0.39			184		365
Class R4	$	1,000.00	$	1,181.90	$	0.55	$	1,000.00	$	1,024.70	$	0.51		0.10			184		365
Class R5	$	1,000.00	$	1,181.90	$	0.28	$	1,000.00	$	1,024.95	$	0.26		0.05			184		365
Class Y	$	1,000.00	$	1,182.20	$	0.28	$	1,000.00	$	1,024.95	$	0.26		0.05			184		365

23

The Hartford Target Retirement 2010 Fund

Shareholder Meeting Results (Unaudited)

The following proposal was addressed and approved during the period at a special meeting of shareholders held on July 16, 2009.

Proposal to approve Articles of Amendment of The Hartford Mutual Funds, Inc. and a Plan of Reclassification for The Hartford Target Retirement 2010 Fund whereby Class B shares will be reclassified as Class A shares.

Fund Name	For		Against		Abstain
The Hartford Target Retirement 2010 Fund — Class B shares		42,049.69		0		0

Proposal to approve Articles of Amendment of The Hartford Mutual Funds, Inc. and a Plan of Reclassification for The Hartford Target Retirement 2010 Fund whereby Class C shares will be reclassified as Class A shares.

Fund Name	For		Against		Abstain
The Hartford Target Retirement 2010 Fund — Class C shares		48,378.00		972.00		1,562.40

24

The Hartford Target Retirement 2010 Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Target Retirement 2010 Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

25

The Hartford Target Retirement 2010 Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the

26

Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

27

The Hartford Target Retirement 2010 Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

28

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-38 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford Target Retirement 2015 Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Year Ended October 31, 2009 and for the One-Day Period Ended October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	24

The Hartford Target Retirement 2015 Fund inception 10/31/2008

(subadvised by Hartford Investment Management Company) Investment objective — Seeks to maximize total return and
secondarily, to seek capital preservation.

Performance Overview(1) 10/31/08 — 10/31/09
Growth of a $10,000 investment in Class R3

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

Average Annual Total Returns(2) (as of 10/31/09)

	1			Since
	Year			Inception
Target Retirement 2015 R3		18.33	%		18.33	%
Target Retirement 2015 R4		18.70	%		18.70	%
Target Retirement 2015 R5		18.71	%		18.71	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		13.79	%
S&P 500 Index		9.78	%		9.78	%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes R4 and R5 shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Portfolio Managers
Hugh Whelan, CFA	Edward C. Caputo, CFA
Managing Director	Vice President

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2015 Fund returned 18.33%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 9.78% and 13.79%, respectively, while the average return for the Lipper Mixed-Asset Target 2015 Funds, a group of funds with investment strategies similar to those of the Fund, was 16.92%.

Why did the Fund perform this way?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market — high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. After a difficult first half of the year, investor risk aversion fell significantly and the year ending October 31, 2009 finished strong.

During the period, the S&P 500 rose 9.8%. Across the different market capitalizations, mid-cap and large-cap stocks outperformed small-cap stocks. Within U.S. equities, the growth investment style outperformed value. In contrast to last year, international stocks outperformed U.S. stocks. Specifically, Emerging Markets stock, measured by the MSCI Emerging Markets Stock Index, posted the strongest results, up 64.6%. In March, investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter of 2009, with the S&P 500 rising 55% since the risk rally began in March. Within equities, investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index

2

and Russell Mid-Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 stocks outperformed their higher quality peers.

Within fixed income, yields decreased during the year, with the ten-year Treasury note yield falling 57 basis points to 3.38% and the five-year Treasury note yield falling 52 basis points to 2.31%. Within the major sectors of the Barclays Capital U.S. Aggregate Index, Credit was the top performer, while Agency securities were the worst. High Yield asset classes such as U.S. high yield bonds, floating rate notes, and Emerging Market Debt significantly outperformed the Barclays Capital U.S. Aggregate Index. The Barclays Capital High Yield index, for example, posted strong results, up 48.1% over the period.

Generally, the Fund’s target asset allocation is set at approximately 64% equities and 36% fixed-income. The Fund’s strategic asset allocation decisions within equities contributed to the fund’s performance. Specifically, favorable allocations within international markets into emerging market, international small-cap stocks, and international real estate investment trusts (REITs) helped to offset an underweight (i.e. the Fund’s sector position was less than the benchmark position) to small and mid-cap stocks. The Fund’s strategic asset allocation decisions within fixed income detracted from performance. Although the Fund benefited from exposures to high yield asset classes, diversification within these high yield asset classes detracted from results. The Fund’s duration (i.e. sensitivity to changes in interest rates) is targeted to be less than the Barclays Capital Aggregate Index, a decision based on the risk preferences of the Fund. For the year, duration positioning detracted from performance.

Beyond the asset allocation decision, we also add value by selecting the underlying mutual funds that will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s objectives and stated benchmark to see what it actually holds for securities and how it has behaved historically. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. During the year, our underlying fund selection enhanced relative performance (i.e. performance of the Fund as measured against the benchmark). A hard rebalance (i.e. a fund rebalancing to move the underlying fund investments to their target allocation percentages) was required in March 2009 to restore the Fund allocations back to their targets.

During the period, the Fund continued to utilize exchange-traded funds (ETFs) to obtain asset class exposures unavailable through The Hartford fund family. Doing so enables the Fund to capture additional opportunities, while also enhancing its diversification. Specifically, the Fund has set target allocations to ETFs that provide U.S. real estate, international real estate and emerging market debt exposure. During the period, the Fund increased its weighting in REITs, recognizing the inflationary benefits of the asset class.

What is the outlook?

While the risk rally that began in early March has pushed equities and other high risk asset classes higher around the world, we believe that the appreciation of equities and higher risk fixed income asset classes will be more muted following their dramatic recovery in the 2nd and 3rd quarters.

We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

Our view of the yield curve is consistent with low growth and low inflation and we expect yields to remain in their current ranges across the curve (10 year range of 3.2%-3.8%). In addition, we believe downward pressure on inflation has abated. However, slack in the economy means there is no near-term upward pressures on inflation. Longer maturities will likely remain in range despite continued concerns with supply pressures, inflation, dollar policy, and weak growth. We think the shape of the short end (3 months–3 years) of the curve already implies the imminent removal of accommodative monetary policy and despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

Going forward, the portfolio is positioned with an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to small and large-cap international equities. High yield and floating rate notes exposure has been reduced to a more neutral weight as they are approaching fair value on the back of improved fundamentals. Lastly, we have reversed the underweight in inflation protected securities.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
Powershares Emerging Markets Sovereign Debt Portfolio ETF		0.0	%
SPDR DJ Wilshire International Real Estate ETF		1.2
SPDR DJ Wilshire REIT ETF		1.0
State Street Bank Money Market Fund		0.0
The Hartford Capital Appreciation Fund, Class Y		7.7
The Hartford Capital Appreciation II Fund, Class Y		4.2
The Hartford Disciplined Equity Fund, Class Y		3.0
The Hartford Dividend and Growth Fund, Class Y		3.5
The Hartford Equity Income Fund, Class Y		0.7
The Hartford Floating Rate Fund, Class Y		2.2
The Hartford Fundamental Growth Fund, Class Y		5.7
The Hartford Global Equity Fund, Class Y		2.3
The Hartford Global Growth Fund, Class Y		1.4
The Hartford Growth Fund, Class Y		1.1
The Hartford High Yield Fund, Class Y		0.6
The Hartford Income Fund, Class Y		1.8
The Hartford Inflation Plus Fund, Class Y		7.5
The Hartford International Opportunities Fund, Class Y		4.4
The Hartford International Small Company Fund, Class Y		2.8
The Hartford MidCap Fund, Class Y		1.5
The Hartford MidCap Growth Fund, Class Y		0.1
The Hartford MidCap Value Fund, Class Y		4.0
The Hartford Select MidCap Value Fund, Class Y		0.4
The Hartford Select SmallCap Value Fund, Class Y		2.3
The Hartford Short Duration Fund, Class Y		6.7
The Hartford Small Company Fund, Class Y		1.6
The Hartford Strategic Income Fund, Class Y		5.0
The Hartford Total Return Bond Fund, Class Y		14.9
The Hartford Value Fund, Class Y		11.2
The Hartford Value Opportunities Fund, Class Y		0.6
Other Assets and Liabilities		0.6
Total		100.0	%

3

The Hartford Target Retirement 2015 Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES — 97.2%
EQUITY FUNDS — 58.5%
	14	The Hartford Capital Appreciation Fund, Class Y			$	410
	21	The Hartford Capital Appreciation II Fund, Class Y •				227
	15	The Hartford Disciplined Equity Fund, Class Y				158
	11	The Hartford Dividend and Growth Fund, Class Y				187
	4	The Hartford Equity Income Fund, Class Y				38
	33	The Hartford Fundamental Growth Fund, Class Y •				307
	16	The Hartford Global Equity Fund, Class Y				124
	6	The Hartford Global Growth Fund, Class Y •				77
	4	The Hartford Growth Fund, Class Y •				57
	18	The Hartford International Opportunities Fund, Class Y				234
	14	The Hartford International Small Company Fund, Class Y				150
	5	The Hartford MidCap Fund, Class Y •				83
	1	The Hartford MidCap Growth Fund, Class Y •				8
	24	The Hartford MidCap Value Fund, Class Y				212
	3	The Hartford Select MidCap Value Fund, Class Y				23
	15	The Hartford Select SmallCap Value Fund, Class Y				121
	6	The Hartford Small Company Fund, Class Y •				87
	63	The Hartford Value Fund, Class Y				598
	3	The Hartford Value Opportunities Fund, Class Y				32
		Total equity funds (cost $2,700)			$	3,133
FIXED INCOME FUNDS — 38.7%
	14	The Hartford Floating Rate Fund, Class Y			$	118
	5	The Hartford High Yield Fund, Class Y				32
	10	The Hartford Income Fund, Class Y				94
	35	The Hartford Inflation Plus Fund, Class Y				399
	37	The Hartford Short Duration Fund, Class Y				357
	31	The Hartford Strategic Income Fund, Class Y				266
	77	The Hartford Total Return Bond Fund, Class Y				794
		Total fixed income funds (cost $1,907)			$	2,060
		Total investments in affiliated investment companies (cost $4,607)			$	5,193
EXCHANGE TRADED FUNDS — 2.2%
	—	Powershares Emerging Markets Sovereign Debt Portfolio ETF			$	1
	2	SPDR DJ Wilshire International Real Estate ETF				63
	1	SPDR DJ Wilshire REIT ETF				55
		Total exchange traded funds (cost $103)			$	119
		Total long-term investments (cost $4,710)			$	5,312
SHORT-TERM INVESTMENTS — 0.0%
		Investment Pools and Funds — 0.0%
	—	State Street Bank Money Market Fund			$	—
		Total short-term investments (cost $—)			$	—
		Total investments (cost $4,710) ▲	99.4	%	$	5,312
		Other assets and liabilities	0.6	%		33
		Total net assets	100.0	%	$	5,345

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $4,718 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

	��
Unrealized Appreciation	$	606
Unrealized Depreciation		(12	)
Net Unrealized Appreciation	$	594

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Target Retirement 2015 Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	5,193	$	5,193	$	—	$	—
Exchange Traded Funds		119		119		—		—
Short-Term Investments		—		—		—		—
Total	$	5,312	$	5,312	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2015 Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $103)	$	119
Investments in underlying affiliated funds, at market value (cost $4,607)		5,193
Receivables:
Fund shares sold		—
Dividends and interest		7
Other assets		32
Total assets		5,351
Liabilities:
Payables:
Investment securities purchased		—
Fund shares redeemed		—
Investment management fees		—
Distribution fees		—
Accrued expenses		6
Total liabilities		6
Net assets	$	5,345
Summary of Net Assets:
Capital stock and paid-in-capital		4,737
Accumulated undistributed net investment income		51
Accumulated net realized loss on investments		(45	)
Unrealized appreciation of investments		602
Net assets	$	5,345
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	11.69
Shares outstanding		171
Net assets	$	2,003
Class R4: Net asset value per share	$	11.72
Shares outstanding		161
Net assets	$	1,883
Class R5: Net asset value per share	$	11.72
Shares outstanding		124
Net assets	$	1,459

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2015 Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	5
Dividends from underlying affiliated funds		87
Interest		—
Total investment income		92
Expenses:
Investment management fees		5
Administrative services fees		5
Transfer agent fees		—
Distribution fees
Class R3		6
Class R4		3
Custodian fees		1
Accounting services fees		—
Registration and filing fees		37
Board of Directors’ fees		1
Audit fees		5
Other expenses		4
Total expenses (before waivers)		67
Expense waivers		(61	)
Total waivers		(61	)
Total expenses, net		6
Net Investment Income		86
Net Realized Loss on Investments:
Net realized loss on investments in underlying affiliated funds		(45	)
Net Realized Loss on Investments		(45	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		602
Net Changes in Unrealized Appreciation of Investments .		602
Net Gain on Investments		557
Net Increase in Net Assets Resulting from Operations	$	643

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2015 Fund

Statement of Changes in Net Assets

(000’s Omitted)

				For the
	For the			One-Day
	Year Ended			Period Ended
	October 31, 2009			October 31, 2008*
Operations:
Net investment income	$	86		$	—
Net realized loss on investments		(45	)		—
Net unrealized appreciation of investments		602			—
Net Increase In Net Assets Resulting From Operations		643			—
Distributions to Shareholders:
From net investment income
Class R3		(11	)		—
Class R4		(12	)		—
Class R5		(12	)		—
Total distributions		(35	)		—
Capital Share Transactions:
Class R3		771			1,000
Class R4		692			1,000
Class R5		274			1,000
Net increase from capital share transactions		1,737			3,000
Net Increase In Net Assets		2,345			3,000
Net Assets:
Beginning of period		3,000			—
End of period	$	5,345		$	3,000
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	51		$	—

^* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2015 Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Target Retirement 2015 Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.
	The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange-traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).
2.	Significant Accounting Policies:
	The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.
b)	Security Valuation — Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.
	The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading

9

The Hartford Target Retirement 2015 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.

10

d)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
e)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
f)	Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

11

The Hartford Target Retirement 2015 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended
	October 31, 2009
Ordinary Income	$	35

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	51
Accumulated Capital Losses *		(38	)
Unrealized Appreciation †		595
Total Accumulated Earnings	$	608

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund had no reclassifications.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2017	$	38
Total	$	38

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

12

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class R3			Class R4			Class R5
	1.15	%		0.85	%		0.80	%

	Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.
d)	Distribution and Service Plan for Class R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50%. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

13

The Hartford Target Retirement 2015 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

e)

Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated in an amount that rounds to zero for providing such services. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R3		101
Class R4		101
Class R5		101

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	5,246
Sales Proceeds Excluding U.S. Government Obligations		491

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and for the one-day period ended October 31, 2008:

	For the Year Ended October 31, 2009											For the One-Day Period Ended October 31, 2008
			Shares					Shares						Shares					Shares
			Issued for					Issued		Net Increase				Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested			Shares		from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends			Redeemed		Merger		Shares
Class R3																��
Shares		83		1		(13	)		—		71		100		—			—		—		100
Amount	$	889	$	11	$	(129	)	$	—	$	771	$	1,000	$	—		$	—	$	—	$	1,000
Class R4
Shares		60		1		—			—		61		100		—			—		—		100
Amount	$	680	$	12	$	—		$	—	$	692	$	1,000	$	—		$	—	$	—	$	1,000
Class R5
Shares		23		1		—			—		24		100		—			—		—		100
Amount	$	263	$	12	$	(1	)	$	—	$	274	$	1,000	$	—		$	—	$	—	$	1,000

14

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

15

The Hartford Target Retirement 2015 Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized														Net Increase
	Value at						and Unrealized		Total from		Dividends from			Distributions							(Decrease) in		Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on		Investment		Net Investment			from Realized		Distributions		Total			Net Asset		Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments		Operations		Income			Capital Gains		from Capital		Distributions			Value		of Period
From (commencement of operations) October 31, 2008 through October 31, 2009
R3	$	10.00	$	0.21	$	—	$	1.59	$	1.80	$	(0.11	)	$	—	$	—	$	(0.11	)	$	1.69	$	11.69
R4		10.00		0.23		—		1.61		1.84		(0.12	)		—		—		(0.12	)		1.72		11.72
R5		10.00		0.26		—		1.58		1.84		(0.12	)		—		—		(0.12	)		1.72		11.72

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

16

- Ratios and Supplemental Data -

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
			Net Assets at		Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net
			End of Period		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio Turnover
Total Return(b)			(000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Rate(d)
	18.33	%	$	2,003		2.24	%		0.37	%		0.37	%		2.27	%		15	%
	18.70			1,883		1.92			0.07			0.07			2.61			—
	18.71			1,459		1.65			0.02			0.02			2.67			—

17

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2015 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statements of operations, changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2015 Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations, the changes in its net assets, and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Target Retirement 2015 Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

19

The Hartford Target Retirement 2015 Fund
Directors and Officers (Unaudited) — (continued)

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

20

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling
888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Target Retirement 2015 Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class R3		0.114		N/A		N/A		0.114
Class R4		0.119		N/A		N/A		0.119
Class R5		0.120		N/A		N/A		0.120

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Target Retirement 2015 Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class R3	$	1,000.00	$	1,183.20	$	1.98	$	1,000.00	$	1,023.39	$	1.84		0.36	%		184		365
Class R4	$	1,000.00	$	1,185.00	$	0.33	$	1,000.00	$	1,024.90	$	0.31		0.06			184		365
Class R5	$	1,000.00	$	1,185.00	$	0.06	$	1,000.00	$	1,025.16	$	0.05		0.01			184		365

23

The Hartford Target Retirement 2015 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Target Retirement 2015 Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and

24

resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

25

The Hartford Target Retirement 2015 Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-39 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford Target Retirement 2020 Fund

The Hartford Target Retirement 2020 Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Shareholder Meeting Results (Unaudited)	24
Approval of Investment Management and Investments Sub-Advisory Agreements (Unaudited)	25

The Hartford Target Retirement 2020 Fund inception 09/30/2005

(subadvised by Hartford Investment Management Company) Investment objective – Seeks to maximize total return and secondarily, to seek capital preservation.

Performance Overview(1) 9/30/05 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4) (as of 10/31/09)

	1			Since
	Year			Inception
Target Retirement 2020 A#		19.38	%		0.16	%
Target Retirement 2020 A##		12.81	%		-1.22	%
Target Retirement 2020 R3#		19.35	%		0.01	%
Target Retirement 2020 R4#		19.53	%		0.22	%
Target Retirement 2020 R5#		19.59	%		0.36	%
Target Retirement 2020 Y#		19.63	%		0.42	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		5.72	%
S&P 500 Index		9.78	%		-2.03	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	The initial investment in Class A shares reflects the maximum sales charge.

Portfolio Managers
Hugh Whelan, CFA	Edward C. Caputo, CFA
Managing Director	Vice President

How did the Fund perform?

The Class A shares of The Hartford Target Retirement 2020 Fund returned 19.38%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 9.78% and 13.79%, respectively, while the average return for the Lipper Mixed-Asset Target 2020 Funds, a group of funds with investment strategies similar to those of the Fund, was 16.67%.

Why did the Fund perform this way?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market — high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. After a difficult first half of the year, investor risk aversion fell significantly and the year ending October 31, 2009 finished strong.

2

During the period, the S&P 500 rose 9.8%. Across the different market capitalizations, mid-cap and large-cap stocks outperformed small-cap stocks. Within U.S. equities, the growth investment style outperformed value. In contrast to last year, international stocks outperformed U.S. stocks. Specifically, Emerging Markets stock, measured by the MSCI Emerging Markets Stock Index, posted the strongest results, up 64.6%. In March, investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter of 2009, with the S&P 500 rising 55% since the risk rally began in March. Within equities, investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and Russell Mid-Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 stocks outperformed their higher quality peers.

Generally, the Fund’s target asset allocation is set at approximately 69% equities and 31% fixed-income. The Fund’s strategic asset allocation decisions within equities contributed to the fund’s performance. Specifically, favorable allocations within international markets into emerging market, international small-cap stocks, and international real estate investment trusts (REITs) helped to offset an underweight (i.e. the Fund’s sector position was less than the benchmark position) to small and mid-cap stocks. The Fund benefited from our strategic asset allocation decisions within fixed income. The Fund’s allocations to intermediate-term bonds, Treasury Inflation-Protected Securities (TIPS), and an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to high yield, had a favorable impact on performance.

Beyond the asset allocation decision, we also add value by selecting the underlying mutual funds that will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s objectives and stated benchmark to see what it actually holds for securities and how it has behaved historically. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. During the year, our underlying fund selection enhanced relative performance (i.e. performance of the Fund as measured against the benchmark). A hard rebalance (i.e. a fund rebalancing to move the underlying fund investments to their target allocation percentages) was required in March 2009 to restore the portfolio allocations back to their targets.

During the period, the Fund continued to utilize exchange-traded funds (ETFs) to obtain asset class exposures unavailable through The Hartford fund family. Doing so enables the Fund to capture additional opportunities, while also enhancing its diversification. Specifically, the Fund has set target allocations to ETFs that provide U.S. real estate, international real estate and emerging market debt exposure. During the period, the Fund increased its weighting in REITs, recognizing the inflationary benefits of the asset class.

What is the outlook?

While the risk rally that began in early March has pushed equities and other high risk asset classes higher around the world, we believe that the appreciation of equities and higher risk fixed income asset classes will be more muted following their dramatic recovery in the 2nd and 3rd quarters. We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

Our view of the yield curve is consistent with low growth and low inflation and we expect yields to remain in their current ranges across the curve (10 year range of 3.2%-3.8%). In addition, we believe downward pressure on inflation has abated. However, slack in the economy means there is no near-term upward pressures on inflation. Longer maturities will likely remain in range despite continued concerns with supply pressures, inflation, dollar policy, and weak growth. We think the shape of the short end (3 months–3 years) of the curve already implies the imminent removal of accommodative monetary policy and despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

Going forward, the Fund is positioned with an overweight to small and large-cap international equities. High yield and floating rate notes exposure has been reduced to a more neutral weight as they are approaching fair value on the back of improved fundamentals. Lastly, we have reversed the underweight in inflation protected securities.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
Powershares Emerging Markets Sovereign Debt Portfolio ETF		0.1	%
SPDR DJ Wilshire International Real Estate ETF		0.7
SPDR DJ Wilshire REIT ETF		0.9
State Street Bank Money Market Fund		0.0
The Hartford Capital Appreciation Fund, Class Y		13.0
The Hartford Capital Appreciation II Fund, Class Y		2.0
The Hartford Disciplined Equity Fund, Class Y		1.7
The Hartford Dividend and Growth Fund, Class Y		2.5
The Hartford Equity Income Fund, Class Y		1.8
The Hartford Floating Rate Fund, Class Y		1.8
The Hartford Fundamental Growth Fund, Class Y		1.0
The Hartford Global Equity Fund, Class Y		1.0
The Hartford Global Growth Fund, Class Y		2.1
The Hartford Growth Fund, Class Y		4.0
The Hartford Growth Opportunities Fund, Class Y		2.0
The Hartford High Yield Fund, Class Y		1.6
The Hartford Income Fund, Class Y		1.8
The Hartford Inflation Plus Fund, Class Y		6.2
The Hartford International Opportunities Fund, Class Y		4.2
The Hartford International Small Company Fund, Class Y		4.6
The Hartford MidCap Fund, Class Y		0.7
The Hartford MidCap Growth Fund, Class Y		1.3
The Hartford MidCap Value Fund, Class Y		0.3
The Hartford Select MidCap Value Fund, Class Y		1.0
The Hartford Select SmallCap Value Fund, Class Y		4.5
The Hartford Short Duration Fund, Class Y		2.7
The Hartford Small Company Fund, Class Y		1.5
The Hartford Strategic Income Fund, Class Y		6.1
The Hartford Total Return Bond Fund, Class Y		11.7
The Hartford Value Fund, Class Y		15.8
The Hartford Value Opportunities Fund, Class Y		1.2
Other Assets and Liabilities		0.2
Total		100.0	%

3

The Hartford Target Retirement 2020 Fund

Schedule of Investments

October 31, 2009

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 98.1%
EQUITY FUNDS - 66.2%
	198	The Hartford Capital Appreciation Fund, Class Y			$	5,989
	85	The Hartford Capital Appreciation II Fund, Class Y•				929
	74	The Hartford Disciplined Equity Fund, Class Y				796
	72	The Hartford Dividend and Growth Fund, Class Y				1,168
	75	The Hartford Equity Income Fund, Class Y				809
	48	The Hartford Fundamental Growth Fund, Class Y•				451
	55	The Hartford Global Equity Fund, Class Y				444
	72	The Hartford Global Growth Fund, Class Y•				958
	129	The Hartford Growth Fund, Class Y•				1,826
	43	The Hartford Growth Opportunities Fund, Class Y•				937
	147	The Hartford International Opportunities Fund, Class Y				1,920
	196	The Hartford International Small Company Fund, Class Y				2,137
	19	The Hartford MidCap Fund, Class Y•				329
	80	The Hartford MidCap Growth Fund, Class Y•				614
	18	The Hartford MidCap Value Fund, Class Y				158
	61	The Hartford Select MidCap Value Fund, Class Y				472
	260	The Hartford Select SmallCap Value Fund, Class Y				2,066
	47	The Hartford Small Company Fund, Class Y•				701
	766	The Hartford Value Fund, Class Y				7,316
	54	The Hartford Value Opportunities Fund, Class Y				570
		Total equity funds (cost $32,948)			$	30,590
FIXED INCOME FUNDS - 31.9%
	102	The Hartford Floating Rate Fund, Class Y			$	848
	110	The Hartford High Yield Fund, Class Y				739
	88	The Hartford Income Fund, Class Y				838
	249	The Hartford Inflation Plus Fund, Class Y				2,843
	128	The Hartford Short Duration Fund, Class Y				1,232
	324	The Hartford Strategic Income Fund, Class Y				2,813
	522	The Hartford Total Return Bond Fund, Class Y				5,397
		Total fixed income funds (cost $14,172)			$	14,710
		Total investments in affiliated investment companies (cost $47,120)			$	45,300
EXCHANGE TRADED FUNDS - 1.7%
	2	Powershares Emerging Markets Sovereign Debt Portfolio ETF			$	54
	9	SPDR DJ Wilshire International Real Estate ETF				303
	9	SPDR DJ Wilshire REIT ETF				413
		Total exchange traded funds (cost $686)			$	770
		Total long-term investments (cost $47,806)			$	46,070
SHORT-TERM INVESTMENTS - 0.0%
		Investment Pools and Funds - 0.0%
	—	State Street Bank Money Market Fund			$	—
		Total short-term investments (cost $—)			$	—
		Total investments (cost $47,806) ▲	99.8	%	$	46,070
		Other assets and liabilities	0.2	%		104
		Total net assets	100.0	%	$	46,174

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $48,175 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,367
Unrealized Depreciation		(3,472	)
Net Unrealized Depreciation	$	(2,105	)

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Target Retirement 2020 Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009

(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	45,300	$	45,300	$	—	$	—
Exchange Traded Funds		770		770		—		—
Short-Term Investments		—		—		—		—
Total	$	46,070	$	46,070	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2020 Fund

Statement of Assets and Liabilities

October 31, 2009

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $686)	$	770
Investments in underlying affiliated funds, at market value (cost $47,120)		45,300
Receivables:
Fund shares sold		42
Dividends and interest		58
Other assets		57
Total assets		46,227
Liabilities:
Payables:
Investment securities purchased		42
Fund shares redeemed		—
Investment management fees		1
Distribution fees		1
Accrued expenses		9
Total liabilities		53
Net assets	$	46,174
Summary of Net Assets:
Capital stock and paid-in-capital		51,313
Accumulated undistributed net investment income		507
Accumulated net realized loss on investments		(3,910	)
Unrealized depreciation of investments		(1,736	)
Net assets	$	46,174
Shares authorized		950,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	8.89/$9.41
Shares outstanding		2,058
Net assets	$	18,297
Class R3: Net asset value per share	$	8.87
Shares outstanding		130
Net assets	$	1,151
Class R4: Net asset value per share	$	8.89
Shares outstanding		1,968
Net assets	$	17,503
Class R5: Net asset value per share	$	8.90
Shares outstanding		1,035
Net assets	$	9,213
Class Y: Net asset value per share	$	8.90
Shares outstanding		1
Net assets	$	10

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2020 Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Dividends	$	28
Dividends from underlying affiliated funds		901
Interest		—
Total investment income		929
Expenses:
Investment management fees		52
Administrative services fees		26
Transfer agent fees		18
Distribution fees
Class A		35
Class B*		5
Class C*		7
Class R3		3
Class R4		30
Custodian fees		1
Accounting services fees		4
Registration and filing fees		62
Board of Directors’ fees		3
Audit fees		6
Other expenses		15
Total expenses (before waivers)		267
Expense waivers		(202	)
Transfer agent fee waivers		(1	)
Total waivers		(203	)
Total expenses, net		64
Net Investment Income		865
Net Realized Loss on Investments:
Net realized loss on investments in underlying affiliated funds		(2,170	)
Net Realized Loss on Investments		(2,170	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		8,574
Net Changes in Unrealized Appreciation of Investments .		8,574
Net Gain on Investments		6,404
Net Increase in Net Assets Resulting from Operations	$	7,269

* Classes B and C were merged into Class A on July 24, 2009. Please refer to the Notes to Financial Statements for further details.

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2020 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	865		$	536
Net realized loss on investments		(2,170	)		(1,289	)
Net unrealized appreciation (depreciation) of investments		8,574			(11,548	)
Net Increase (Decrease) In Net Assets Resulting From Operations		7,269			(12,301	)
Distributions to Shareholders:
From net investment income
Class A		(184	)		(697	)
Class B*		(8	)		(25	)
Class C*		(12	)		(21	)
Class R3		(1	)		(1	)
Class R4		(125	)		(124	)
Class R5		(92	)		(76	)
Class Y		—			(1	)
From net realized gain on investments
Class A		—			(138	)
Class B*		—			(6	)
Class C*		—			(5	)
Class R4		—			(13	)
Total distributions		(422	)		(1,107	)
Capital Share Transactions:
Class A		2,780	†		2,912
Class B*		(856	)‡		209
Class C*		(1,134	)§		561
Class R3		750			73
Class R4		6,644			10,259
Class R5		1,682			8,615
Class Y		—			1
Net increase from capital share transactions		9,866			22,630
Net Increase In Net Assets		16,713			9,222
Net Assets:
Beginning of period		29,461			20,239
End of period	$	46,174		$	29,461
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	507		$	64

*	Classes B and C were merged into Class A on July 24, 2009. Please refer to the Notes to Financial Statements for further details.
†	Includes merger activity in the amount of $1,723.
‡	Includes merger activity in the amount of $(712).
§	Includes merger activity in the amount of $(1,011).

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2020 Fund

Notes to Financial Statements

October 31, 2009

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Target Retirement 2020 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange-traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income – Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.

b)

Security Valuation – Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.

The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading

9

The Hartford Target Retirement 2020 Fund
Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 – Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.

Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.

c) Indexed Securities – The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.

10

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).

e) Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.

f) Indemnifications – Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Realized Gains and (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

11

The Hartford Target Retirement 2020 Fund

Notes to Financial Statements – (continued)

October 31, 2009

(000’s Omitted)

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	422	$	1,016
Long-Term Capital Gains *		—		91

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	507
Accumulated Capital Losses *		(3,541	)
Unrealized Depreciation †		(2,105	)
Total Accumulated Deficit	$	(5,139	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d)

Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund had no reclassifications.

e)

Capital Loss Carryforward – At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	1,515
2017		2,026
Total	$	3,541

f) Accounting for Uncertainty in Income Taxes – Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in

12

accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class R3	Class R4	Class R5	Class Y
1.05%	1.20%	0.90%	0.85%	0.85%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.

d)

Distribution and Service Plan for Class A, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $62 and contingent deferred sales charges of $2 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $8. These commissions are in turn paid to sales representatives of the broker/dealers.

13

The Hartford Target Retirement 2020 Fund

Notes to Financial Statements – (continued)

October 31, 2009

(000’s Omitted)

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $17 for providing such services. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class Y		1

6. Investment Transactions:

For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	17,350
Sales Proceeds Excluding U.S. Government Obligations		7,049

7. Capital Share Transactions:

The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009													For the Year Ended October 31, 2008
			Shares					Shares								Shares					Shares
			Issued for					Issued			Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from			(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger			Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		525		26		(483	)		206			274			689		78		(499	)		—		268
Amount	$	4,451	$	184	$	(3,578	)	$	1,723		$	2,780		$	7,073	$	834	$	(4,995	)	$	—	$	2,912
Class B
Shares		17		1		(12	)		(86	)		(80	)		50		3		(34	)		—		19
Amount	$	114	$	8	$	(266	)	$	(712	)	$	(856	)	$	511	$	29	$	(331	)	$	—	$	209
Class C
Shares		39		2		(30	)		(122	)		(111	)		73		2		(20	)		—		55
Amount	$	278	$	12	$	(413	)	$	(1,011	)	$	(1,134	)	$	708	$	26	$	(173	)	$	—	$	561
Class R3
Shares		308		—		(187	)		—			121			8		—		—			—		8
Amount	$	2,361	$	1	$	(1,612	)	$	—		$	750		$	72	$	1	$	—		$	—	$	73
Class R4
Shares		993		18		(140	)		—			871			1,212		14		(226	)		—		1,000
Amount	$	7,548	$	124	$	(1,028	)	$	—		$	6,644		$	12,434	$	137	$	(2,312	)	$	—	$	10,259
Class R5
Shares		365		13		(158	)		—			220			964		8		(158	)		—		814
Amount	$	2,758	$	92	$	(1,168	)	$	—		$	1,682		$	10,004	$	76	$	(1,465	)	$	—	$	8,615
Class Y
Shares		—		—		—			—			—			—		—		—			—		—
Amount	$	—	$	—	$	—		$	—		$	—		$	—	$	1	$	—		$	—	$	1

14

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		8	$	52
For the Year Ended October 31, 2008		2	$	20

8. Line of Credit:

The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.

9. Class Mergers:

At a Special Meeting of Shareholders held on July 16, 2009, the shareholders of the Fund approved the reclassification of Class B shares and Class C shares as Class A shares of the Fund.

Effective with the close of business on July 24, 2009, Classes B and C were merged into Class A. The mergers were accomplished by tax-free exchanges as detailed below:

	Class A		Class B		Class C
Shares exchanged		N/A		86		122
Shares issued — to Class B shareholders		85		N/A		N/A
Shares issued — to Class C shareholders		121		N/A		N/A
Net assets immediately before merger	$	14,775	$	712	$	1,011
Net assets immediately after merger	$	16,498		N/A		N/A

10. Subsequent Events:

Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

15

The Hartford Target Retirement 2020 Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized																	Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A(e)	$	7.56	$	0.19	$	—	$	1.25		$	1.44		$	(0.11	)	$	—		$	—	$	(0.11	)	$	1.33		$	8.89
R3		7.55		0.17		—		1.25			1.42			(0.10	)		—			—		(0.10	)		1.32			8.87
R4		7.55		0.19		—		1.26			1.45			(0.11	)		—			—		(0.11	)		1.34			8.89
R5		7.56		0.20		—		1.25			1.45			(0.11	)		—			—		(0.11	)		1.34			8.90
Y		7.56		0.21		—		1.24			1.45			(0.11	)		—			—		(0.11	)		1.34			8.90
For the Year Ended October 31, 2008
A		11.68		0.26		—		(3.86	)		(3.60	)		(0.43	)		(0.09	)		—		(0.52	)		(4.12	)		7.56
R3		11.67		0.35		—		(3.99	)		(3.64	)		(0.39	)		(0.09	)		—		(0.48	)		(4.12	)		7.55
R4		11.67		0.37		—		(3.98	)		(3.61	)		(0.42	)		(0.09	)		—		(0.51	)		(4.12	)		7.55
R5		11.68		0.39		—		(3.97	)		(3.58	)		(0.45	)		(0.09	)		—		(0.54	)		(4.12	)		7.56
Y		11.68		0.29		—		(3.86	)		(3.57	)		(0.46	)		(0.09	)		—		(0.55	)		(4.12	)		7.56
For the Year Ended October 31, 2007
A		10.43		0.24		—		1.29			1.53			(0.24	)		(0.04	)		—		(0.28	)		1.25			11.68
R3(f)		10.55		0.08		—		1.11			1.19			(0.07	)		—			—		(0.07	)		1.12			11.67
R4(f)		10.55		0.10		—		1.12			1.22			(0.10	)		—			—		(0.10	)		1.12			11.67
R5(f)		10.55		0.14		—		1.11			1.25			(0.12	)		—			—		(0.12	)		1.13			11.68
Y		10.43		0.30		—		1.25			1.55			(0.26	)		(0.04	)		—		(0.30	)		1.25			11.68
For the Year Ended October 31, 2006 (i)
A		9.79		0.13		—		0.86			0.99			(0.35	)		—			—		(0.35	)		0.64			10.43
Y		9.79		0.27		—		0.75			1.02			(0.38	)		—			—		(0.38	)		0.64			10.43
From (commencement of operations) September 30, 2005, through October 31, 2005
A(j)		10.00		0.01		—		(0.22	)		(0.21	)		—			—			—		—			(0.21	)		9.79
Y(j)		10.00		0.01		—		(0.22	)		(0.21	)		—			—			—		—			(0.21	)		9.79

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Classes B and C were merged into Class A on July 24, 2009 (See Class Mergers in the accompanying Notes to Financial Statements).
(f)	Commenced operations on December 22, 2006.
(g)	Not annualized.
(h)	Annualized.
(i)	Per share amounts have been calculated using average shares outstanding method.
(j)	Commenced operations on September 30, 2005.

16

- Ratios and Supplemental Data -

					Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
					Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net
			Net Assets at End		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio
Total Return(b)			of Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Turnover Rate(d)
	19.38	%	$	18,297		0.75	%		0.25	%		0.25	%		2.52	%		20	%
	19.19			1,151		1.19			0.40			0.40			1.57			—
	19.53			17,503		0.81			0.10			0.10			2.48			—
	19.59			9,213		0.51			0.05			0.05			2.63			—
	19.63			10		0.42			0.05			0.05			2.69			—
	(32.13	)		13,495		0.77			0.48			0.48			2.30			51
	(32.37	)		70		1.21			0.91			0.91			1.00			—
	(32.18	)		8,281		0.83			0.55			0.55			1.12			—
	(31.98	)		6,165		0.53			0.23			0.23			0.96			—
	(31.89	)		9		0.46			0.17			0.17			2.74			—
	14.95			17,710		1.25			0.51			0.51			1.64			16
	11.32	(g)		11		1.72	(h)		0.91	(h)		0.91	(h)		0.86	(h)		—
	11.64	(g)		1,129		1.35	(h)		0.61	(h)		0.61	(h)		1.23	(h)		—
	11.91	(g)		11		1.12	(h)		0.31	(h)		0.31	(h)		1.46	(h)		—
	15.20			12		0.94			0.21			0.21			2.71			—
	10.37			2,125		9.85			0.53			0.53			1.35			19
	10.70			11		9.41			0.22			0.22			2.73			—
	(2.10	) (g)		144		0.66	(h)		0.51	(h)		0.51	(h)		2.77	(h)		28
	(2.10	) (g)		10		0.29	(h)		0.20	(h)		0.20	(h)		1.91	(h)		—

17

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2020 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2020 Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Target Retirement 2020 Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

The Hartford Target Retirement 2020 Fund
Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

*  Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

20

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Target Retirement 2020 Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	5.00	%
Other Direct Federal Obligations*	1.00	%
Other Securities	94.00	%
Total	100.00	%
DRD†	90.00	%
QDI‡	95.00	%
QII§	100.00	%

*	The income received from federal obligations.
†	Income distributions, taxable as dividend income which qualify for deduction by corporations.
‡	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.
§	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.107		N/A		N/A		0.107
Class B		0.094		N/A		N/A		0.094
Class C		0.094		N/A		N/A		0.094
Class R3		0.101		N/A		N/A		0.101
Class R4		0.106		N/A		N/A		0.106
Class R5		0.111		N/A		N/A		0.111
Class Y		0.114		N/A		N/A		0.114

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Target Retirement 2020 Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,193.30	$	1.38	$	1,000.00	$	1,023.95	$	1.28		0.25	%		184		365
Class R3	$	1,000.00	$	1,193.80	$	2.21	$	1,000.00	$	1,023.19	$	2.04		0.40			184		365
Class R4	$	1,000.00	$	1,194.90	$	0.55	$	1,000.00	$	1,024.70	$	0.51		0.10			184		365
Class R5	$	1,000.00	$	1,194.60	$	0.28	$	1,000.00	$	1,024.95	$	0.26		0.05			184		365
Class Y	$	1,000.00	$	1,194.60	$	0.28	$	1,000.00	$	1,024.95	$	0.26		0.05			184		365

23

The Hartford Target Retirement 2020 Fund

Shareholder Meeting Results (Unaudited)

The following proposal was addressed and approved during the period at a special meeting of shareholders held on July 16, 2009.

Proposal to approve Articles of Amendment of The Hartford Mutual Funds, Inc. and a Plan of Reclassification for The Hartford Target Retirement 2020 Fund whereby Class B shares will be reclassified as Class A shares.

Fund Name	For		Against		Abstain
The Hartford Target Retirement 2020 Fund – Class B shares		48,040.56		0		0

Proposal to approve Articles of Amendment of The Hartford Mutual Funds, Inc. and a Plan of Reclassification for The Hartford Target Retirement 2020 Fund whereby Class C shares will be reclassified as Class A shares.

Fund Name	For		Against		Abstain
The Hartford Target Retirement 2020 Fund – Class C shares		72,568.01		0		2,002.29

24

The Hartford Target Retirement 2020 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Target Retirement 2020 Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

25

The Hartford Target Retirement 2020 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the

26

Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

27

The Hartford Target Retirement 2020 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

28

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-40 12/09 MUT 8759 Printed in U.S.A. ^© 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford Target Retirement 2025 Fund

The Hartford Target Retirement 2025 Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Year Ended October 31, 2009 and for the One-Day Period Ended October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	24

The Hartford Target Retirement 2025 Fund inception 10/31/2008

(subadvised by Hartford Investment Management Company)	Investment objective — Seeks to maximize total return and
	secondarily, to seek capital preservation.

Performance Overview(1) 10/31/08 — 10/31/09
Growth of a $10,000 investment in Class R3

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2) (as of 10/31/09)

	1			Since
	Year			Inception
Target Retirement 2025 R3		17.44	%		17.44	%
Target Retirement 2025 R4		17.81	%		17.81	%
Target Retirement 2025 R5		17.92	%		17.92	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		13.79	%
S&P 500 Index		9.78	%		9.78	%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes R4 and R5 shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.

Portfolio Managers
Hugh Whelan, CFA	Edward C. Caputo, CFA
Managing Director	Vice President

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2025 Fund returned 17.44%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 9.78% and 13.79%, respectively, while the average return for the Lipper Mixed- Asset Target 2025 Funds, a group of funds with investment strategies similar to those of the Fund, was 16.92%.

Why did the Fund perform this way?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the

2

market — high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. After a difficult first half of the year, investor risk aversion fell significantly and the year ending October 31, 2009 finished strong.

During the period, the S&P 500 rose 9.8%. Across the different market capitalizations, mid-cap and large-cap stocks outperformed small-cap stocks. Within U.S. equities, the growth investment style outperformed value. In contrast to last year, international stocks outperformed U.S. stocks. Specifically, Emerging Markets stock, measured by the MSCI Emerging Markets Stock Index, posted the strongest results, up 64.6%. In March, investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter of 2009, with the S&P 500 rising 55% since the risk rally began in March. Within equities, investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and Russell Mid-Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 stocks outperformed their higher quality peers.

Generally, the Fund’s target asset allocation is set at approximately 76% equities and 24% fixed-income. The Fund’s strategic asset allocation decisions within equities contributed to the fund’s performance. Specifically, favorable allocations within international markets into emerging market, international small-cap stocks, and international real estate investment trusts (REITs) helped to offset an underweight (i.e. the Fund’s sector position was less than the benchmark position) to small and mid-cap stocks. The Fund benefited from our strategic asset allocation decisions within fixed income. The Fund’s allocations to intermediate-term bonds and Treasury Inflation-Protected Securities (TIPS) more than offset less favorable allocations to short-term bonds.

Beyond the asset allocation decision, we also add value by selecting the underlying mutual funds that will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s objectives and stated benchmark to see what it actually holds for securities and how it has behaved historically. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. During the year, our underlying fund selection enhanced relative performance (i.e. performance of the Fund as measured against the benchmark). A hard rebalance (i.e. a fund rebalancing to move the underlying fund investments to their target allocation percentages) was required in March 2009 to restore the Fund allocations back to their targets.

During the period, the Fund continued to utilize exchange-traded funds (ETFs) to obtain asset class exposures unavailable through The Hartford fund family. Doing so enables the Fund to capture additional opportunities, while also enhancing its diversification. Specifically, the Fund has set target allocations to ETFs that provide U.S. real estate and international real estate exposure.

What is the outlook?

While the risk rally that began in early March has pushed equities and other high risk asset classes higher around the world, we believe that the appreciation of equities and higher risk fixed income asset classes will be more muted following their dramatic recovery in the 2nd and 3rd quarters.

We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

Our view of the yield curve is consistent with low growth and low inflation and we expect yields to remain in their current ranges across the curve (10 year range of 3.2%-3.8%). In addition, we believe downward pressure on inflation has abated. However, slack in the economy means there is no near-term upward pressures on inflation. Longer maturities will likely remain in range despite continued concerns with supply pressures, inflation, dollar policy, and weak growth. We think the shape of the short end (3 months-3 years) of the curve already implies the imminent removal of accommodative monetary policy and despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

Going forward, the Fund is positioned with an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to small and large-cap international equities. High yield and floating rate notes exposure has been reduced to a more neutral weight as they are approaching fair value on the back of improved fundamentals. Lastly, we have reversed the underweight in inflation protected securities.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
SPDR DJ Wilshire International Real Estate ETF		1.3	%
SPDR DJ Wilshire REIT ETF		1.0
The Hartford Capital Appreciation Fund, Class Y		12.4
The Hartford Capital Appreciation II Fund, Class Y		1.8
The Hartford Dividend and Growth Fund, Class Y		6.0
The Hartford Equity Income Fund, Class Y		3.0
The Hartford Fundamental Growth Fund, Class Y		4.5
The Hartford Global Equity Fund, Class Y		2.4
The Hartford Global Growth Fund, Class Y		2.0
The Hartford Growth Fund, Class Y		2.5
The Hartford Growth Opportunities Fund, Class Y		1.6
The Hartford Inflation Plus Fund, Class Y		6.6
The Hartford International Opportunities Fund, Class Y		4.6
The Hartford International Small Company Fund, Class Y		6.7
The Hartford MidCap Fund, Class Y		2.0
The Hartford MidCap Growth Fund, Class Y		0.9
The Hartford MidCap Value Fund, Class Y		1.3
The Hartford Select MidCap Value Fund, Class Y		2.1
The Hartford Select SmallCap Value Fund, Class Y		2.3
The Hartford Short Duration Fund, Class Y		4.4
The Hartford Small Company Fund, Class Y		2.6
The Hartford SmallCap Growth Fund, Class Y		1.3
The Hartford Total Return Bond Fund, Class Y		12.7
The Hartford Value Fund, Class Y		12.2
The Hartford Value Opportunities Fund, Class Y		1.3
Other Assets and Liabilities		0.5
Total		100.0	%

3

The Hartford Target Retirement 2025 Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 97.2%
EQUITY FUNDS - 73.5%
	23	The Hartford Capital Appreciation Fund, Class Y			$	682
	9	The Hartford Capital Appreciation II Fund, Class Y●				98
	20	The Hartford Dividend and Growth Fund, Class Y				330
	15	The Hartford Equity Income Fund, Class Y				166
	26	The Hartford Fundamental Growth Fund, Class Y●				248
	16	The Hartford Global Equity Fund, Class Y				131
	8	The Hartford Global Growth Fund, Class Y●				110
	9	The Hartford Growth Fund, Class Y●				134
	4	The Hartford Growth Opportunities Fund, Class Y●				85
	19	The Hartford International Opportunities Fund, Class Y				252
	34	The Hartford International Small Company Fund, Class Y				366
	6	The Hartford MidCap Fund, Class Y●				108
	7	The Hartford MidCap Growth Fund, Class Y●				51
	8	The Hartford MidCap Value Fund, Class Y				68
	15	The Hartford Select MidCap Value Fund, Class Y				117
	16	The Hartford Select SmallCap Value Fund, Class Y				128
	10	The Hartford Small Company Fund, Class Y●				143
	3	The Hartford SmallCap Growth Fund, Class Y●				73
	70	The Hartford Value Fund, Class Y				670
	7	The Hartford Value Opportunities Fund, Class Y				69
		Total equity funds (cost $3,565)			$	4,029
FIXED INCOME FUNDS - 23.7%
	32	The Hartford Inflation Plus Fund, Class Y			$	363
	25	The Hartford Short Duration Fund, Class Y				243
	67	The Hartford Total Return Bond Fund, Class Y				696
		Total fixed income funds (cost $1,221)			$	1,302
		Total investments in affiliated investment companies (cost $4,786)			$	5,331
EXCHANGE TRADED FUNDS - 2.3%
	2	SPDR DJ Wilshire International Real Estate ETF			$	72
	1	SPDR DJ Wilshire REIT ETF				55
		Total exchange traded funds (cost $113)			$	127
		Total long-term investments (cost $4,899)			$	5,458
		Total investments (cost $4,899) ▲	99.5	%	$	5,458
		Other assets and liabilities	0.5	%		29
		Total net assets	100.0	%	$	5,487

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $4,900 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	559
Unrealized Depreciation		(1	)
Net Unrealized Appreciation	$	558

●	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Target Retirement 2025 Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009

(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	5,331	$	5,331	$	—	$	—
Exchange Traded Funds		127		127		—		—
Total	$	5,458	$	5,458	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2025 Fund

Statement of Assets and Liabilities

October 31, 2009

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $113)	$	127
Investments in underlying affiliated funds, at market value (cost $4,786)		5,331
Receivables:
Fund shares sold		1
Dividends and interest		3
Other assets		32
Total assets		5,494
Liabilities:
Payables:
Investment securities purchased		1
Fund shares redeemed		—
Investment management fees		—
Distribution fees		—
Accrued expenses		6
Total liabilities		7
Net assets	$	5,487
Summary of Net Assets:
Capital stock and paid-in-capital		4,924
Accumulated undistributed net investment income		30
Accumulated net realized loss on investments		(26	)
Unrealized appreciation of investments		559
Net assets	$	5,487
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	11.60
Shares outstanding		176
Net assets	$	2,046
Class R4: Net asset value per share	$	11.63
Shares outstanding		177
Net assets	$	2,060
Class R5: Net asset value per share	$	11.64
Shares outstanding		119
Net assets	$	1,381

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2025 Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Dividends	$	5
Dividends from underlying affiliated funds		67
Interest		—
Total investment income		72
Expenses:
Investment management fees		5
Administrative services fees		5
Transfer agent fees		—
Distribution fees
Class R3		6
Class R4		3
Custodian fees		1
Accounting services fees		—
Registration and filing fees		37
Board of Directors’ fees		1
Audit fees		5
Other expenses		3
Total expenses (before waivers)		66
Expense waivers		(59	)
Total waivers		(59	)
Total expenses, net		7
Net Investment Income		65
Net Realized Loss on Investments:
Net realized loss on investments in underlying affiliated funds		(26	)
Net realized gain on investments in securities		—
Net Realized Loss on Investments		(26	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		559
Net Changes in Unrealized Appreciation of Investments		559
Net Gain on Investments		533
Net Increase in Net Assets Resulting from Operations	$	598

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2025 Fund

Statement of Changes in Net Assets

(000’s Omitted)

				For the
	For the			One-Day
	Year Ended			Period Ended
	October 31, 2009			October 31, 2008*
Operations:
Net investment income	$	65		$	—
Net realized loss on investments		(26	)		—
Net unrealized appreciation of investments		559			—
Net Increase In Net Assets Resulting From Operations		598			—
Distributions to Shareholders:
From net investment income
Class R3		(11	)		—
Class R4		(12	)		—
Class R5		(12	)		—
Total distributions		(35	)		—
Capital Share Transactions:
Class R3		861			1,000
Class R4		856			1,000
Class R5		207			1,000
Net increase from capital share transactions		1,924			3,000
Net Increase In Net Assets		2,487			3,000
Net Assets:
Beginning of period		3,000			—
End of period	$	5,487		$	3,000
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	30		$	—

* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2025 Fund

Notes to Financial Statements

October 31, 2009

(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Target Retirement 2025 Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.
	The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange-traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).
2.	Significant Accounting Policies:
	The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.
b)	Security Valuation — Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.
	The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market

9

The Hartford Target Retirement 2025 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Indexed Securities - The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.

10

d)	Fund Share Valuation and Dividend Distributions to Shareholders - Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
e)	Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
f)	Indemnifications - Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)

Federal Income Taxes - For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) - Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

11

The Hartford Target Retirement 2025 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

c) Distributions and Components of Distributable Earnings - The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended
	October 31, 2009
Ordinary Income	$	35

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	30
Accumulated Capital Losses *		(25	)
Unrealized Appreciation †		558
Total Accumulated Earnings	$	563

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d)

Reclassification of Capital Accounts - The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund had no reclassifications.

e)

Capital Loss Carryforward - At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2017	$	25
Total	$	25

f) Accounting for Uncertainty in Income Taxes - Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement - Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

12

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class R3	Class R4	Class R5
1.20%	0.90%	0.85%

	Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.
d)	Distribution and Service Plan for Class R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50%. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
e)	Other Related Party Transactions - Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated in an amount that rounds to zero for providing such services. These fees are accrued daily and paid monthly.

13

The Hartford Target Retirement 2025 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R3		101
Class R4		101
Class R5		101

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	5,303
Sales Proceeds Excluding U.S. Government Obligations		378

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and for the one-day period ended October 31, 2008:

	For the Year Ended October 31, 2009											For the One-Day Period Ended October 31, 2008
			Shares					Shares						Shares				Shares
			Issued for					Issued		Net Increase				Issued for				Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares		from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed		Merger		Shares
Class R3
Shares		77		1		(2	)		—		76		100		—		—		—		100
Amount	$	867	$	11	$	(17	)	$	—	$	861	$	1,000	$	—	$	—	$	—	$	1,000
Class R4
Shares		79		1		(3	)		—		77		100		—		—		—		100
Amount	$	878	$	12	$	(34	)	$	—	$	856	$	1,000	$	—	$	—	$	—	$	1,000
Class R5
Shares		18		1		—			—		19		100		—		—		—		100
Amount	$	195	$	12	$	—		$	—	$	207	$	1,000	$	—	$	—	$	—	$	1,000

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

14

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15

The Hartford Target Retirement 2025 Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized														Net Increase
	Value at						and Unrealized		Total from		Dividends from			Distributions							(Decrease) in		Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on		Investment		Net Investment			from Realized		Distributions		Total			Net Asset		Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments		Operations		Income			Capital Gains		from Capital		Distributions			Value		of Period
From (commencement of operations) October 31, 2008 through October 31, 2009
R3	$	10.00	$	0.16	$	—	$	1.56	$	1.72	$	(0.12	)	$	—	$	—	$	(0.12	)	$	1.60	$	11.60
R4		10.00		0.18		—		1.57		1.75		(0.12	)		—		—		(0.12	)		1.63		11.63
R5		10.00		0.20		—		1.56		1.76		(0.12	)		—		—		(0.12	)		1.64		11.64

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

16

- Ratios and Supplemental Data -

		Ratio of Expenses to Average Net	Ratio of Expenses to Average Net	Ratio of Expenses to Average Net
	Net Assets at	Assets Before Waivers and	Assets After Waivers and	Assets After Waivers and	Ratio of Net
	End of Period	Reimbursements and Including	Reimbursements and Including	Reimbursements and Excluding	Investment Income to	Portfolio Turnover
Total Return(b)	(000’s)	Expenses not Subject to Cap(c)	Expenses not Subject to Cap(c)	Expenses not Subject to Cap(c)	Average Net Assets	Rate(d)
17.44%	$2,046	2.25%	0.42%	0.42%	1.73%	12%
17.81	2,060	1.94	0.12	0.12	1.99	—
17.92	1,381	1.71	0.07	0.07	2.09	—

17

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2025 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statements of operations, changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2025 Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations, the changes in its net assets, and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Target Retirement 2025 Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

The Hartford Target Retirement 2025 Fund

Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 - - 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

20

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov . The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Target Retirement 2025 Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class R3		0.115		N/A		N/A		0.115
Class R4		0.120		N/A		N/A		0.120
Class R5		0.120		N/A		N/A		0.120

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Target Retirement 2025 Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class R3	$	1,000.00	$	1,189.70	$	2.32	$	1,000.00	$	1,023.09	$	2.14		0.42	%		184		365
Class R4	$	1,000.00	$	1,192.80	$	0.66	$	1,000.00	$	1,024.60	$	0.61		0.12			184		365
Class R5	$	1,000.00	$	1,192.60	$	0.39	$	1,000.00	$	1,024.85	$	0.36		0.07			184		365

23

The Hartford Target Retirement 2025 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Target Retirement 2025 Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

24

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

25

The Hartford Target Retirement 2025 Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-41 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford Target Retirement 2030 Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Shareholder Meeting Results (Unaudited)	24
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	25

The Hartford Target Retirement 2030 Fund inception 09/30/2005

(subadvised by Hartford Investment Management Company) Investment objective – Seeks to maximize total return and
secondarily, to seek capital preservation.

Performance Overview(1) 9/30/05 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4) (as of 10/31/09)

	1			Since
	Year			Inception
Target Retirement 2030 A#		17.62	%		-0.71	%
Target Retirement 2030 A##		11.15	%		-2.07	%
Target Retirement 2030 R3#		17.37	%		-0.87	%
Target Retirement 2030 R4#		17.83	%		-0.62	%
Target Retirement 2030 R5#		17.68	%		-0.55	%
Target Retirement 2030 Y#		17.83	%		-0.43	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		5.72	%
S&P 500 Index		9.78	%		-2.03	%

#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	The initial investment in Class A shares reflects the maximum sales charge.

Portfolio Managers
Hugh Whelan, CFA	Edward C. Caputo, CFA
Managing Director	Vice President

How did the Fund perform?

The Class A shares of The Hartford Target Retirement 2030 Fund returned 17.62%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 9.78% and 13.79%, respectively, while the average return for the Lipper Mixed-Asset Target 2030 Funds, a group of funds with investment strategies similar to those of the Fund, was 17.12%.

Why did the Fund perform this way?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market — high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. After a difficult first half of the year, investor risk aversion fell significantly and the year ending October 31, 2009 finished strong.

2

During the period, the S&P 500 rose 9.8%. Across the different market capitalizations, mid-cap and large-cap stocks outperformed small-cap stocks. Within U.S. equities, the growth investment style outperformed value. In contrast to last year, international stocks outperformed U.S. stocks. Specifically, Emerging Markets stock, measured by the MSCI Emerging Markets Stock Index, posted the strongest results, up 64.6%. In March, investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter of 2009, with the S&P 500 rising 55% since the risk rally began in March. Within equities, investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and Russell Mid-Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 stocks outperformed their higher quality peers.

Generally, the Fund’s target asset allocation is set at approximately 81% equities and 19% fixed-income. The Fund’s strategic asset allocation decisions within equities contributed to the fund’s performance. Specifically, favorable allocations within international markets into emerging market, international small-cap stocks, and international real estate investment trusts (REITs) helped to offset an underweight (i.e. the Fund’s sector position was less than the benchmark position) to small and mid-cap stocks. The Fund benefited from our strategic asset allocation decisions within fixed income. The Fund’s allocations to intermediate-term bonds and Treasury Inflation-Protected Securities (TIPS) had a favorable impact on performance.

Beyond the asset allocation decision, we also add value by selecting the underlying mutual funds that will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s objectives and stated benchmark to see what it actually holds for securities and how it behaves historically. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. During the year, our underlying fund selection enhanced relative performance (i.e. performance of the Fund as measured against the benchmark). A hard rebalance (i.e. a fund rebalancing to move the underlying fund investments to their target allocation percentages) was required in March 2009 to restore the Fund allocations back to their targets.

During the period, the Fund continued to utilize exchange-traded funds (ETFs) to obtain asset class exposures unavailable through The Hartford fund family. Doing so enables the Fund to capture additional opportunities, while also enhancing its diversification. Specifically, the Fund has set target allocations to ETFs that provide U.S. real estate and international real estate exposure.

What is the outlook?

While the risk rally that began in early March has pushed equities and other high risk asset classes higher around the world, we believe that the appreciation of equities and higher risk fixed income asset classes will be more muted following their dramatic recovery in the 2nd and 3rd quarters. We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

Our view of the yield curve is consistent with low growth and low inflation and we expect yields to remain in their current ranges across the curve (10 year range of 3.2%-3.8%). In addition, we believe downward pressure on inflation has abated. However, slack in the economy means there is no near-term upward pressures on inflation. Longer maturities will likely remain in range despite continued concerns with supply pressures, inflation, dollar policy, and weak growth. We think the shape of the short end (3 months–3 years) of the curve already implies the imminent removal of accommodative monetary policy and despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

Going forward, the Fund is positioned with an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to small and large-cap international equities. High yield and floating rate notes exposure has been reduced to a more neutral weight as they are approaching fair value on the back of improved fundamentals. Lastly, we have reversed the underweight in inflation protected securities.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
SPDR DJ Wilshire International Real Estate ETF		1.0	%
SPDR DJ Wilshire REIT ETF		1.0
The Hartford Capital Appreciation Fund, Class Y		12.8
The Hartford Capital Appreciation II Fund, Class Y		2.5
The Hartford Disciplined Equity Fund, Class Y		4.2
The Hartford Dividend and Growth Fund, Class Y		3.7
The Hartford Equity Income Fund, Class Y		2.5
The Hartford Fundamental Growth Fund, Class Y		1.0
The Hartford Global Equity Fund, Class Y		1.0
The Hartford Global Growth Fund, Class Y		2.6
The Hartford Growth Fund, Class Y		3.8
The Hartford Growth Opportunities Fund, Class Y		2.5
The Hartford Inflation Plus Fund, Class Y		5.4
The Hartford International Opportunities Fund, Class Y		7.3
The Hartford International Small Company Fund, Class Y		4.3
The Hartford MidCap Fund, Class Y		1.4
The Hartford MidCap Growth Fund, Class Y		0.9
The Hartford MidCap Value Fund, Class Y		0.9
The Hartford Select MidCap Value Fund, Class Y		1.0
The Hartford Select SmallCap Value Fund, Class Y		4.1
The Hartford Short Duration Fund, Class Y		0.5
The Hartford Small Company Fund, Class Y		2.3
The Hartford SmallCap Growth Fund, Class Y		0.9
The Hartford Total Return Bond Fund, Class Y		13.3
The Hartford Value Fund, Class Y		17.2
The Hartford Value Opportunities Fund, Class Y		1.7
Other Assets and Liabilities		0.2
Total		100.0	%

3

The Hartford Target Retirement 2030 Fund

Schedule of Investments

October 31, 2009

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 97.8%
EQUITY FUNDS - 78.6%
	196	The Hartford Capital Appreciation Fund, Class Y				$	5,936
	108	The Hartford Capital Appreciation II Fund, Class Y•					1,180
	182	The Hartford Disciplined Equity Fund, Class Y					1,954
	106	The Hartford Dividend and Growth Fund, Class Y					1,718
	105	The Hartford Equity Income Fund, Class Y					1,140
	48	The Hartford Fundamental Growth Fund, Class Y•					452
	57	The Hartford Global Equity Fund, Class Y					460
	90	The Hartford Global Growth Fund, Class Y•					1,195
	125	The Hartford Growth Fund, Class Y•					1,764
	54	The Hartford Growth Opportunities Fund, Class Y•					1,168
	258	The Hartford International Opportunities Fund, Class Y					3,369
	185	The Hartford International Small Company Fund, Class Y					2,010
	36	The Hartford MidCap Fund, Class Y•					628
	53	The Hartford MidCap Growth Fund, Class Y•					401
	46	The Hartford MidCap Value Fund, Class Y					405
	63	The Hartford Select MidCap Value Fund, Class Y					482
	238	The Hartford Select SmallCap Value Fund, Class Y					1,893
	72	The Hartford Small Company Fund, Class Y•					1,075
	21	The Hartford SmallCap Growth Fund, Class Y•					440
	837	The Hartford Value Fund, Class Y					7,989
	74	The Hartford Value Opportunities Fund, Class Y					777
		Total equity funds (cost $38,998)				$	36,436
FIXED INCOME FUNDS - 19.2%
	219	The Hartford Inflation Plus Fund, Class Y				$	2,502
	24	The Hartford Short Duration Fund, Class Y					232
	595	The Hartford Total Return Bond Fund, Class Y					6,149
		Total fixed income funds (cost $8,539)				$	8,883
		Total investments in affiliated investment companies (cost $47,537)				$	45,319
EXCHANGE TRADED FUNDS - 2.0%
	14	SPDR DJ Wilshire International Real Estate ETF				$	466
	11	SPDR DJ Wilshire REIT ETF					480
		Total exchange traded funds (cost $949)				$	946
		Total long-term investments (cost $48,486)				$	46,265
		Total investments (cost $48,486) ▲	99.8	%		$	46,265
		Other assets and liabilities	0.2	%			85
		Total net assets	100.0	%		$	46,350

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $48,823 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,198
Unrealized Depreciation		(3,756	)
Net Unrealized Depreciation	$	(2,558	)

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Target Retirement 2030 Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009

(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	45,319	$	45,319	$	—	$	—
Exchange Traded Funds		946		946		—		—
Total	$	46,265	$	46,265	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2030 Fund

Statement of Assets and Liabilities

October 31, 2009

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $949)	$	946
Investments in underlying affiliated funds, at market value (cost $47,537)		45,319
Receivables:
Fund shares sold		74
Dividends and interest		26
Other assets		71
Total assets		46,436
Liabilities:
Payables:
Investment securities purchased		69
Fund shares redeemed		4
Investment management fees		1
Distribution fees		2
Accrued expenses		10
Total liabilities		86
Net assets	$	46,350
Summary of Net Assets:
Capital stock and paid-in-capital		50,250
Accumulated undistributed net investment income		287
Accumulated net realized loss on investments		(1,966	)
Unrealized depreciation of investments		(2,221	)
Net assets	$	46,350
Shares authorized		950,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	7.84/$8.30
Shares outstanding		2,181
Net assets	$	17,090
Class R3: Net asset value per share	$	7.77
Shares outstanding		413
Net assets	$	3,209
Class R4: Net asset value per share	$	7.83
Shares outstanding		2,547
Net assets	$	19,940
Class R5: Net asset value per share	$	7.84
Shares outstanding		776
Net assets	$	6,082
Class Y: Net asset value per share	$	7.86
Shares outstanding		4
Net assets	$	29

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2030 Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Dividends	$	34
Dividends from underlying affiliated funds		626
Interest		—
Total investment income		660
Expenses:
Investment management fees		50
Administrative services fees		27
Transfer agent fees		24
Distribution fees
Class A		34
Class B*		5
Class C*		6
Class R3		9
Class R4		32
Custodian fees		1
Accounting services fees		4
Registration and filing fees		62
Board of Directors’ fees		3
Audit fees		6
Other expenses		14
Total expenses (before waivers)		277
Expense waivers		(214	)
Transfer agent fee waivers		(2	)
Total waivers		(216	)
Total expenses, net		61
Net Investment Income		599
Net Realized Loss on Investments:
Net realized loss on investments in underlying affiliated funds		(1,425	)
Net Realized Loss on Investments		(1,425	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		7,568
Net Changes in Unrealized Appreciation of Investments		7,568
Net Gain on Investments		6,143
Net Increase in Net Assets Resulting from Operations	$	6,742

* Classes B and C were merged into Class A on July 24, 2009. Please refer to the Notes to Financial Statements for further details.

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2030 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	599		$	238
Net realized loss on investments		(1,425	)		(69	)
Net unrealized appreciation (depreciation) of investments		7,568			(11,227	)
Net Increase (Decrease) In Net Assets Resulting From Operations		6,742			(11,058	)
Distributions to Shareholders:
From net investment income
Class A		(211	)		(531	)
Class B*		(9	)		(17	)
Class C*		(11	)		(15	)
Class R3		(22	)		—
Class R4		(156	)		(34	)
Class R5		(60	)		—
Class Y		(1	)		(1	)
From net realized gain on investments
Class A		—			(147	)
Class B*		—			(5	)
Class C*		—			(4	)
Class R4		—			(7	)
Total distributions		(470	)		(761	)
Capital Share Transactions:
Class A		2,759	†		4,442
Class B*		(844	)‡		392
Class C*		(1,085	)§		727
Class R3		1,660			1,285
Class R4		9,657			9,923
Class R5		2,680			3,411
Class Y		1			2
Net increase from capital share transactions.		14,828			20,182
Net Increase In Net Assets		21,100			8,363
Net Assets:
Beginning of period		25,250			16,887
End of period	$	46,350		$	25,250
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	287		$	158

*	Classes B and C were merged into Class A on July 24, 2009. Please refer to the Notes to Financial Statements for further details.
†	Includes merger activity in the amount of $1,556.
‡	Includes merger activity in the amount of $(740).
§	Includes merger activity in the amount of $(816).

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2030 Fund

Notes to Financial Statements

October 31, 2009

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Target Retirement 2030 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange-traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income – Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.
b)	Security Valuation – Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.
	The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading

9

The Hartford Target Retirement 2030 Fund
Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 – Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Indexed Securities – The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.

10

d)	Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
e)	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
f)	Indemnifications – Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)

Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

11

The Hartford Target Retirement 2030 Fund
Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	470	$	684
Long-Term Capital Gains *		—		77

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	287
Accumulated Capital Losses *		(1,629	)
Unrealized Depreciation †		(2,558	)
Total Accumulated Deficit	$	(3,900	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d)

Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund had no reclassifications.

e)

Capital Loss Carryforward – At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	378
2017		1,251
Total	$	1,629

f) Accounting for Uncertainty in Income Taxes – Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in

12

accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class R3	Class R4	Class R5	Class Y
1.05%	1.20%	0.90%	0.85%	0.85%

	Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.
d)	Distribution and Service Plan for Class A, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $76 and contingent deferred sales charges of $1 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $8. These commissions are in turn paid to sales representatives of the broker/dealers.

13

The Hartford Target Retirement 2030 Fund
Notes to Financial Statements – (continued)
October 31, 2009
(000’s Omitted)

e)

Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $21 for providing such services. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class Y		4

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	20,267
Sales Proceeds Excluding U.S. Government Obligations		5,327

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009													For the Year Ended October 31, 2008
			Shares					Shares								Shares					Shares
			Issued for					Issued			Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from			(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger			Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		653		34		(583	)		211			315			722		67		(321	)		—		468
Amount	$	4,830	$	211	$	(3,838	)	$	1,556		$	2,759		$	6,668	$	677	$	(2,903	)	$	—	$	4,442
Class B
Shares		22		1		(12	)		(100	)		(89	)		52		2		(13	)		—		41
Amount	$	139	$	9	$	(252	)	$	(740	)	$	(844	)	$	482	$	22	$	(112	)	$	—	$	392
Class C
Shares		53		2		(56	)		(111	)		(112	)		94		2		(21	)		—		75
Amount	$	335	$	11	$	(615	)	$	(816	)	$	(1,085	)	$	883	$	19	$	(175	)	$	—	$	727
Class R3
Shares		363		3		(111	)		—			255			158		—		(1	)		—		157
Amount	$	2,449	$	22	$	(811	)	$	—		$	1,660		$	1,297	$	—	$	(12	)	$	—	$	1,285
Class R4
Shares		1,457		25		(53	)		—			1,429			1,267		4		(212	)		—		1,059
Amount	$	9,861	$	156	$	(360	)	$	—		$	9,657		$	11,848	$	41	$	(1,966	)	$	—	$	9,923
Class R5
Shares		452		10		(58	)		—			404			401		—		(30	)		—		371
Amount	$	3,036	$	60	$	(416	)	$	—		$	2,680		$	3,674	$	1	$	(264	)	$	—	$	3,411
Class Y
Shares		—		—		—			—			—			—		1		—			—		1
Amount	$	—	$	1	$	—		$	—		$	1		$	—	$	2	$	—		$	—	$	2

14

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		2	$	12
For the Year Ended October 31, 2008		—	$	—

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Class Mergers:
	At a Special Meeting of Shareholders held on July 16, 2009, the shareholders of the Fund approved the reclassification of Class B shares and Class C shares as Class A shares of the Fund.
	Effective with the close of business on July 24, 2009, Classes B and C were merged into Class A. The mergers were accomplished by tax-free exchanges as detailed below:

	Class A		Class B		Class C
Shares exchanged		N/A		100		111
Shares issued — to Class B shareholders		100		N/A		N/A
Shares issued — to Class C shareholders		111		N/A		N/A
Net assets immediately before merger	$	14,579	$	740	$	816
Net assets immediately after merger	$	16,135		N/A		N/A

10.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

15

The Hartford Target Retirement 2030 Fund

Financial Highlights

- Selected Per-Share Data (a) -
	Net Asset							Net Realized																		Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions									(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions			Total			Net Asset			Value at End
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital			Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A(f)	$	6.80	$	0.12		$	—	$	1.04		$	1.16		$	(0.12	)	$	—		$	—		$	(0.12	)	$	1.04		$	7.84
R3		6.77		0.10			—		1.04			1.14			(0.14	)		—			—			(0.14	)		1.00			7.77
R4		6.78		0.12			—		1.05			1.17			(0.12	)		—			—			(0.12	)		1.05			7.83
R5		6.80		0.13			—		1.04			1.17			(0.13	)		—			—			(0.13	)		1.04			7.84
Y		6.82		0.14			—		1.04			1.18			(0.14	)		—			—			(0.14	)		1.04			7.86
For the Year Ended October 31, 2008 (e)
A		10.92		0.13			—		(3.78	)		(3.65	)		(0.37	)		(0.10	)		—			(0.47	)		(4.12	)		6.80
R3		10.88		(0.01	)		—		(3.68	)		(3.69	)		(0.32	)		(0.10	)		—			(0.42	)		(4.11	)		6.77
R4		10.91		0.02			—		(3.67	)		(3.65	)		(0.38	)		(0.10	)		—			(0.48	)		(4.13	)		6.78
R5		10.93		0.03			—		(3.68	)		(3.65	)		(0.38	)		(0.10	)		—			(0.48	)		(4.13	)		6.80
Y		10.95		0.18			—		(3.82	)		(3.64	)		(0.39	)		(0.10	)		—			(0.49	)		(4.13	)		6.82
For the Year Ended October 31, 2007
A		9.36		0.15			—		1.55			1.70			(0.13	)		(0.01	)		—			(0.14	)		1.56			10.92
R3(g)		9.53		(0.01	)		—		1.36			1.35			—			—			—			—			1.35			10.88
R4(g)		9.53		—			—		1.38			1.38			—			—			—			—			1.38			10.91
R5(g)		9.53		0.05			—		1.35			1.40			—			—			—			—			1.40			10.93
Y		9.36		0.19			—		1.54			1.73			(0.13	)		(0.01	)		—			(0.14	)		1.59			10.95
For the Year Ended October 31, 2006 (e)
A		9.75		0.03			—		0.87			0.90			(0.49	)		—			(0.80	)		(1.29	)		(0.39	)		9.36
Y		9.75		0.10			—		0.84			0.94			(0.53	)		—			(0.80	)		(1.33	)		(0.39	)		9.36
From (commencement of operations) September 30, 2005, through October 31, 2005
A(j)		10.00		0.01			—		(0.26	)		(0.25	)		—			—			—			—			(0.25	)		9.75
Y(j)		10.00		0.01			—		(0.26	)		(0.25	)		—			—			—			—			(0.25	)		9.75

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Classes B and C were merged into Class A on July 24, 2009 (See Class Mergers in the accompanying Notes to Financial Statements).
(g)	Commenced operations on December 22, 2006.
(h)	Not annualized.
(i)	Annualized.
(j)	Commenced operations on September 30, 2005.

16

- Ratios and Supplemental Data -
					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
	17.45	%	$	17,090		0.81	%		0.24	%		0.24	%		1.80	%		16	%
	17.37			3,209		1.15			0.39			0.39			1.42			—
	17.66			19,940		0.82			0.09			0.09			1.79			—
	17.68			6,082		0.52			0.04			0.04			1.90			—
	17.83			29		0.43			0.04			0.04			2.08			—
	(34.83	)		12,679		0.86			0.51			0.51			1.43			35
	(35.18	)		1,070		1.25			0.86			0.86			(0.10	)		—
	(34.87	)		7,578		0.89			0.54			0.54			0.17			—
	(34.82	)		2,530		0.58			0.22			0.22			0.33			—
	(34.69	)		25		0.54			0.19			0.19			1.89			—
	18.34			15,260		1.45			0.54			0.54			0.75			23
	14.17	(h)		11		1.90	(i)		0.94	(i)		0.94	(i)		(0.06	) (i)		—
	14.48	(h)		640		1.54	(i)		0.64	(i)		0.64	(i)		0.29	(i)		—
	14.69	(h)		11		1.30	(i)		0.34	(i)		0.34	(i)		0.54	(i)		—
	18.60			38		1.12			0.24			0.24			1.90			—
	10.00			1,857		14.20			0.53			0.53			0.37			19
	10.40			32		13.67			0.21			0.21			1.10			—
	(2.50	) (h)		10		0.69	(i)		0.48	(i)		0.48	(i)		0.76	(i)		14
	(2.50	) (h)		10		0.34	(i)		0.19	(i)		0.19	(i)		1.05	(i)		—

17

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2030 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2030 Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Target Retirement 2030 Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

The Hartford Target Retirement 2030 Fund
Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009)) Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

20

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Target Retirement 2030 Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	6.00	%
Other Direct Federal Obligations*	1.00	%
Other Securities	93.00	%
Total	100.00	%
DRD†	85.00	%
QDI‡	90.00	%
QII§	45.00	%

*	The income received from federal obligations.
†	Income distributions, taxable as dividend income which qualify for deduction by corporations.
‡	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.
§	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.116		N/A		N/A		0.116
Class B		0.091		N/A		N/A		0.091
Class C		0.081		N/A		N/A		0.081
Class R3		0.140		N/A		N/A		0.140
Class R4		0.117		N/A		N/A		0.117
Class R5		0.129		N/A		N/A		0.129
Class Y		0.140		N/A		N/A		0.140

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Target Retirement 2030 Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,195.10	$	1.38	$	1,000.00	$	1,023.95	$	1.28		0.25	%		184		365
Class R3	$	1,000.00	$	1,193.50	$	2.16	$	1,000.00	$	1,023.24	$	1.99		0.39			184		365
Class R4	$	1,000.00	$	1,197.20	$	0.55	$	1,000.00	$	1,024.70	$	0.51		0.10			184		365
Class R5	$	1,000.00	$	1,196.90	$	0.28	$	1,000.00	$	1,024.95	$	0.26		0.05			184		365
Class Y	$	1,000.00	$	1,196.30	$	0.28	$	1,000.00	$	1,024.95	$	0.26		0.05			184		365

23

The Hartford Target Retirement 2030 Fund

Shareholder Meeting Results (Unaudited)

The following proposal was addressed and approved during the period at a special meeting of shareholders held on July 16, 2009.

Proposal to approve Articles of Amendment of The Hartford Mutual Funds, Inc. and a Plan of Reclassification for The Hartford Target Retirement 2030 Fund whereby Class B shares will be reclassified as Class A shares.

Fund Name	For		Against		Abstain
The Hartford Target Retirement 2030 Fund – Class B shares		53,974.38		587.13		3,274.15

Proposal to approve Articles of Amendment of The Hartford Mutual Funds, Inc. and a Plan of Reclassification for The Hartford Target Retirement 2030 Fund whereby Class C shares will be reclassified as Class A shares.

Fund Name	For		Against		Abstain
The Hartford Target Retirement 2030 Fund – Class C shares		70,145.03		0		479.30

24

The Hartford Target Retirement 2030 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Target Retirement 2030 Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

25

The Hartford Target Retirement 2030 Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the

26

Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

27

The Hartford Target Retirement 2030 Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

28

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-42 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford Target Retirement 2035 Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Year Ended October 31, 2009 and for the One-Day Period Ended October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	24

The Hartford Target Retirement 2035 Fund inception 10/31/2008

(subadvised by Hartford Investment Management Company) Investment objective — Seeks to maximize total return and secondarily, to seek capital preservation.

Performance Overview(1) 10/31/08 — 10/31/09
Growth of a $10,000 investment in Class R3

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2) (as of 10/31/09)

	1			Since
	Year			Inception
Target Retirement 2035 R3		17.72	%		17.72	%
Target Retirement 2035 R4		18.09	%		18.09	%
Target Retirement 2035 R5		18.10	%		18.10	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		13.79	%
S&P 500 Index		9.78	%		9.78	%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes R4 and R5 shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.

Portfolio Managers
Hugh Whelan, CFA	Edward C. Caputo, CFA
Managing Director	Vice President
How did the Fund perform?
The Class R3 shares of The Hartford Target Retirement 2035 Fund returned 17.72%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 9.78% and 13.79%, respectively, while the average return for the Lipper Mixed- Asset Target 2035 Funds, a group of funds with investment strategies similar to those of the Fund, was 16.94%.
Why did the Fund perform this way?
Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market — high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. After a difficult first half of the year, investor risk aversion fell significantly and the year ending October 31, 2009 finished strong.

2

During the period, the S&P 500 rose 9.8%. Across the different market capitalizations, mid-cap and large-cap stocks outperformed small-cap stocks. Within U.S. equities, the growth investment style outperformed value. In contrast to last year, international stocks outperformed U.S. stocks. Specifically, Emerging Markets stock, measured by the MSCI Emerging Markets Stock Index, posted the strongest results, up 64.6%. In March, investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter of 2009, with the S&P 500 rising 55% since the risk rally began in March. Within equities, investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and Russell Mid-Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 stocks outperformed their higher quality peers.

Generally, the Fund’s target asset allocation is set at approximately 87% equities and 13% fixed-income. The Fund’s strategic asset allocation decisions within equities contributed to the Fund’s performance. Specifically, favorable allocations within international markets into emerging market, international small-cap stocks, and international real estate investment trusts (REITs) helped to offset an underweight (i.e. the Fund’s sector position was less than the benchmark position) to small and mid-cap stocks. The Fund benefited from our strategic asset allocation decisions within fixed income. Allocations to Treasury Inflation-Protected Securities (TIPS) and intermediate-term bonds more than offset less favorable allocations to short-term bonds.

Beyond the asset allocation decision, we also add value by selecting the underlying mutual funds that will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s objectives and stated benchmark to see what it actually holds for securities and how it has behaved historically. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. During the year, our underlying fund selection enhanced relative performance (i.e. performance of the Fund as measured against the benchmark). A hard rebalance (i.e. a fund rebalancing to move the underlying fund investments to their target allocation percentages) was required in March 2009 to restore the portfolio allocations back to their targets.

During the period, the Fund continued to utilize exchange-traded funds (ETFs) to obtain asset class exposures unavailable through The Hartford fund family. Doing so enables the Fund to capture additional opportunities, while also enhancing its diversification. Specifically, the Fund has set target allocations to ETFs that provide U.S. real estate and international real estate exposure.

What is the outlook?

While the risk rally that began in early March has pushed equities and other high risk asset classes higher around the world, we believe that the appreciation of equities and higher risk fixed income asset classes will be more muted following their dramatic recovery in the 2nd and 3rd quarters. We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

Our view of the yield curve is consistent with low growth and low inflation and we expect yields to remain in their current ranges across the curve (10 year range of 3.2% - 3.8%). In addition, we believe downward pressure on inflation has abated. However, slack in the economy means there is no near-term upward pressures on inflation. Longer maturities will likely remain in range despite continued concerns with supply pressures, inflation, dollar policy, and weak growth. We think the shape of the short end (3 months — 3 years) of the curve already implies the imminent removal of accommodative monetary policy and despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

Going forward, the portfolio is positioned with an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to small and large-cap international equities. High yield and floating rate notes exposure has been reduced to a more neutral weight as they are approaching fair value on the back of improved fundamentals. Lastly, we have reversed the underweight in inflation protected securities.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
SPDR DJ Wilshire International Real Estate ETF		1.8	%
SPDR DJ Wilshire REIT ETF		1.3
The Hartford Capital Appreciation Fund, Class Y		14.5
The Hartford Capital Appreciation II Fund, Class Y		4.5
The Hartford Disciplined Equity Fund, Class Y		2.2
The Hartford Dividend and Growth Fund, Class Y		1.2
The Hartford Equity Income Fund, Class Y		2.3
The Hartford Fundamental Growth Fund, Class Y		3.2
The Hartford Global Equity Fund, Class Y		3.0
The Hartford Global Growth Fund, Class Y		1.9
The Hartford Growth Fund, Class Y		4.4
The Hartford Growth Opportunities Fund, Class Y		1.7
The Hartford Inflation Plus Fund, Class Y		4.5
The Hartford International Opportunities Fund, Class Y		5.9
The Hartford International Small Company Fund, Class Y		6.8
The Hartford MidCap Fund, Class Y		0.3
The Hartford MidCap Growth Fund, Class Y		1.6
The Hartford MidCap Value Fund, Class Y		2.6
The Hartford Select MidCap Value Fund, Class Y		0.8
The Hartford Select SmallCap Value Fund, Class Y		2.4
The Hartford Short Duration Fund, Class Y		1.1
The Hartford Small Company Fund, Class Y		4.2
The Hartford SmallCap Growth Fund, Class Y		2.2
The Hartford Total Return Bond Fund, Class Y		7.4
The Hartford Value Fund, Class Y		14.7
The Hartford Value Opportunities Fund, Class Y		2.9
Other Assets and Liabilities		0.6
Total		100.0	%

3

The Hartford Target Retirement 2035 Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount			Market Value ╪
AFFILIATED INVESTMENT COMPANIES – 96.3%
EQUITY FUNDS – 83.3%
	21	The Hartford Capital Appreciation Fund, Class Y	$	649
	18	The Hartford Capital Appreciation II Fund, Class Y		200
	9	The Hartford Disciplined Equity Fund, Class Y•		100
	3	The Hartford Dividend and Growth Fund, Class Y		54
	10	The Hartford Equity Income Fund, Class Y		103
	15	The Hartford Fundamental Growth Fund, Class Y•		143
	17	The Hartford Global Equity Fund, Class Y		133
	6	The Hartford Global Growth Fund, Class Y•		85
	14	The Hartford Growth Fund, Class Y•		198
	4	The Hartford Growth Opportunities Fund, Class Y•		78
	20	The Hartford International Opportunities Fund, Class Y		264
	28	The Hartford International Small Company Fund, Class Y		304
	1	The Hartford MidCap Fund, Class Y•		13
	10	The Hartford MidCap Growth Fund, Class Y•		74
	13	The Hartford MidCap Value Fund, Class Y		115
	5	The Hartford Select MidCap Value Fund, Class Y		35
	14	The Hartford Select SmallCap Value Fund, Class Y		110
	12	The Hartford Small Company Fund, Class Y•		187
	5	The Hartford SmallCap Growth Fund, Class Y		98
	69	The Hartford Value Fund, Class Y		657
	12	The Hartford Value Opportunities Fund, Class Y		130
		Total equity funds (cost $3,241)	$	3,730
FIXED INCOME FUNDS – 13.0%
	18	The Hartford Inflation Plus Fund, Class Y	$	203
	5	The Hartford Short Duration Fund, Class Y		50
	32	The Hartford Total Return Bond Fund, Class Y		334
		Total fixed income funds (cost $539)	$	587
		Total investments in affiliated investment Companies (cost $3,780)	$	4,317
EXCHANGE TRADED FUNDS – 3.1%
	2	SPDR DJ Wilshire International Real Estate ETF	$	79
	1	SPDR DJ Wilshire REIT ETF		60
		Total exchange traded funds (cost $124)	$	139
		Total long-term investments (cost $3,904)	$	4,456

Total investments (cost $3,904)▲	99.4	%	$	4,456
Other assets and liabilities	0.6	%		27
Total net assets	100.0	%	$	4,483

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $3,905 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	557
Unrealized Depreciation		(6	)
Net Unrealized Appreciation	$	551

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Target Retirement 2035 Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	4,317	$	4,317	$	—	$	—
Exchange Traded Funds		139		139		—		—
Total	$	4,456	$	4,456	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2035 Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $124)	$	139
Investments in underlying affiliated funds, at market value (cost $3,780)		4,317
Receivables:
Investment securities sold		11
Fund shares sold		—
Dividends and interest		2
Other assets		31
Total assets		4,500
Liabilities:
Payables:
Fund shares redeemed		11
Investment management fees		—
Distribution fees		—
Accrued expenses		6
Total liabilities		17
Net assets	$	4,483
Summary of Net Assets:
Capital stock and paid-in-capital		3,949
Accumulated undistributed net investment income		19
Accumulated net realized loss on investments		(37	)
Unrealized appreciation of investments		552
Net assets	$	4,483
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	11.63
Shares outstanding		130
Net assets	$	1,508
Class R4: Net asset value per share	$	11.66
Shares outstanding		152
Net assets	$	1,777
Class R5: Net asset value per share	$	11.66
Shares outstanding		103
Net assets	$	1,198

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2035 Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	6
Dividends from underlying affiliated funds		53
Interest		—
Total investment income		59
Expenses:
Investment management fees		5
Administrative services fees		5
Transfer agent fees		—
Distribution fees
Class R3		5
Class R4		3
Custodian fees		1
Accounting services fees		—
Registration and filing fees		37
Board of Directors’ fees		1
Audit fees		5
Other expenses		3
Total expenses (before waivers)		65
Expense waivers		(60	)
Total waivers		(60	)
Total expenses, net		5
Net Investment Income		54
Net Realized Loss on Investments:
Net realized loss on investments in underlying affiliated funds		(37	)
Net realized gain on investments in securities		—
Net Realized Loss on Investments		(37	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		552
Net Changes in Unrealized Appreciation of Investments		552
Net Gain on Investments		515
Net Increase in Net Assets Resulting from Operations	$	569

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2035 Fund

Statement of Changes in Net Assets
(000’s Omitted)

				For the
	For the			One-Day
	Year Ended			Period Ended
	October 31, 2009			October 31, 2008*
Operations:
Net investment income	$	54		$	—
Net realized loss on investments		(37	)		—
Net unrealized appreciation of investments		552			—
Net Increase In Net Assets Resulting From Operations		569			—
Distributions to Shareholders:
From net investment income
Class R3		(11	)		—
Class R4		(12	)		—
Class R5		(12	)		—
Total distributions		(35	)		—
Capital Share Transactions:
Class R3		338			1,000
Class R4		583			1,000
Class R5		28			1,000
Net increase from capital share transactions		949			3,000
Net Increase In Net Assets		1,483			3,000
Net Assets:
Beginning of period		3,000			—
End of period	$	4,483		$	3,000
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	19		$	—

^* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2035 Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Target Retirement 2035 Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.
	The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange-traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).
2.	Significant Accounting Policies:
	The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.
b)	Security Valuation — Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.
	The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market

9

The Hartford Target Retirement 2035 Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.

10

d)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
e)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
f)	Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

11

The Hartford Target Retirement 2035 Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended
	October 31, 2009
Ordinary Income	$	35

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	19
Accumulated Capital Losses *		(36	)
Unrealized Appreciation †		551
Total Accumulated Earnings	$	534

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund had no reclassifications.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2017	$	36
Total	$	36

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

12

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class R3	Class R4	Class R5
1.20%	0.90%	0.85%

	Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.
d)	Distribution and Service Plan for Class R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50%. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
e)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated in an amount that rounds to zero for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

13

The Hartford Target Retirement 2035 Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R3		101
Class R4		101
Class R5		101

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	4,388
Sales Proceeds Excluding U.S. Government Obligations		447

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and for the one-day period ended October 31, 2008:

	For the Year Ended October 31, 2009											For the One-Day Period Ended October 31, 2008
			Shares					Shares						Shares				Shares
			Issued for					Issued		Net Increase				Issued for				Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares		from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed		Merger		Shares
Class R3
Shares		31		1		(2	)		—		30		100		—		—		—		100
Amount	$	353	$	11	$	(26	)	$	—	$	338	$	1,000	$	—	$	—	$	—	$	1,000
Class R4
Shares		55		1		(4	)		—		52		100		—		—		—		100
Amount	$	621	$	12	$	(50	)	$	—	$	583	$	1,000	$	—	$	—	$	—	$	1,000
Class R5
Shares		2		1		—			—		3		100		—		—		—		100
Amount	$	16	$	12	$	—		$	—	$	28	$	1,000	$	—	$	—	$	—	$	1,000

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

14

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15

The Hartford Target Retirement 2035 Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized														Net Increase
	Value at						and Unrealized		Total from		Dividends from			Distributions							(Decrease) in		Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on		Investment		Net Investment			from Realized		Distributions		Total			Net Asset		Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments		Operations		Income			Capital Gains		from Capital		Distributions			Value		of Period
From (commencement of operations) October 31, 2008 through October 31, 2009
R3	$	10.00	$	0.15	$	—	$	1.59	$	1.74	$	(0.11	)	$	—	$	—	$	(0.11	)	$	1.63	$	11.63
R4		10.00		0.17		—		1.61		1.78		(0.12	)		—		—		(0.12	)		1.66		11.66
R5		10.00		0.18		—		1.60		1.78		(0.12	)		—		—		(0.12	)		1.66		11.66

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

16

- Ratios and Supplemental Data -

			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
	Net Assets at		Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net
	End of Period		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio Turnover
Total Return(b)	(000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Rate(d)
17.72%	$	1,508		2.35	%		0.37	%		0.37	%		1.50	%		15	%
18.09		1,777		2.03			0.07			0.07			1.75			—
18.10		1,198		1.77			0.02			0.02			1.84			—

17

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2035 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statements of operations, changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2035 Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations, the changes in its net assets, and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Target Retirement 2035 Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

The Hartford Target Retirement 2035 Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

20

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Target Retirement 2035 Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class R3		0.112		N/A		N/A		0.112
Class R4		0.117		N/A		N/A		0.117
Class R5		0.118		N/A		N/A		0.118

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Target Retirement 2035 Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class R3	$	1,000.00	$	1,206.40	$	2.06	$	1,000.00	$	1,023.34	$	1.89		0.37	%		184		365
Class R4	$	1,000.00	$	1,208.30	$	0.39	$	1,000.00	$	1,024.85	$	0.36		0.07			184		365
Class R5	$	1,000.00	$	1,208.30	$	0.17	$	1,000.00	$	1,025.05	$	0.15		0.03			184		365

23

The Hartford Target Retirement 2035 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Target Retirement 2035 Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

24

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets

25

The Hartford Target Retirement 2035 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-43 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

The Hartford Target Retirement 2040 Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Year Ended October 31, 2009 and for the One-Day Period Ended October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	24

The Hartford Target Retirement 2040 Fund inception 10/31/2008
(subadvised by Hartford Investment Management Company)

Investment objective — Seeks to maximize total return and
secondarily, to seek capital preservation.

Performance Overview(1) 10/31/08 — 10/31/09
Growth of a $10,000 investment in Class R3

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2) (as of 10/31/09)

	1			Since
	Year			Inception
Target Retirement 2040 R3		17.34	%		17.34	%
Target Retirement 2040 R4		17.70	%		17.70	%
Target Retirement 2040 R5		17.81	%		17.81	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		13.79	%
S&P 500 Index		9.78	%		9.78	%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes R4 and R5 shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.

Portfolio Managers
Hugh Whelan, CFA	Edward C. Caputo, CFA
Managing Director	Vice President

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2040 Fund returned 17.34%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 9.78% and 13.79%, respectively, while the average return for the Lipper Mixed-Asset Target 2040 Funds, a group of funds with investment strategies similar to those of the Fund, was 16.98%.

Why did the Fund perform this way?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market — high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. After a difficult first half of the year, investor risk aversion fell significantly and the year ending October 31, 2009 finished strong.

2

During the period, the S&P 500 rose 9.8%. Across the different market capitalizations, mid-cap and large-cap stocks outperformed small-cap stocks. Within U.S. equities, the growth investment style outperformed value. In contrast to last year, international stocks outperformed U.S. stocks. Specifically, Emerging Markets stock, measured by the MSCI Emerging Markets Stock Index, posted the strongest results, up 64.6%. In March, investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter of 2009, with the S&P 500 rising 55% since the risk rally began in March. Within equities, investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and Russell Mid-Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 stocks outperformed their higher quality peers.

Generally, the Fund’s target asset allocation is set at approximately 91% equities and 9% fixed-income. The Fund’s strategic asset allocation decisions within equities contributed to the Fund’s performance. Specifically, favorable allocations within international markets into emerging market, international small-cap stocks, and international real estate investment trust (REITs) helped to offset an underweight (i.e. the Fund’s sector position was less than the benchmark position) to small and mid-cap stocks. The Fund benefited from our strategic asset allocation decisions within fixed income. Allocations to Treasury Inflation-Protected Securities (TIPS) and intermediate-term bonds more than offset less favorable allocations to short-term bonds.

Beyond the asset allocation decision, we also add value by selecting the underlying mutual funds that will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking through each underlying fund’s objectives and stated benchmark to see what it actually holds and how it has behaved historically. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. During the year, our underlying fund selection enhanced relative performance (i.e. performance of the Fund as measured against the benchmark). A hard rebalance (i.e. a fund rebalancing to move the underlying fund investments to their target allocation percentages) was required in March 2009 to restore the Fund allocations back to their targets.

During the period, the Fund continued to utilize exchange-traded funds (ETFs) to obtain asset class exposures unavailable through The Hartford fund family. Doing so enables the Fund to capture additional opportunities, while also enhancing its diversification. Specifically, the Fund has set target allocations to ETFs that provide U.S. real estate and international real estate exposure.

What is the outlook?

While the risk rally that began in early March has pushed equities and other high risk asset classes higher around the world, we believe that the appreciation of equities and higher risk fixed income asset classes will be more muted following their dramatic recovery in the 2nd and 3rd quarters. We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

Our view of the yield curve is consistent with low growth and low inflation and we expect yields to remain in their current ranges across the curve (10 year range of 3.2% - 3.8%). In addition, we believe downward pressure on inflation has abated. However, slack in the economy means there is no near-term upward pressures on inflation. Longer maturities will likely remain in range despite continued concerns with supply pressures, inflation, dollar policy, and weak growth. We think the shape of the short end (3 months — 3 years) of the curve already implies the imminent removal of accommodative monetary policy and despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

Going forward, the Fund is positioned with an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to small and large-cap international equities. High yield and floating rate notes exposure has been reduced to a more neutral weight as they are approaching fair value on the back of improved fundamentals. Lastly, we have reversed the underweight in inflation protected securities.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
SPDR DJ Wilshire International Real Estate ETF		1.9	%
SPDR DJ Wilshire REIT ETF		1.4
The Hartford Capital Appreciation Fund, Class Y		14.8
The Hartford Capital Appreciation II Fund, Class Y		4.6
The Hartford Dividend and Growth Fund, Class Y		1.3
The Hartford Equity Income Fund, Class Y		4.6
The Hartford Fundamental Growth Fund, Class Y		3.2
The Hartford Global Equity Fund, Class Y		2.1
The Hartford Global Growth Fund, Class Y		0.2
The Hartford Growth Fund, Class Y		5.3
The Hartford Growth Opportunities Fund, Class Y		2.0
The Hartford Inflation Plus Fund, Class Y		4.3
The Hartford International Opportunities Fund, Class Y		9.1
The Hartford International Small Company Fund, Class Y		6.7
The Hartford MidCap Fund, Class Y		0.8
The Hartford MidCap Growth Fund, Class Y		1.1
The Hartford MidCap Value Fund, Class Y		1.5
The Hartford Select MidCap Value Fund, Class Y		2.6
The Hartford Select SmallCap Value Fund, Class Y		2.9
The Hartford Small Company Fund, Class Y		5.0
The Hartford Total Return Bond Fund, Class Y		5.0
The Hartford Value Fund, Class Y		17.7
The Hartford Value Opportunities Fund, Class Y		1.2
Other Assets and Liabilities		0.7
Total		100.0	%

3

The Hartford Target Retirement 2040 Fund

Schedule of Investments
October 31, 2009

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 96.0%
EQUITY FUNDS - 86.7%
	21	The Hartford Capital Appreciation Fund, Class Y			$	630
	18	The Hartford Capital Appreciation II Fund, Class Y •				195
	3	The Hartford Dividend and Growth Fund, Class Y				53
	18	The Hartford Equity Income Fund, Class Y				195
	15	The Hartford Fundamental Growth Fund, Class Y •				138
	11	The Hartford Global Equity Fund, Class Y				91
	—	The Hartford Global Growth Fund, Class Y •				7
	16	The Hartford Growth Fund, Class Y •				226
	4	The Hartford Growth Opportunities Fund, Class Y •				86
	30	The Hartford International Opportunities Fund, Class Y				388
	26	The Hartford International Small Company Fund, Class Y				284
	2	The Hartford MidCap Fund, Class Y •				32
	6	The Hartford MidCap Growth Fund, Class Y •				47
	7	The Hartford MidCap Value Fund, Class Y				62
	14	The Hartford Select MidCap Value Fund, Class Y				110
	16	The Hartford Select SmallCap Value Fund, Class Y				125
	14	The Hartford Small Company Fund, Class Y •				212
	79	The Hartford Value Fund, Class Y				753
	5	The Hartford Value Opportunities Fund, Class Y				51
		Total equity funds (cost $3,210)			$	3,685
FIXED INCOME FUNDS - 9.3%
	16	The Hartford Inflation Plus Fund, Class Y			$	183
	20	The Hartford Total Return Bond Fund, Class Y				212
		Total fixed income funds (cost $363)			$	395
		Total investments in affiliated investment companies (cost $3,573)			$	4,080
EXCHANGE TRADED FUNDS - 3.3%
	2	SPDR DJ Wilshire International Real Estate ETF			$	83
	1	SPDR DJ Wilshire REIT ETF				60
		Total exchange traded funds (cost $128)			$	143
		Total long-term investments (cost $3,701)			$	4,223
		Total investments (cost $3,701) ▲	99.3	%	$	4,223
		Other assets and liabilities	0.7	%		28
		Total net assets	100.0	%	$	4,251

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $3,702 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	522
Unrealized Depreciation		(1	)
Net Unrealized Appreciation	$	521

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Target Retirement 2040 Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	4,080	$	4,080	$	—	$	—
Exchange Traded Funds		143		143		—		—
Total	$	4,223	$	4,223	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2040 Fund

Statement of Assets and Liabilities
October 31, 2009

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $128)	$	143
Investments in underlying affiliated funds, at market value (cost $3,573)		4,080
Receivables:
Investment securities sold		3
Fund shares sold		—
Dividends and interest		1
Other assets		33
Total assets		4,260
Liabilities:
Payables:
Fund shares redeemed		3
Investment management fees		—
Distribution fees		—
Accrued expenses		6
Total liabilities		9
Net assets	$	4,251
Summary of Net Assets:
Capital stock and paid-in-capital		3,745
Accumulated undistributed net investment income		18
Accumulated net realized loss on investments		(34	)
Unrealized appreciation of investments		522
Net assets	$	4,251
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	11.59
Shares outstanding		112
Net assets	$	1,301
Class R4: Net asset value per share	$	11.62
Shares outstanding		140
Net assets	$	1,629
Class R5: Net asset value per share	$	11.63
Shares outstanding		114
Net assets	$	1,321

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2040 Fund

Statement of Operations
For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Dividends	$	6
Dividends from underlying affiliated funds		51
Interest		—
Total investment income		57
Expenses:
Investment management fees		4
Administrative services fees		5
Transfer agent fees		—
Distribution fees
Class R3		5
Class R4		3
Custodian fees		1
Accounting services fees		—
Registration and filing fees		37
Board of Directors’ fees		1
Audit fees		5
Other expenses		4
Total expenses (before waivers)		65
Expense waivers		(61	)
Total waivers		(61	)
Total expenses, net		4
Net Investment Income		53
Net Realized Loss on Investments:
Net realized loss on investments in underlying affiliated funds		(34	)
Net realized gain on investments in securities		—
Net Realized Loss on Investments		(34	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		522
Net Changes in Unrealized Appreciation of Investments		522
Net Gain on Investments		488
Net Increase in Net Assets Resulting from Operations	$	541

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2040 Fund

Statement of Changes in Net Assets

(000’s Omitted)

				For the
	For the			One-Day
	Year Ended			Period Ended
	October 31, 2009			October 31, 2008*
Operations:
Net investment income	$	53		$	—
Net realized loss on investments		(34	)		—
Net unrealized appreciation of investments		522			—
Net Increase In Net Assets Resulting From Operations		541			—
Distributions to Shareholders:
From net investment income
Class R3		(11	)		—
Class R4		(12	)		—
Class R5		(12	)		—
Total distributions		(35	)		—
Capital Share Transactions:
Class R3		134			1,000
Class R4		457			1,000
Class R5		154			1,000
Net increase from capital share transactions		745			3,000
Net Increase In Net Assets		1,251			3,000
Net Assets:
Beginning of period		3,000			—
End of period	$	4,251		$	3,000
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	18		$	—

^* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2040 Fund

Notes to Financial Statements October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Target Retirement 2040 Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.
	The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange-traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).
2.	Significant Accounting Policies:
	The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.
b)	Security Valuation — Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.
	The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading

9

The Hartford Target Retirement 2040 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.

10

d)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
e)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
f)	Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

11

The Hartford Target Retirement 2040 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended
	October 31, 2009
Ordinary Income	$	35

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	18
Accumulated Capital Losses *		(33	)
Unrealized Appreciation †		521
Total Accumulated Earnings	$	506

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund had no reclassifications.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2017	$	33
Total	$	33

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

12

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class R3	Class R4	Class R5
1.20%	0.90%	0.85%

	Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.
d)	Distribution and Service Plan for Class R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50%. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
e)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated in an amount that rounds to zero for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

13

The Hartford Target Retirement 2040 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R3		101
Class R4		101
Class R5		101

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	4,171
Sales Proceeds Excluding U.S. Government Obligations		436

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and for the one-day period ended October 31, 2008:

	For the Year Ended October 31, 2009											For the One-Day Period Ended October 31, 2008
			Shares					Shares						Shares				Shares
			Issued for					Issued		Net Increase				Issued for				Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares		from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed		Merger		Shares
Class R3
Shares		11		1		—			—		12		100		—		—		—		100
Amount	$	123	$	11	$	—		$	—	$	134	$	1,000	$	—	$	—	$	—	$	1,000
Class R4
Shares		48		1		(9	)		—		40		100		—		—		—		100
Amount	$	550	$	11	$	(104	)	$	—	$	457	$	1,000	$	—	$	—	$	—	$	1,000
Class R5
Shares		13		1		—			—		14		100		—		—		—		100
Amount	$	145	$	12	$	(3	)	$	—	$	154	$	1,000	$	—	$	—	$	—	$	1,000

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

14

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15

The Hartford Target Retirement 2040 Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized														Net Increase
	Value at						and Unrealized		Total from		Dividends from			Distributions							(Decrease) in		Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on		Investment		Net Investment			from Realized		Distributions		Total			Net Asset		Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments		Operations		Income			Capital Gains		from Capital		Distributions			Value		of Period
From (commencement of operations) October 31, 2008 through October 31, 2009
R3	$	10.00	$	0.15	$	—	$	1.55	$	1.70	$	(0.11	)	$	—	$	—	$	(0.11	)	$	1.59	$	11.59
R4		10.00		0.17		—		1.57		1.74		(0.12	)		—		—		(0.12	)		1.62		11.62
R5		10.00		0.18		—		1.57		1.75		(0.12	)		—		—		(0.12	)		1.63		11.63

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

16

- Ratios and Supplemental Data -

			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
			Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
	Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)	Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
17.34%	$	1,301		2.41	%		0.35	%		0.35	%		1.48	%		15	%
17.70		1,629		2.10			0.05			0.05			1.79			—
17.81		1,321		1.81			—			—			1.83			—

17

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders
of The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2040 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statements of operations, changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2040 Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations, the changes in its net assets, and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Target Retirement 2040 Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

The Hartford Target Retirement 2040 Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

*      Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

20

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Target Retirement 2040 Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class R3		0.112		N/A		N/A		0.112
Class R4		0.117		N/A		N/A		0.117
Class R5		0.118		N/A		N/A		0.118

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Target Retirement 2040 Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class R3	$	1,000.00	$	1,208.60	$	1.95	$	1,000.00	$	1,023.44	$	1.79		0.35	%		184		365
Class R4	$	1,000.00	$	1,211.70	$	0.28	$	1,000.00	$	1,024.95	$	0.26		0.05			184		365
Class R5	$	1,000.00	$	1,211.50	$	—	$	1,000.00	$	1,025.21	$	—		—			184		365

23

The Hartford Target Retirement 2040 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Target Retirement 2040 Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and

24

resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

25

The Hartford Target Retirement 2040 Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-44 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford Target Retirement 2045 Fund

The Hartford Target Retirement 2045 Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Year Ended October 31, 2009 and for the One-Day Period Ended October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	24

The Hartford Target Retirement 2045 Fund inception 10/31/2008
(subadvised by Hartford Investment Management Company)
Investment objective — Seeks to maximize total return and
secondarily, to seek capital preservation.

Performance Overview(1) 10/31/08 — 10/31/09
Growth of a $10,000 investment in Class R3

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2) (as of 10/31/09)

	1			Since
	Year			Inception
Target Retirement 2045 R3		17.28	%		17.28	%
Target Retirement 2045 R4		17.65	%		17.65	%
Target Retirement 2045 R5		17.65	%		17.65	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		13.79	%
S&P 500 Index		9.78	%		9.78	%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes R4 and R5 shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.

Portfolio Managers
Hugh Whelan, CFA	Edward C. Caputo, CFA
Managing Director	Vice President

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2045 Fund returned 17.28%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 9.78% and 13.79%, respectively, while the average return for the Lipper Mixed-Asset Target 2045 Funds, a group of funds with investment strategies similar to those of the Fund, was 17.13%.

Why did the Fund perform this way?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market — high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. After a difficult first half of the year, investor risk aversion fell significantly and the year ending October 31, 2009 finished strong.

2

During the period, the S&P 500 rose 9.8%. Across the different market capitalizations, mid-cap and large-cap stocks outperformed small-cap stocks. Within U.S. equities, the growth investment style outperformed value. In contrast to last year, international stocks outperformed U.S. stocks. Specifically, Emerging Markets stock, measured by the MSCI Emerging Markets Stock Index, posted the strongest results, up 64.6%. In March, investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter of 2009, with the S&P 500 rising 55% since the risk rally began in March. Within equities, investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and Russell Mid-Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 stocks outperformed their higher quality peers.

Generally, the Fund’s target asset allocation is set at approximately 95% equities and 5% fixed-income. The Fund’s strategic asset allocation decisions within equities contributed to the fund’s performance. Specifically, favorable allocations within international markets into emerging market, international small-cap stocks, and international real estate investment trusts (REITs) helped to offset an underweight (i.e. the Fund’s sector position was less than the benchmark position) to small and mid-cap stocks. The fund benefited from our strategic asset allocation decisions within fixed income. The Fund’s overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Treasury Inflation-Protected Securities (TIPS) had a favorable impact on performance.

Beyond the asset allocation decision, we also add value by selecting the underlying mutual funds that will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s objectives and stated benchmark to see what it actually holds for securities and how it has behaved historically. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. During the year, our fund selection enhanced relative performance (i.e. performance of the Fund as measured against the benchmark). No hard rebalance (i.e. a fund rebalancing to move the underlying fund investments to their target allocation percentages) was required for the reporting period.

During the period, the Fund continued to utilize exchange-traded funds (ETFs) to obtain asset class exposures unavailable through The Hartford fund family. Doing so enables the Fund to capture additional opportunities, while also enhancing its diversification. Specifically, the Fund has set target allocations to ETFs that provide U.S. real estate and international real estate exposure.

What is the outlook?

While the risk rally that began in early March has pushed equities and other high risk asset classes higher around the world, we believe that the appreciation of equities and higher risk fixed income asset classes will be more muted following their dramatic recovery in the 2nd and 3rd quarters. We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

Our view of the yield curve is consistent with low growth and low inflation and we expect yields to remain in their current ranges across the curve (10 year range of 3.2% — 3.8%). In addition, we believe downward pressure on inflation has abated. However, slack in the economy means there is no near-term upward pressures on inflation. Longer maturities will likely remain in range despite continued concerns with supply pressures, inflation, dollar policy, and weak growth. We think the shape of the short end (3 months — 3 years) of the curve already implies the imminent removal of accommodative monetary policy and despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

Going forward, the Fund is positioned with an overweight to small and large-cap international equities. High yield and floating rate notes exposure has been reduced to a more neutral weight as they are approaching fair value on the back of improved fundamentals. Lastly, we have reversed the underweight in inflation protected securities.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
SPDR DJ Wilshire International Real Estate ETF		2.3	%
SPDR DJ Wilshire REIT ETF		1.3
The Hartford Capital Appreciation Fund, Class Y		17.9
The Hartford Capital Appreciation II Fund, Class Y		3.0
The Hartford Dividend and Growth Fund, Class Y		0.6
The Hartford Equity Income Fund, Class Y		0.5
The Hartford Fundamental Growth Fund, Class Y		4.8
The Hartford Global Growth Fund, Class Y		2.9
The Hartford Growth Fund, Class Y		7.6
The Hartford Growth Opportunities Fund, Class Y		2.7
The Hartford Inflation Plus Fund, Class Y		2.9
The Hartford International Opportunities Fund, Class Y		7.0
The Hartford International Small Company Fund, Class Y		8.8
The Hartford MidCap Fund, Class Y		0.1
The Hartford MidCap Growth Fund, Class Y		1.3
The Hartford MidCap Value Fund, Class Y		2.7
The Hartford Select MidCap Value Fund, Class Y		0.4
The Hartford Select SmallCap Value Fund, Class Y		3.0
The Hartford Small Company Fund, Class Y		6.6
The Hartford Total Return Bond Fund, Class Y		2.4
The Hartford Value Fund, Class Y		17.9
The Hartford Value Opportunities Fund, Class Y		2.7
Other Assets and Liabilities		0.6
Total		100.0	%

3

The Hartford Target Retirement 2045 Fund

Schedule of Investments
October 31, 2009
(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 95.8%
EQUITY FUNDS - 90.5%
	24	The Hartford Capital Appreciation Fund, Class Y			$	730
	11	The Hartford Capital Appreciation II Fund, Class Y •				121
	1	The Hartford Dividend and Growth Fund, Class Y				23
	2	The Hartford Equity Income Fund, Class Y				20
	21	The Hartford Fundamental Growth Fund, Class Y •				197
	9	The Hartford Global Growth Fund, Class Y •				116
	22	The Hartford Growth Fund, Class Y •				308
	5	The Hartford Growth Opportunities Fund, Class Y •				108
	22	The Hartford International Opportunities Fund, Class Y				283
	33	The Hartford International Small Company Fund, Class Y				358
	—	The Hartford MidCap Fund, Class Y •				6
	7	The Hartford MidCap Growth Fund, Class Y •				54
	13	The Hartford MidCap Value Fund, Class Y				111
	2	The Hartford Select MidCap Value Fund, Class Y				17
	15	The Hartford Select SmallCap Value Fund, Class Y				122
	18	The Hartford Small Company Fund, Class Y •				269
	76	The Hartford Value Fund, Class Y				729
	11	The Hartford Value Opportunities Fund, Class Y				111
		Total equity funds (cost $3,216)			$	3,683
FIXED INCOME FUNDS - 5.3%
	10	The Hartford Inflation Plus Fund, Class Y			$	118
	9	The Hartford Total Return Bond Fund, Class Y				98
		Total fixed income funds (cost $196)			$	216
		Total investments in affiliated investment companies (cost $3,412)			$	3,899
EXCHANGE TRADED FUNDS - 3.6%
	3	SPDR DJ Wilshire International Real Estate ETF			$	91
	1	SPDR DJ Wilshire REIT ETF				53
		Total exchange traded funds (cost $131)			$	144
		Total long-term investments (cost $3,543)			$	4,043
		Total investments (cost $3,543) ▲	99.4	%	$	4,043
		Other assets and liabilities	0.6	%		26
		Total net assets	100.0	%	$	4,069

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2009, the cost of securities for federal income tax purposes was $3,543 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	502
Unrealized Depreciation		(2	)
Net Unrealized Appreciation	$	500

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Target Retirement 2045 Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted))

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	3,899	$	3,899	$	—	$	—
Exchange Traded Funds		144		144		—		—
Total	$	4,043	$	4,043	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2045 Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $131)	$	144
Investments in underlying affiliated funds, at market value (cost $3,412)		3,899
Receivables:
Investment securities sold		1
Dividends and interest		1
Other assets		31
Total assets		4,076
Liabilities:
Payables:
Fund shares redeemed		1
Investment management fees		—
Distribution fees		—
Accrued expenses		6
Total liabilities		7
Net assets	$	4,069
Summary of Net Assets:
Capital stock and paid-in-capital		3,562
Accumulated undistributed net investment income		10
Accumulated net realized loss on investments		(3	)
Unrealized appreciation of investments		500
Net assets	$	4,069
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	11.59
Shares outstanding		119
Net assets	$	1,380
Class R4: Net asset value per share	$	11.62
Shares outstanding		129
Net assets	$	1,499
Class R5: Net asset value per share	$	11.62
Shares outstanding		102
Net assets	$	1,190

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2045 Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends	$	6
Dividends from underlying affiliated funds		43
Interest		—
Total investment income		49
Expenses:
Investment management fees		5
Administrative services fees		5
Transfer agent fees		—
Distribution fees
Class R3		5
Class R4		3
Custodian fees		1
Accounting services fees		—
Registration and filing fees		37
Board of Directors’ fees		1
Audit fees		5
Other expenses		3
Total expenses (before waivers)		65
Expense waivers		(59	)
Total waivers		(59	)
Total expenses, net		6
Net Investment Income		43
Net Realized Loss on Investments:
Net realized loss on investments in underlying affiliated funds		(3	)
Net realized gain on investments in securities		—
Net Realized Loss on Investments		(3	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		500
Net Changes in Unrealized Appreciation of Investments		500
Net Gain on Investments		497
Net Increase in Net Assets Resulting from Operations	$	540

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2045 Fund

Statement of Changes in Net Assets
(000’s Omitted)

				For the
	For the			One-Day
	Year Ended			Period Ended
	October 31, 2009			October 31, 2008*
Operations:
Net investment income	$	43		$	—
Net realized loss on investments		(3	)		—
Net unrealized appreciation of investments		500			—
Net Increase In Net Assets Resulting From Operations		540			—
Distributions to Shareholders:
From net investment income
Class R3		(11	)		—
Class R4		(11	)		—
Class R5		(11	)		—
Total distributions		(33	)		—
Capital Share Transactions:
Class R3		217			1,000
Class R4		320			1,000
Class R5		25			1,000
Net increase from capital share transactions		562			3,000
Net Increase In Net Assets		1,069			3,000
Net Assets:
Beginning of period		3,000			—
End of period	$	4,069		$	3,000
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	10		$	—

* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2045 Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Target Retirement 2045 Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.
	The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange-traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).
2.	Significant Accounting Policies:
	The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.
b)	Security Valuation — Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.
	The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market

9

The Hartford Target Retirement 2045 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.

10

d)	Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
e)	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
f)	Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)

Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

11

The Hartford Target Retirement 2045 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended
	October 31, 2009
Ordinary Income	$	33

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	10
Accumulated Capital Losses *		(3	)
Unrealized Appreciation †		500
Total Accumulated Earnings	$	507

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d)

Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund had no reclassifications.

e)

Capital Loss Carryforward — At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2017	$	3
Total	$	3

f) Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement - Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

12

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class R3	Class R4	Class R5
1.25%	0.95%	0.90%

	Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.
d)	Distribution and Service Plan for Class R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50%. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
e)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated in an amount that rounds to zero for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

13

The Hartford Target Retirement 2045 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R3		101
Class R4		101
Class R5		101

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	3,755
Sales Proceeds Excluding U.S. Government Obligations		209

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and for the one-day period ended October 31, 2008:

	For the Year Ended October 31, 2009											For the One-Day Period Ended October 31, 2008
			Shares					Shares						Shares				Shares
			Issued for					Issued		Net Increase				Issued for				Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares		from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed		Merger		Shares
Class R3
Shares		18		1		—			—		19		100		—		—		—		100
Amount	$	207	$	11	$	(1	)	$	—	$	217	$	1,000	$	—	$	—	$	—	$	1,000
Class R4
Shares		29		1		(1	)		—		29		100		—		—		—		100
Amount	$	318	$	11	$	(9	)	$	—	$	320	$	1,000	$	—	$	—	$	—	$	1,000
Class R5
Shares		1		1		—			—		2		100		—		—		—		100
Amount	$	14	$	11	$	—		$	—	$	25	$	1,000	$	—	$	—	$	—	$	1,000

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

14

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15

The Hartford Target Retirement 2045 Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized														Net Increase
	Value at						and Unrealized		Total from		Dividends from			Distributions							(Decrease) in		Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on		Investment		Net Investment			from Realized		Distributions		Total			Net Asset		Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments		Operations		Income			Capital Gains		from Capital		Distributions			Value		of Period
From (commencement of operations) October 31, 2008 through October 31, 2009
R3	$	10.00	$	0.12	$	—	$	1.58	$	1.70	$	(0.11	)	$	—	$	—	$	(0.11	)	$	1.59	$	11.59
R4		10.00		0.15		—		1.58		1.73		(0.11	)		—		—		(0.11	)		1.62		11.62
R5		10.00		0.15		—		1.58		1.73		(0.11	)		—		—		(0.11	)		1.62		11.62

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

16

- Ratios and Supplemental Data -

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
			Net Assets at		Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net
			End of Period		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio Turnover
Total Return(b)			(000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Rate(d)
	17.28	%	$	1,380		2.40	%		0.39	%		0.39	%		1.21	%		7	%
	17.65			1,499		2.08			0.09			0.09			1.49			—
	17.65			1,190		1.82			0.04			0.04			1.54			—

17

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2045 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statements of operations, changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2045 Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations, the changes in its net assets, and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Target Retirement 2045 Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

The Hartford Target Retirement 2045 Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life
(2007 — 2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006 — 2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

20

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov . The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Target Retirement 2045 Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class R3		0.108		N/A		N/A		0.108
Class R4		0.113		N/A		N/A		0.113
Class R5		0.113		N/A		N/A		0.113

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Target Retirement 2045 Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class R3	$	1,000.00	$	1,212.30	$	2.23	$	1,000.00	$	1,023.19	$	2.04		0.40	%		184		365
Class R4	$	1,000.00	$	1,214.20	$	0.50	$	1,000.00	$	1,024.75	$	0.46		0.09			184		365
Class R5	$	1,000.00	$	1,214.20	$	0.28	$	1,000.00	$	1,024.95	$	0.26		0.05			184		365

23

The Hartford Target Retirement 2045 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Target Retirement 2045 Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

24

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered

25

The Hartford Target Retirement 2045 Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-45 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford Target Retirement 2050 Fund

The Hartford Target Retirement 2050 Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	5
Statement of Assets and Liabilities at October 31, 2009	6
Statement of Operations for the Year Ended October 31, 2009	7
Statement of Changes in Net Assets for the Year Ended October 31, 2009 and for the One-Day Period Ended October 31, 2008	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Federal Tax Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	24

The Hartford Target Retirement 2050 Fund inception 10/31/2008

(subadvised by Hartford Investment Management Company) Investment objective — Seeks to maximize total return and secondarily, to seek capital preservation.

Performance Overview(1) 10/31/08 — 10/31/09
Growth of a $10,000 investment in Class R3

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2) (as of 10/31/09)

	1			Since
	Year			Inception
Target Retirement 2050 R3		17.18	%		17.18	%
Target Retirement 2050 R4		17.54	%		17.54	%
Target Retirement 2050 R5		17.55	%		17.55	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		13.79	%
S&P 500 Index		9.78	%		9.78	%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1) Growth of a $10,000 investment in Classes R4 and R5 shares will vary from results seen above due to differences in the expenses charged to these share classes.

(2) Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.

Portfolio Managers
Hugh Whelan, CFA	Edward C. Caputo, CFA
Managing Director	Vice President

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2050 Fund returned 17.18%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 9.78% and 13.79%, respectively, while the average return for the Lipper Mixed-Asset Target 2050 Funds, a group of funds with investment strategies similar to those of the Fund, was 17.65%.

Why did the Fund perform this way?

Investor appetite for risk changed dramatically over the course of this reporting period. At the beginning of the period fear dominated the market — high profile companies that were “too big to fail” were failing, and the government was scrambling to keep the financial system functioning. After a difficult first half of the year, investor risk aversion fell significantly and the year ending October 31, 2009 finished strong.

2

During the period, the S&P 500 rose 9.8%. Across the different market capitalizations, mid-cap and large-cap stocks outperformed small-cap stocks. Within U.S. equities, the growth investment style outperformed value. In contrast to last year, international stocks outperformed U.S. stocks. Specifically, Emerging Markets stock, measured by the MSCI Emerging Markets Stock Index, posted the strongest results, up 64.6%. In March, investors abruptly changed their attitude from risk aversion to risk seeking. This was clearly evidenced by the high yield and equity rallies that continued into the third quarter of 2009, with the S&P 500 rising 55% since the risk rally began in March. Within equities, investors preferred riskier small cap stocks and low-quality stocks. The Russell 2000 Index and Russell Mid-Cap Index both outperformed their large cap counterparts. Lower quality S&P 500 stocks outperformed their higher quality peers.

Generally, the Fund’s target asset allocation is set at approximately 95% equities and 5% fixed-income. The Fund’s strategic asset allocation decisions within equities contributed to the fund’s performance. Specifically, favorable allocations within international markets into emerging market, international small-cap stocks, and international real estate investment trusts (REITs) helped to offset an underweight (i.e. the Fund’s sector position was less than the benchmark position) to small and mid-cap stocks. The Fund benefited from our strategic asset allocation decisions within fixed income. The Fund’s overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Treasury Inflation-Protected Securities (TIPS) had a favorable impact on performance.

Beyond the asset allocation decision, we also add value by selecting the underlying mutual funds that will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s objectives and stated benchmark to see what it actually holds for securities and how it has behaved historically. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. During the year, our fund selection enhanced relative performance (i.e. performance of the Fund as measured against the benchmark). No hard rebalance (i.e. a fund rebalancing to move the underlying fund investments to their target allocation percentages) was required for the reporting period.

During the period, the Fund continued to utilize exchange-traded funds (ETFs) to obtain asset class exposures unavailable through The Hartford fund family. Doing so enables the Fund to capture additional opportunities, while also enhancing its diversification. Specifically, the Fund has set target allocations to ETFs that provide U.S. real estate and international real estate exposure.

What is the outlook?

While the risk rally that began in early March has pushed equities and other high risk asset classes higher around the world, we believe that the appreciation of equities and higher risk fixed income asset classes will be more muted following their dramatic recovery in the 2nd and 3rd quarters. We believe going forward investors will moderate their risk appetite and prefer companies with the healthiest fundamentals. These companies will be the ones most likely to thrive during the difficult economic times that we believe may still lie ahead of us.

Our view of the yield curve is consistent with low growth and low inflation and we expect yields to remain in their current ranges across the curve (10 year range of 3.2% — 3.8%). In addition, we believe downward pressure on inflation has abated. However, slack in the economy means there is no near-term upward pressures on inflation. Longer maturities will likely remain in range despite continued concerns with supply pressures, inflation, dollar policy, and weak growth. We think the shape of the short end (3 months – 3 years) of the curve already implies the imminent removal of accommodative monetary policy and despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

Going forward, the Fund is positioned with an overweight to small and large-cap international equities. High yield and floating rate notes exposure has been reduced to a more neutral weight as they are approaching fair value on the back of improved fundamentals. Lastly, we have reversed the underweight in inflation protected securities.

Composition by Investments
as of October 31, 2009

	Percentage of Net
Fund Name	Assets
SPDR DJ Wilshire International Real Estate ETF		2.4	%
SPDR DJ Wilshire REIT ETF		1.4
The Hartford Capital Appreciation Fund, Class Y		19.5
The Hartford Capital Appreciation II Fund, Class Y		3.1
The Hartford Dividend and Growth Fund, Class Y		0.3
The Hartford Equity Income Fund, Class Y		0.3
The Hartford Fundamental Growth Fund, Class Y		5.3
The Hartford Global Growth Fund, Class Y		3.0
The Hartford Growth Fund, Class Y		8.2
The Hartford Growth Opportunities Fund, Class Y		2.9
The Hartford Inflation Plus Fund, Class Y		2.8
The Hartford International Opportunities Fund, Class Y		7.6
The Hartford International Small Company Fund, Class Y		5.6
The Hartford MidCap Value Fund, Class Y		2.3
The Hartford Select MidCap Value Fund, Class Y		0.1
The Hartford Select SmallCap Value Fund, Class Y		3.3
The Hartford Small Company Fund, Class Y		7.2
The Hartford Total Return Bond Fund, Class Y		2.6
The Hartford Value Fund, Class Y		19.5
The Hartford Value Opportunities Fund, Class Y		1.9
Other Assets and Liabilities		0.7
Total		100.0	%

3

The Hartford Target Retirement 2050 Fund

Schedule of Investments

October 31, 2009

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 95.5%
EQUITY FUNDS - 90.1%
	24	The Hartford Capital Appreciation Fund, Class Y			$	728
	10	The Hartford Capital Appreciation II Fund, Class Y•				114
	1	The Hartford Dividend and Growth Fund, Class Y				12
	1	The Hartford Equity Income Fund, Class Y				13
	21	The Hartford Fundamental Growth Fund, Class Y•				197
	9	The Hartford Global Growth Fund, Class Y•				114
	22	The Hartford Growth Fund, Class Y•				307
	5	The Hartford Growth Opportunities Fund, Class Y•				108
	22	The Hartford International Opportunities Fund, Class Y				283
	19	The Hartford International Small Company Fund, Class Y				211
	10	The Hartford MidCap Value Fund, Class Y				87
	—	The Hartford Select MidCap Value Fund, Class Y				2
	15	The Hartford Select SmallCap Value Fund, Class Y				122
	18	The Hartford Small Company Fund, Class Y•				269
	76	The Hartford Value Fund, Class Y				729
	7	The Hartford Value Opportunities Fund, Class Y				72
		Total equity funds (cost $2,919)			$	3,368
FIXED INCOME FUNDS - 5.4%
	9	The Hartford Inflation Plus Fund, Class Y			$	103
	9	The Hartford Total Return Bond Fund, Class Y				98
		Total fixed income funds (cost $184)			$	201
		Total investments in affiliated investment companies (cost $3,103)			$	3,569
EXCHANGE TRADED FUNDS - 3.8%
	3	SPDR DJ Wilshire International Real Estate ETF			$	91
	1	SPDR DJ Wilshire REIT ETF				53
		Total exchange traded funds (cost $131)			$	144
		Total long-term investments (cost $3,234)			$	3,713
		Total investments (cost $3,234) 5	99.3	%	$	3,713
		Other assets and liabilities	0.7	%		24
		Total net assets	100.0	%	$	3,737

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
5	At October 31, 2009, the cost of securities for federal income tax purposes was $3,234 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	488
Unrealized Depreciation		(9	)
Net Unrealized Appreciation	$	479

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Target Retirement 2050 Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009

(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	3,569	$	3,569	$	—	$	—
Exchange Traded Funds		144		144		—		—
Total	$	3,713	$	3,713	$	—	$	—

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2050 Fund

Statement of Assets and Liabilities

October 31, 2009

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $131)	$	144
Investments in underlying affiliated funds, at market value (cost $3,103)		3,569
Receivables:
Fund shares sold		—
Dividends and interest		—
Other assets		30
Total assets		3,743
Liabilities:
Payables:
Fund shares redeemed		—
Investment management fees		—
Distribution fees		—
Accrued expenses		6
Total liabilities		6
Net assets	$	3,737
Summary of Net Assets:
Capital stock and paid-in-capital		3,248
Accumulated undistributed net investment income		10
Accumulated net realized gain on investments		—
Unrealized appreciation of investments		479
Net assets	$	3,737
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	11.58
Shares outstanding		111
Net assets	$	1,285
Class R4: Net asset value per share	$	11.61
Shares outstanding		109
Net assets	$	1,262
Class R5: Net asset value per share	$	11.61
Shares outstanding		103
Net assets	$	1,190

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2050 Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Dividends	$	5
Dividends from underlying affiliated funds		43
Interest		—
Total investment income		48
Expenses:
Investment management fees		4
Administrative services fees		4
Transfer agent fees		—
Distribution fees
Class R3		5
Class R4		3
Custodian fees		1
Accounting services fees		—
Registration and filing fees		37
Board of Directors’ fees		1
Audit fees		5
Other expenses		4
Total expenses (before waivers)		64
Expense waivers		(59	)
Total waivers		(59	)
Total expenses, net		5
Net Investment Income		43
Net Realized Gain on Investments:
Net realized gain on investments in underlying affiliated funds		1
Net realized gain on investments in securities		—
Net Realized Gain on Investments		1
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		479
Net Changes in Unrealized Appreciation of Investments		479
Net Gain on Investments		480
Net Increase in Net Assets Resulting from Operations	$	523

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2050 Fund

Statement of Changes in Net Assets

(000’s Omitted)

				For the
	For the			One-Day
	Year Ended			Period Ended
	October 31, 2009			October 31, 2008*
Operations:
Net investment income	$	43		$	—
Net realized gain on investments		1			—
Net unrealized appreciation of investments		479			—
Net Increase In Net Assets Resulting From Operations		523			—
Distributions to Shareholders:
From net investment income
Class R3		(11	)		—
Class R4		(11	)		—
Class R5		(11	)		—
Total distributions		(33	)		—
Capital Share Transactions:
Class R3		124			1,000
Class R4		100			1,000
Class R5		23			1,000
Net increase from capital share transactions		247			3,000
Net Increase In Net Assets		737			3,000
Net Assets:
Beginning of period		3,000			—
End of period	$	3,737		$	3,000
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	10		$	—

^* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2050 Fund

Notes to Financial Statements

October 31, 2009

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Target Retirement 2050 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange-traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a) Security Transactions and Investment Income — Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.

b) Security Valuation — Investments in open-end mutual funds are valued at the respective per share net asset value (“NAV”) of each Underlying Fund as determined as of the close of the New York Stock Exchange (the “Exchange”) (generally 4 p.m., Eastern time, referred to as the “Valuation Time”) on the valuation date.

The Fund generally uses market prices in valuing the remaining portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market

9

The Hartford Target Retirement 2050 Fund

Notes to Financial Statements – (continued)

October 31, 2009

(000’s Omitted)

closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 — Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.

Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.

c) Indexed Securities — The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had investments in indexed securities as of October 31, 2009, as shown on the Schedule of Investments under Exchange Traded Funds.

10

d) Fund Share Valuation and Dividend Distributions to Shareholders — Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).

e) Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.

f) Indemnifications — Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a) Federal Income Taxes — For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Realized Gains and (Losses) — Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

11

The Hartford Target Retirement 2050 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

c) Distributions and Components of Distributable Earnings — The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended
	October 31, 2009
Ordinary Income	$	33

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	10
Unrealized Appreciation *		479
Total Accumulated Earnings	$	489

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d)	Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated net realized loss on investments by $1 and increase paid-in-capital by $1.
e)	Capital Loss Carryforward — The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2009.
f)	Accounting for Uncertainty in Income Taxes — Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a)

Investment Management Agreement — Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

12

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class R3	Class R4	Class R5
1.25%	0.95%	0.90%

	Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations.
d)	Distribution and Service Plan for Class R3 and R4 Shares — HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50%. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
e)	Other Related Party Transactions — Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated in an amount that rounds to zero for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

13

The Hartford Target Retirement 2050 Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R3		101
Class R4		101
Class R5		101

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	3,468
Sales Proceeds Excluding U.S. Government Obligations		235

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and for the one-day period ended October 31, 2008:

	For the Year Ended October 31, 2009											For the One-Day Period Ended October 31, 2008
			Shares					Shares						Shares				Shares
			Issued for					Issued		Net Increase				Issued for				Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares		from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed		Merger		Shares
Class R3
Shares		10		1		—			—		11		100		—		—		—		100
Amount	$	118	$	11	$	(5	)	$	—	$	124	$	1,000	$	—	$	—	$	—	$	1,000
Class R4
Shares		8		1		—			—		9		100		—		—		—		100
Amount	$	89	$	11	$	—		$	—	$	100	$	1,000	$	—	$	—	$	—	$	1,000
Class R5
Shares		3		1		(1	)		—		3		100		—		—		—		100
Amount	$	25	$	11	$	(13	)	$	—	$	23	$	1,000	$	—	$	—	$	—	$	1,000

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

14

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15

The Hartford Target Retirement 2050 Fund

Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized														Net Increase
	Value at						and Unrealized		Total from		Dividends from			Distributions							(Decrease) in		Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on		Investment		Net Investment			from Realized		Distributions		Total			Net Asset		Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments		Operations		Income			Capital Gains		from Capital		Distributions			Value		of Period
From (commencement of operations) October 31, 2008 through October 31, 2009
R3	$	10.00	$	0.12	$	—	$	1.57	$	1.69	$	(0.11	)	$	—	$	—	$	(0.11	)	$	1.58	$	11.58
R4		10.00		0.15		—		1.57		1.72		(0.11	)		—		—		(0.11	)		1.61		11.61
R5		10.00		0.16		—		1.56		1.72		(0.11	)		—		—		(0.11	)		1.61		11.61

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)	Expense ratios do not include expenses of the Underlying Funds.
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

16

- Ratios and Supplemental Data -

			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
	Net Assets at		Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net
	End of Period		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio Turnover
Total Return(b)	(000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Rate(d)
17.18%	$	1,285		2.42	%		0.39	%		0.39	%		1.23	%		8	%
17.54		1,262		2.13			0.09			0.09			1.53			—
17.55		1,190		1.83			0.04			0.04			1.56			—

17

Report of Independent Registered Public Accounting Firm
The Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2050 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statements of operations, changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2050 Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations, the changes in its net assets, and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

18

The Hartford Target Retirement 2050 Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

The Hartford Target Retirement 2050 Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 — 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 — 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 — 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 — 2009.

20

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 — 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

The Hartford Target Retirement 2050 Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class R3		0.108		N/A		N/A		0.108
Class R4		0.113		N/A		N/A		0.113
Class R5		0.113		N/A		N/A		0.113

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

22

The Hartford Target Retirement 2050 Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class R3	$	1,000.00	$	1,211.30	$	2.23	$	1,000.00	$	1,023.19	$	2.04		0.40	%		184		365
Class R4	$	1,000.00	$	1,213.20	$	0.50	$	1,000.00	$	1,024.75	$	0.46		0.09			184		365
Class R5	$	1,000.00	$	1,213.20	$	0.28	$	1,000.00	$	1,024.95	$	0.26		0.05			184		365

23

The Hartford Target Retirement 2050 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Target Retirement 2050 Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

24

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered

25

The Hartford Target Retirement 2050 Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) — (continued)

representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-46 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

THE HARTFORD MUTUAL FUNDS 2009 Annual Report The Hartford Total Return Bond Fund

The Hartford Total Return Bond Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	5
Investment Valuation Hierarchy Level Summary at October 31, 2009	15
Statement of Assets and Liabilities at October 31, 2009	16
Statement of Operations for the Year Ended October 31, 2009	17
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	18
Notes to Financial Statements	19
Financial Highlights	34
Report of Independent Registered Public Accounting Firm	36
Directors and Officers (Unaudited)	37
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	39
Quarterly Portfolio Holdings Information (Unaudited)	39
Federal Tax Information (Unaudited)	40
Expense Example (Unaudited)	41
Shareholder Meeting Results (Unaudited)	42
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	43

The Hartford Total Return Bond Fund inception 07/22/1996

(subadvised by Hartford Investment Management Company)	Investment objective — Seeks a competitive total return, with
	income as a secondary objective.

Performance Overview(1) 10/31/99 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			10
	Year			Year			Year
Total Return Bond A#		16.38	%		3.27	%		5.42	%
Total Return Bond A##		11.14	%		2.33	%		4.94	%
Total Return Bond B#		15.60	%		2.52	%		NA	*
Total Return Bond B##		10.60	%		2.18	%		NA	*
Total Return Bond C#		15.61	%		2.53	%		4.70	%
Total Return Bond C##		14.61	%		2.53	%		4.70	%
Total Return Bond I#		16.78	%		3.50	%		5.53	%
Total Return Bond R3#		16.19	%		3.36	%		5.71	%
Total Return Bond R4#		16.39	%		3.50	%		5.78	%
Total Return Bond R5#		16.86	%		3.66	%		5.86	%
Total Return Bond Y#		16.87	%		3.71	%		5.89	%
Barclays Capital U.S. Aggregate Bond Index		13.79	%		5.05	%		6.31	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	10 year returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.
(5)	Class I shares commenced operations on 8/31/06. Performance prior to 8/31/06 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.

Portfolio Manager
Nasri Toutoungi
Managing Director

How did the Fund perform?

The Class A shares of The Hartford Total Return Bond Fund returned 16.38%, before sales charge, for the twelve-month period ended October 31, 2009. In comparison, its benchmark, the Barclays Capital U.S. Aggregate Bond Index, returned 13.79%, while the average return of the Lipper Intermediate Investment Grade Funds category, a group of funds with investment strategies similar to those of the Fund, was 17.67%.

Why did the Fund perform this way?

The twelve-month period ending October 31, 2009, had three phases. The last two months of 2008 were marked by continued broad weakness in asset prices. The first quarter of 2009 was unique for the recovery in industrial debt spreads across the rating spectrum, but weakness continued in Equities, Commercial Real Estate and Bank and Finance Company Debt. The third phase began mid March with the recovery of equities and was perpetuated by the expansion of Term Asset-Backed Securities Loan Facility (TALF), the initiation of the Public-Private Investment Program (PPIP) and the successful results of the U.S. Department of the Treasury’s bank stress tests. Since the early part of second quarter 2009 all fixed income spread sectors (i.e. issues yielding more than Treasuries) have experienced spread tightening (i.e. short and long term interest rates moving closer together) and significant outperformance versus like maturity Treasuries.

2

The Fund began the year overweight (i.e. the Fund’s sector position was greater than the benchmark position) spread sectors such as Investment Grade and High Yield Corporate Debt and subsequently added to those overweights as confidence was restored to the financial markets. It was this overweight to spread product and well timed expansion of the overweight that led to benchmark outperformance over the period.

The majority of the investment grade corporate overweight was allocated in the Industrial sector, but an overweight was also maintained in Financials. The Barclays Capital Investment Grade Corporate Index produced an excess return of 24.25% (over similar duration treasuries) in the twelve-month period ending October 31, 2009. Similarly, the Fund maintained an overweight to Commercial Mortgage Backed Securities (CMBS) through most of the year. The Barclays Capital CMBS Index produced a 16.12% excess return (over similar duration treasuries) over the period.

The Fund also maintained allocations to out of benchmark sectors. Allocations were adjusted throughout the period, but the average allocation to High Yield, Bank Loans and Emerging Markets was 4.4%, 3.6% and 1.2%, respectively. Total returns for each of these sectors were significantly higher than that of the Barclays Capital U.S. Aggregate Bond Index.

The Fund was underweight (i.e. the Fund’s sector position was less than the benchmark position) the benchmark in Treasuries, Mortgage Backed Securities (MBS) and Agencies. Although Agencies and MBS had positive returns over the period, those returns significantly lagged those of the previously mentioned sectors.

Yield curve and duration (i.e. sensitivity to changes in interest rates) exposure was applied tactically throughout the period but very little performance can be attributed to this positioning. This was due to the fact that the Fund had intermittent periods of both positive and negative contributions from yield curve / duration, in essence canceling each other out.

What is Your Outlook?

Our view of the yield curve is consistent with low growth and low inflation. We expect yields to remain in their current ranges across the curve (ten year range 3.2%-3.8%). Longer maturities will continue to experience volatility with supply pressure, inflation concerns, dollar policy concerns and weak growth but will likely remain in a range as well. We think the shape of the short end (three month-three years) of the curve already implies the imminent removal of accommodative monetary policy, even though we do not think this is likely happen any time soon. Despite the very low level of two year yields, the marginal increase in yields from three months to two years is compelling.

Structured products, namely Asset Backed Securities (ABS) and CMBS, have benefited significantly from the TALF and PPIP programs. Despite the tremendous price appreciation experienced in these sectors already, we believe opportunity remains. In the ABS space, Auto Receivables with accumulated capital cushions remain attractive. Similarly, the higher quality tranches of well underwritten CMBS structures remain attractive despite a less than rosy forecast for commercial real estate.

Corporate credit has had a record breaking year already especially within the high yield market and investment grade market. Despite this performance, current spread levels remain congruent with past recessions; and we feel that the expected ongoing economic weakness is already “priced-in”.

We expect positive returns from Corporate Debt in the coming fourth quarter but on a much more modest level relative to the results year to date. These asset classes, in particular High Yield Bonds, offer the most compelling prospects for yield and total return in the Fund. Bank Loans, although still attractive on a fundamental basis, are expected to contribute less on a yield basis to the Fund and offer less potential for continued capital appreciation.

Distribution by Credit Quality
as of October 31, 2009

	Percentage of
	Long Term
Rating	Holdings
AAA		58 .0	%
AA		5 .6
A		13 .0
BBB		12 .0
BB		4 .6
B		3 .6
CCC		0 .8
Not Rated		2 .4
Total		100.0	%

Diversification by Security Type
as of October 31, 2009

	Percentage of
Category	Net Assets
Affiliated Investment Companies		1 .2	%
Asset & Commercial Mortgage Backed Securities		7 .9
Call Options Purchased		0 .1
Corporate Bonds: Investment Grade		32 .1
Corporate Bonds: Non-Investment Grade		5 .7
Municipal Bonds		1 .0
Preferred Stocks		0 .0
Put Options Purchased		0 .0
Senior Floating Rate Interests: Non-Investment Grade		2 .9
U.S. Government Agencies		27 .1
U.S. Government Securities		19 .6
Short-Term Investments		7 .7
Other Assets and Liabilities		(5 .3	)
Total		100.0	%

3

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry	Net Assets
Fixed Income Securities
Accommodation and Food Services		0.3	%
Administrative Waste Management and Remediation		0.6
Air Transportation		0.0
Arts, Entertainment and Recreation		1.5
Beverage and Tobacco Product Manufacturing		1.1
Chemical Manufacturing		1.0
Computer and Electronic Product Manufacturing		0.1
Construction		0.2
Educational Services		0.1
Finance and Insurance		18.5
Food Manufacturing		0.3
Food Services		0.0
Foreign Governments		5.7
General Obligations		0.3
Health Care and Social Assistance		2.0
Higher Education (Univ., Dorms, etc.)		0.2
Information		4.6
Machinery Manufacturing		0.1
Mining		1.3
Miscellaneous Manufacturing		0.8
Motor Vehicle & Parts Manufacturing		0.1
Nonmetallic Mineral Product Manufacturing		0.1
Paper Manufacturing		0.3
Petroleum and Coal Products Manufacturing		2.8
Pipeline Transportation		1.0
Plastics and Rubber Products Manufacturing		0.0
Primary Metal Manufacturing		0.5
Printing and Related Support Activities		0.1
Professional, Scientific and Technical Services		0.3
Rail Transportation		0.1
Real Estate and Rental and Leasing		0.6
Retail Trade		0.5
Soap, Cleaning Compound and Toilet Manufacturing		0.1
Transit and Ground Passenger Transportation		0.0
Transportation		0.5
U.S. Government Agencies		27.1
U.S. Government Securities		19.6
Utilities		3.9
Other Securities
Banks		0.0
Diversified Financials		1.2
Long Call Future Option Contract		0.1
Long Put Future Option Contract		0.0
Short-Term Investments		7.7
Other Assets and Liabilities		(5.3	)
Total		100.0	%

4

The Hartford Total Return Bond Fund

Schedule of Investments

October 31, 2009

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 1.2%
FIXED INCOME FUNDS - 1.2%
	936	The Hartford Floating Rate Fund, Class Y	$	7,761
	2,328	The Hartford High Yield Fund, Class Y		15,667
		Total fixed income funds (cost $21,861)	$	23,428
		Total investments in affiliated investment companies (cost $21,861)	$	23,428
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 7.9%
		Finance and Insurance - 7.9%
		Ally Automotive Receivables Trust
$	950	3.00%, 10/15/2015 ■	$	956
		Banc of America Commercial Mortgage, Inc.
	13,599	4.52%, 09/11/2036 ⌂►		73
		Bank of America Automotive Trust
	3,400	3.03%, 10/15/2016 ■		3,443
		Bayview Commercial Asset Trust
	18,571	7.50%, 09/25/2037 ⌂►		1,489
		Bear Stearns Commercial Mortgage Securities, Inc.
	9,017	4.07%, 07/11/2042 ⌂►		179
	8,397	4.12%, 11/11/2041 ⌂►		130
	4,200	4.83%, 11/11/2041		4,166
	4,060	5.12%, 02/11/2041 ∆		4,021
	4,310	5.90%, 09/11/2038 ∆		4,392
		CBA Commercial Small Balance Commercial Mortgage
	23,571	7.00%, 07/25/2035 - 06/25/2038 ⌂►†		1,538
		Chase Issuance Trust
	2,660	5.12%, 10/15/2014		2,887
		Citibank Credit Card Issuance Trust
	1,120	5.70%, 05/15/2013		1,149
		Citigroup Commercial Mortgage Trust
	7,735	5.41%, 10/15/2049		7,814
	2,130	5.89%, 12/10/2049 ∆		1,560
		Citigroup Mortgage Loan Trust, Inc.
	—	0.00%, 01/25/2037 ⌂†		—
	318	12.00%, 01/25/2037 ⌂		19
		Commercial Mortgage Pass-Through Certificates
	3,840	4.72%, 03/10/2039		3,803
	3,185	5.23%, 07/10/2037		3,197
	4,230	5.46%, 07/10/2037 ∆		4,245
		Countrywide Asset-Backed Certificates
	264	5.46%, 07/25/2035		109
		Countrywide Home Loans, Inc.
	8,507	6.00%, 10/25/2037 ⌂		7,080
		Credit-Based Asset Servicing and Securitization
	723	0.51%, 05/25/2036 ■∆		449
	1,125	5.86%, 04/25/2037		608
		CS First Boston Mortgage Securities Corp.
	1,790	5.23%, 12/15/2040		1,780
		Daimler Chrysler Automotive Trust
	900	4.71%, 09/10/2012 ∆		929
		GE Business Loan Trust
	1,699	1.29%, 05/15/2034 ■∆		391
	26,865	6.14%, 05/15/2034 ⌂►		73
		GE Capital Commercial Mortgage Corp.
	2,480	5.05%, 07/10/2045 ∆		2,494
		Goldman Sachs Mortgage Securities Corp. II
	19,922	4.38%, 08/10/2038 ⌂►		97
		Green Tree Financial Corp.
	182	7.24%, 06/15/2028		183
		Greenwich Capital Commercial Funding Corp.
	6,630	4.80%, 08/10/2042		6,330
	3,465	5.44%, 03/10/2039 ∆		3,092
	4,250	6.12%, 07/10/2038 ∆		4,075
		JP Morgan Automotive Receivable Trust
	385	12.85%, 03/15/2012 ⌂†		97
		JP Morgan Chase Commercial Mortgage Securities Corp.
	2,036	4.72%, 01/15/2038		2,003
	71,959	4.82%, 08/12/2037 ►		154
	5,035	5.04%, 03/15/2046 ∆		5,035
	3,935	5.34%, 12/15/2044 ∆		3,951
	3,390	5.34%, 05/15/2047		3,051
	1,740	5.40%, 05/15/2045		1,615
	80,796	5.42%, 05/12/2045 ►		1,219
	4,650	5.47%, 04/15/2043 ∆		4,520
		LB-UBS Commercial Mortgage Trust
	2,647	4.48%, 10/15/2029		2,587
	19,742	5.26%, 09/15/2039 ⌂►		399
	3,850	5.88%, 06/15/2038 ∆		3,796
		Lehman Brothers Small Balance Commercial
	791	5.52%, 09/25/2030 ■		540
	1,100	5.62%, 09/25/2036 ■		912
		Marlin Leasing Receivables LLC
	1,484	5.33%, 09/16/2013 ■		1,482
		Merrill Lynch Mortgage Trust
	864	5.83%, 06/12/2050 ∆		741
	1,776	6.02%, 06/12/2050 ∆		1,274
		Merrill Lynch/Countrywide Commercial Mortgage Trust
	19,750	5.27%, 07/12/2046 ⌂►		470
	2,070	5.38%, 08/12/2048		1,626
		Morgan Stanley Capital I
	4,160	4.70%, 07/15/2056		4,109
	4,050	5.01%, 01/14/2042		4,103
	5,560	5.23%, 09/15/2042		5,555
		Morgan Stanley Dean Witter Capital I
	2,756	0.00%, 08/25/2032 ⌂►†		—
		Nationstar Home Equity Loan Trust
	48	0.00%, 03/25/2037 ⌂•		—
		North Street Referenced Linked Notes
	850	1.33%, 04/28/2011 ⌂†∆		92
		Popular ABS Mortgage Pass-Through Trust
	619	4.75%, 12/25/2034		583
	437	5.42%, 04/25/2035 ⌂		194

The accompanying notes are an integral part of these financial statements.

5

The Hartford Total Return Bond Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 7.9% — (continued)
		Finance and Insurance - 7.9% — (continued)
		Renaissance Home Equity Loan Trust
$	611	5.36%, 05/25/2035	$	261
	3,520	5.58%, 11/25/2036 ∆		3,088
	1,230	5.75%, 05/25/2036 ∆		951
		Residential Funding Mortgage Securities, Inc.
	5,126	6.00%, 07/25/2037		4,343
		Sovereign Commercial Mortgage Securities
	5,469	5.79%, 07/22/2030 ■∆		5,408
		Swift Master Automotive Receivables Trust
	4,225	0.89%, 10/15/2012 ∆		4,140
		Wachovia Bank Commercial Mortgage Trust
	3,690	5.31%, 11/15/2048		3,570
	4,193	5.34%, 12/15/2043		3,234
	3,850	5.41%, 07/15/2041 ∆		3,877
		Wamu Commercial Mortgage Securities Trust
	4,760	0.00%, 03/23/2045 ■•		1,605
		Wells Fargo Alternative Loan Trust
	3,529	6.25%, 11/25/2037 ⌂		2,589
				155,925
		Total asset & commercial mortgage backed securities (cost $151,636)	$	155,925
CORPORATE BONDS: INVESTMENT GRADE - 32.1%
		Administrative Waste Management and Remediation - 0.5%
		Allied Waste North America, Inc.
$	8,263	7.25%, 03/15/2015 ‡	$	8,687
		Browning-Ferris Industries, Inc.
	1,770	7.40%, 09/15/2035		2,035
				10,722
		Air Transportation - 0.0%
		Continental Airlines, Inc.
	18	8.05%, 11/01/2020		18
		Arts, Entertainment and Recreation - 0.8%
		DirecTV Holdings LLC
	4,420	4.75%, 10/01/2014 ■		4,509
	2,525	7.63%, 05/15/2016 ‡		2,740
		News America Holdings, Inc.
	1,529	5.65%, 08/15/2020 ■		1,584
		News America, Inc.
	1,269	6.90%, 08/15/2039 ■		1,345
		Time Warner Entertainment Co., L.P.
	4,215	8.38%, 07/15/2033		5,055
				15,233
		Beverage and Tobacco Product Manufacturing - 1.1%
		Altria Group, Inc.
	3,536	10.20%, 02/06/2039		4,714
		Anheuser-Busch Cos., Inc.
	2,000	8.20%, 01/15/2039 ■		2,523
		Anheuser-Busch InBev N.V.
	3,978	4.13%, 01/15/2015 ■		4,011
	8,255	7.75%, 01/15/2019 ■		9,620
				20,868
		Chemical Manufacturing - 0.6%
		Dow Chemical Co.
	7,375	8.55%, 05/15/2019 ‡		8,419
		Yara International ASA
	2,775	7.88%, 06/11/2019 ■		3,163
				11,582
		Construction - 0.2%
		CRH America, Inc.
	2,800	5.30%, 10/15/2013		2,909
	1,520	8.13%, 07/15/2018		1,755
				4,664
		Educational Services - 0.1%
		President & Fellows of Harvard
	2,220	6.00%, 01/15/2019 ■		2,511
		Finance and Insurance - 10.2%
		ABX Financing Co.
	1,200	6.35%, 10/15/2036 ■		1,249
		American Express Centurion Bank
	4,000	5.95%, 06/12/2017		4,112
		American Express Co.
	2,547	5.50%, 04/16/2013		2,706
	3,463	5.55%, 10/17/2012		3,697
		American General Finance Corp.
	4,055	6.90%, 12/15/2017		2,822
		Amvescap plc
	1,001	5.38%, 02/27/2013		1,014
		Army Hawaii Family Housing Trust Certificates
	915	5.52%, 06/15/2050 ■		653
		BAC Capital Trust XI
	810	6.63%, 05/23/2036		697
		BAE Systems Holdings, Inc.
	4,894	5.20%, 08/15/2015 ■		5,100
		Bank of America Corp.
	5,905	5.65%, 05/01/2018 ‡		5,968
	5,270	6.50%, 08/01/2016		5,638
	2,630	7.38%, 05/15/2014 ‡		2,945
		Barclays Bank plc
	4,490	5.00%, 09/22/2016 ‡		4,589
	4,905	6.05%, 12/04/2017 ■		4,997
		Capital One Bank
	4,205	8.80%, 07/15/2019 ‡		4,981
		Citigroup, Inc.
	3,885	2.13%, 04/30/2012 ‡		3,959
	3,508	6.38%, 08/12/2014 ‡		3,721
	3,740	8.13%, 07/15/2039 ‡		4,352
	1,415	8.30%, 12/21/2057 ∆		1,309
	5,853	8.50%, 05/22/2019 ‡		6,842
		Comerica Capital Trust II
	1,462	6.58%, 02/20/2037 ∆		1,053
		Commonwealth Bank of Australia
	4,972	5.00%, 10/15/2019 ■		4,994
		Corpoacion Andina De Fomento
	215	8.13%, 06/04/2019		256

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE - 32.1% — (continued)
		Finance and Insurance - 10.2% — (continued)
		Credit Agricole S.A.
$	5,009	6.64%, 05/31/2017 ■‡♠∆	$	3,957
		First Union Capital I
	1,595	7.94%, 01/15/2027		1,557
		Goldman Sachs Capital Trust II
	5,092	5.79%, 06/01/2012 ♠∆		3,787
		Goldman Sachs Group, Inc.
	2,448	6.35%, 02/15/2034		2,319
		Guardian Life Insurance Co.
	3,608	7.38%, 09/30/2039 ■		3,647
		Iberdrola Finance Ireland
	3,592	5.00%, 09/11/2019 ■		3,622
		Jefferies Group, Inc.
	3,183	8.50%, 07/15/2019		3,457
		JP Morgan Chase & Co.
	2,666	3.70%, 01/20/2015		2,678
	4,430	6.30%, 04/23/2019		4,862
		JP Morgan Chase Capital II
	1,485	0.98%, 02/01/2027 ∆		1,056
		JP Morgan Chase Capital XXV
	3,964	6.80%, 10/01/2037		3,897
		Massachusetts Mutual Life Insurance Co.
	2,438	8.88%, 06/01/2039 ■		2,970
		Mellon Capital IV
	5,444	6.24%, 06/20/2012 ♠∆		4,260
		Metlife, Inc.
	220	5.38%, 12/15/2012		237
		Metropolitan Life Global Funding I
	4,290	0.55%, 03/15/2012 ■∆		4,176
	1,400	5.13%, 06/10/2014 ■		1,487
		Morgan Stanley
	4,040	5.38%, 10/15/2015		4,191
	5,045	7.30%, 05/13/2019		5,652
		National City Bank of Ohio
	800	4.50%, 03/15/2010		809
		New York Life Insurance Co.
	3,766	6.75%, 11/15/2039 ■		3,819
		Northgroup Preferred Capital Corp.
	2,685	6.38%, 10/15/2017 ■♠∆		2,328
		PNC Preferred Funding Trust II
	6,700	6.11%, 03/15/2012 ■♠∆		4,535
		Progressive Corp.
	1,615	6.70%, 06/15/2037 ∆		1,414
		Prudential Financial, Inc.
	7,083	4.75%, 09/17/2015		7,108
	2,404	5.15%, 01/15/2013		2,523
	2,240	7.38%, 06/15/2019		2,503
		Rabobank Netherlands
	1,609	11.00%, 06/30/2019 ■♠		2,019
		Simon Property Group L.P.
	2,581	6.75%, 05/15/2014		2,777
		State Street Capital Trust III
	7,723	8.25%, 03/15/2042 ∆		7,790
		SunTrust Banks, Inc.
	1,265	0.53%, 05/21/2012 ∆		1,198
	3,625	0.70%, 08/24/2015 ∆		2,922
		Svenska Handelsbanken AB
	4,675	4.88%, 06/10/2014 ■		4,907
		Temasek Financial I Ltd.
	7,840	4.30%, 10/25/2019 ■		7,744
		UBS AG Stamford
	3,950	5.88%, 12/20/2017		4,057
		USB Capital IX
	1,384	6.19%, 04/15/2011 ♠∆		1,062
		Wells Fargo Bank NA
	6,385	0.65%, 05/16/2016 ∆		5,522
		ZFS Finance USA Trust I
	939	6.50%, 05/09/2037 ■∆		760
				201,263
		Food Services - 0.0%
		Arcos Dorados S.A.
	700	7.50%, 10/01/2019 ■		676
		Foreign Governments - 5.2%
		Banco Nacional De Desenvolvimento
	860	6.50%, 06/10/2019 ■		905
		Brazil (Republic of)
	1,213	8.00%, 01/15/2018		1,385
		Colombia (Republic of)
	1,450	7.38%, 03/18/2019 ‡		1,640
		Deutsche Bundesrepublik
EUR	23,550	3.75%, 01/04/2015		36,693
		France (Government of)
EUR	22,810	3.75%, 10/25/2019		34,102
		Hungary (Republic of)
	1,955	4.75%, 02/03/2015		1,936
		Japanese Government
JPY	1,583,500	0.40%, 03/15/2011		17,632
		Peru (Republic of)
	1,115	6.55%, 03/14/2037		1,160
	1,305	7.13%, 03/30/2019		1,481
		Russian Federation Government
	1,691	7.50%, 03/31/2030 §		1,881
		South Africa (Republic of)
	1,675	5.88%, 05/30/2022		1,763
		United Mexican States
	1,680	5.95%, 03/19/2019		1,756
				102,334
		Health Care and Social Assistance - 1.2%
		Amgen, Inc.
	1,659	6.40%, 02/01/2039		1,893
		CVS Caremark Corp.
	2,911	6.30%, 06/01/2037 ‡∆		2,504
		CVS Corp.
	3,919	8.35%, 07/10/2031 ■		4,450
		Pfizer, Inc.
	3,720	6.20%, 03/15/2019		4,235
	3,870	7.20%, 03/15/2039		4,863
		Roche Holdings, Inc.
	3,730	5.00%, 03/01/2014 ■		4,040
	1,796	7.00%, 03/01/2039 ■		2,207
				24,192
		Information - 2.7%
		AT&T, Inc.
	3,410	6.55%, 02/15/2039 ‡		3,689
		Cingular Wireless Services, Inc.
	4,780	8.75%, 03/01/2031 ‡		6,303
		Qwest Corp.
	1,480	7.20%, 11/10/2026		1,258
	3,330	7.25%, 10/15/2035		2,764

The accompanying notes are an integral part of these financial statements.

7

The Hartford Total Return Bond Fund
Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE - 32.1% — (continued)
		Information - 2.7% — (continued)
		Rogers Cable, Inc.
$	855	8.75%, 05/01/2032	$	1,098
		Rogers Wireless, Inc.
	2,872	6.38%, 03/01/2014		3,176
		TCI Communications, Inc.
	685	8.75%, 08/01/2015		817
		Telecom Italia Capital
	2,054	7.18%, 06/18/2019		2,277
	4,515	7.72%, 06/04/2038		5,236
		Telefonica Emisiones SAU
	3,888	4.95%, 01/15/2015		4,117
		Time Warner Cable, Inc.
	2,406	8.25%, 04/01/2019		2,894
		Verizon Communications, Inc.
	3,364	6.90%, 04/15/2038		3,802
		Verizon Virginia, Inc.
	4,370	4.63%, 03/15/2013		4,568
		Verizon Wireless
	6,858	5.55%, 02/01/2014 ■		7,473
	3,108	8.50%, 11/15/2018 ■		3,872
				53,344
		Mining - 1.1%
		Anglo American Capital plc
	6,879	9.38%, 04/08/2014 - 04/08/2019 ■		8,066
		Barrick Australia Finance
	3,685	5.95%, 10/15/2039 ■		3,600
		Barrick Gold Corp.
	3,065	6.95%, 04/01/2019		3,499
		Rio Tinto Finance USA Ltd.
	4,450	5.88%, 07/15/2013		4,796
	1,935	9.00%, 05/01/2019		2,407
				22,368
		Miscellaneous Manufacturing - 0.7%
		L-3 Communications Corp.
	2,317	5.20%, 10/15/2019 ■		2,340
		Meccanica Holdings USA, Inc.
	6,528	6.25%, 07/15/2019 - 01/15/2040 ■		6,767
		Tyco International Ltd.
	3,426	8.50%, 01/15/2019		4,178
				13,285
		Nonmetallic Mineral Product Manufacturing - 0.1%
		Holcim Ltd.
	1,456	6.00%, 12/30/2019 ■		1,501
		Petroleum and Coal Products Manufacturing - 2.6%
		Canadian Natural Resources Ltd.
	391	6.25%, 03/15/2038		414
	3,405	6.50%, 02/15/2037 ‡		3,697
		Cenovus Energy Inc.
	4,062	5.70%, 10/15/2019 ■		4,221
		ConocoPhillips
	3,346	6.50%, 02/01/2039 ‡		3,745
		Consumers Energy Co.
	1,460	5.15%, 02/15/2017		1,519
	1,595	5.38%, 04/15/2013		1,716
	2,240	6.70%, 09/15/2019 ‡		2,573
		Diamond Offshore Drilling, Inc.
	3,324	5.70%, 10/15/2039		3,245
		EnCana Corp.
	815	6.50%, 05/15/2019		905
		Husky Energy, Inc.
	1,173	7.25%, 12/15/2019		1,356
		Kazmunaigaz Finance Sub B.V.
	1,515	8.38%, 07/02/2013 §		1,602
		Nabors Industries, Inc.
	2,712	9.25%, 01/15/2019		3,276
		Occidental Petroleum Corp.
	3,679	4.13%, 06/01/2016		3,784
		Petrobras International Finance Co.
	2,200	5.75%, 01/20/2020		2,193
	2,175	6.88%, 01/20/2040		2,173
		Petro-Canada
	4,295	5.95%, 05/15/2035		4,214
		Sempra Energy
	2,096	6.50%, 06/01/2016		2,302
	3,413	9.80%, 02/15/2019		4,355
		TNK-BP Finance S.A.
	1,100	6.63%, 03/20/2017 §		1,049
		Valero Energy Corp.
	2,786	9.38%, 03/15/2019		3,297
				51,636
		Pipeline Transportation - 0.8%
		Enbridge Energy Partners
	2,106	6.50%, 04/15/2018		2,263
		Enterprise Products Operations LLC
	4,122	6.50%, 01/31/2019 ‡		4,552
		Kinder Morgan Energy Partners L.P.
	3,240	5.63%, 02/15/2015		3,477
	2,175	6.50%, 02/01/2037		2,194
	450	6.95%, 01/15/2038		482
		TransCanada Pipelines Ltd.
	2,649	7.25%, 08/15/2038		3,219
				16,187
		Primary Metal Manufacturing - 0.5%
		Alcan, Inc.
	672	6.13%, 12/15/2033		679
	665	7.25%, 03/15/2031		742
		ArcelorMittal
	3,635	7.00%, 10/15/2039		3,437
	4,330	9.00%, 02/15/2015 ‡		4,999
				9,857
		Rail Transportation - 0.1%
		Canadian Pacific Railway Co.
	1,499	7.25%, 05/15/2019		1,729
		Real Estate and Rental and Leasing - 0.5%
		COX Communications, Inc.
	1,718	6.25%, 06/01/2018 ■		1,807
	2,105	8.38%, 03/01/2039 ■		2,524
		ERAC USA Finance Co.
	3,999	5.60%, 05/01/2015 ■‡		4,037
		US Bank Realty Corp.
	3,700	6.09%, 01/15/2012 ■♠∆		2,583
				10,951
		Utilities - 3.1%
		Alabama Power Co.
	2,485	6.00%, 03/01/2039		2,728

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS: INVESTMENT GRADE - 32.1% — (continued)
		Utilities - 3.1% — (continued)
		CenterPoint Energy Resources Corp.
$	2,325	6.13%, 11/01/2017 ‡	$	2,427
	690	6.63%, 11/01/2037		698
		CenterPoint Energy, Inc.
	2,775	6.85%, 06/01/2015		2,913
		Commonwealth Edison Co.
	3,516	5.80%, 03/15/2018 ‡		3,795
		Detroit Edison Co.
	565	6.13%, 10/01/2010		591
		Duke Energy Corp.
	1,280	5.25%, 01/15/2018		1,368
	1,339	6.35%, 08/15/2038		1,537
	3,002	7.00%, 11/15/2018 ‡		3,568
		EDP Finance B.V.
	5,256	4.90%, 10/01/2019 ■		5,280
		Electricite de France
	3,960	6.95%, 01/26/2039 ■‡		4,799
		Enel Finance International S.A.
	3,332	3.88%, 10/07/2014 ■		3,370
	3,758	6.00%, 10/07/2039 ■		3,844
		Exelon Generation Co. LLC
	3,033	6.25%, 10/01/2039		3,165
		Florida Power Corp.
	1,152	5.80%, 09/15/2017		1,267
		Northeast Utilities
	1,450	5.65%, 06/01/2013		1,498
		Northern States Power Co.
	1,170	6.25%, 06/01/2036		1,321
		Pacific Gas & Electric Co.
	1,655	5.63%, 11/30/2017		1,816
		Pacific Gas & Electric Energy Recovery
		Funding LLC
	2,453	8.25%, 10/15/2018		3,085
		PSEG Power
	1,287	5.00%, 04/01/2014		1,350
		Public Service Co. of Colorado
	1,557	6.50%, 08/01/2038		1,848
		Southern California Edison Co.
	6,441	5.75%, 03/15/2014		7,177
		Virginia Electric & Power Co.
	1,627	5.10%, 11/30/2012		1,766
				61,211
		Total corporate bonds: investment grade (cost $598,955)	$	636,132
CORPORATE BONDS: NON-INVESTMENT GRADE - 5.7%
		Accommodation and Food Services - 0.3%
		Harrah’s Operating Co., Inc.
$	1,420	11.25%, 06/01/2017 ■	$	1,448
		MGM Mirage, Inc.
	3,195	11.13%, 11/15/2017 ■		3,515
	920	11.38%, 03/01/2018 ■		828
				5,791
		Arts, Entertainment and Recreation - 0.4%
		AMC Entertainment, Inc.
	885	8.75%, 06/01/2019		907
		First Data Corp.
	4,470	9.88%, 09/24/2015		4,124
		TL Acquisitions, Inc.
	1,840	10.50%, 01/15/2015 ■		1,739
		Virgin Media Finance plc
	2,075	9.50%, 08/15/2016		2,194
				8,964
		Chemical Manufacturing - 0.1%
		Potlatch Corp.
	1,900	12.50%, 12/01/2009 ⌂∆		1,901
		Computer and Electronic Product Manufacturing - 0.1%
		Seagate Technology International
	1,490	10.00%, 05/01/2014 ■		1,654
		Construction - 0.0%
		Desarrolladora Homes S.A.
	455	7.50%, 09/28/2015		441
		Finance and Insurance - 0.4%
		American General Finance Corp.
	645	5.85%, 06/01/2013		483
		Ford Motor Credit Co.
	2,660	7.50%, 08/01/2012		2,590
		Liberty Mutual Group, Inc.
	1,825	10.75%, 06/15/2058 ■		1,916
		LPL Holdings, Inc.
	3,790	10.75%, 12/15/2015 ■		3,838
				8,827
		Food Manufacturing - 0.1%
		Smithfield Foods, Inc.
	1,230	10.00%, 07/15/2014 ■		1,291
		Foreign Governments - 0.5%
		El Salvador (Republic of)
	960	7.65%, 06/15/2035 §		960
	955	8.25%, 04/10/2032 §		974
		Indonesia (Republic of)
	2,442	6.88%, 01/17/2018 §		2,595
		Philippines (Republic of)
	580	6.38%, 10/23/2034		567
	1,600	6.50%, 01/20/2020		1,698
	464	8.38%, 06/17/2019		561
		Venezuela (Republic of)
	2,823	5.75%, 02/26/2016 §		1,899
				9,254
		Health Care and Social Assistance - 0.4%
		Biomet, Inc.
	1,990	10.38%, 10/15/2017		2,142
		HCA, Inc.
	4,810	9.25%, 11/15/2016		5,027
		Rite Aid Corp.
	1,560	9.50%, 06/15/2017		1,271
				8,440
		Information - 1.2%
		CSC Holdings, Inc.
	1,550	8.50%, 04/15/2014 ■		1,637
		Frontier Communications Corp.
	930	8.25%, 05/01/2014		953
		Intelsat Bermuda Ltd.
	3,500	9.25%, 06/15/2016 ⌂		3,360
		Intelsat Corp.
	540	9.25%, 06/15/2016		549

The accompanying notes are an integral part of these financial statements.

9

The Hartford Total Return Bond Fund

Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS: NON-INVESTMENT GRADE — 5.7% — (continued)
		Information — 1.2% — (continued)
		Level 3 Financing, Inc.
$	1,965	12.25%, 03/15/2013	$	2,048
		MetroPCS Wireless, Inc.
	2,100	9.25%, 11/01/2014		2,116
		Mobile Telesystems Finance S.A.
	1,810	8.00%, 01/28/2012 §		1,876
		Sprint Capital Corp.
	4,260	8.75%, 03/15/2032		3,685
		Videotron Ltee
	1,395	9.13%, 04/15/2018		1,510
		Wind Acquisition Finance S.A.
	3,030	11.75%, 07/15/2017 ■		3,424
		Windstream Corp.
	1,770	8.63%, 08/01/2016		1,819
				22,977
		Machinery Manufacturing — 0.1%
		Case New Holland, Inc.
	1,550	7.75%, 09/01/2013 ■		1,538
		Mining — 0.2%
		Drummond Co., Inc.
	680	7.38%, 02/15/2016 ■		622
		Teck Resources Ltd.
	2,820	10.75%, 05/15/2019		3,285
		Vedanta Resources plc
	955	9.50%, 07/18/2018 §		946
				4,853
		Paper Manufacturing — 0.1%
		Georgia-Pacific LLC
	1,445	8.25%, 05/01/2016 ■		1,532
		Petroleum and Coal Products Manufacturing — 0.2%
		Chesapeake Energy Corp.
	1,415	7.00%, 08/15/2014		1,426
	720	9.50%, 02/15/2015		779
		Petrohawk Energy Corp.
	1,545	7.88%, 06/01/2015		1,560
				3,765
		Pipeline Transportation — 0.2%
		Dynegy Holdings, Inc.
	2,120	7.75%, 06/01/2019		1,786
		El Paso Corp.
	1,375	7.00%, 06/15/2017		1,376
				3,162
		Printing and Related Support Activities — 0.1%
		Harland Clarke Holdings
	1,545	9.50%, 05/15/2015		1,410
		Professional, Scientific and Technical Services — 0.3%
		Affinion Group, Inc.
	6,025	11.50%, 10/15/2015 ‡		6,296
		Real Estate and Rental and Leasing — 0.1%
		Hertz Corp.
	2,640	8.88%, 01/01/2014		2,673
		Retail Trade — 0.4%
		Dollar General Corp.
	2,265	10.63%, 07/15/2015		2,480
		Federated Retail Holdings, Inc.
	2,120	5.90%, 12/01/2016		1,956
		Parkson Retail Group Ltd.
	2,105	7.88%, 11/14/2011		2,174
		Supervalu, Inc.
	1,930	8.00%, 05/01/2016		1,964
				8,574
		Transit and Ground Passenger Transportation — 0.0%
		Grupo Senda Autotransporte
	180	10.50%, 10/03/2015 ■		147
		Utilities — 0.5%
		AES Corp.
	2,270	8.00%, 10/15/2017 ‡		2,281
		AES El Salvador Trust
	800	6.75%, 02/01/2016 §		687
		Calpine Corp.
	2,150	7.25%, 10/15/2017 ■		2,026
		Energy Future Holdings Corp.
	4,270	10.88%, 11/01/2017 ‡		2,968
		NRG Energy, Inc.
	1,945	8.50%, 06/15/2019		1,969
				9,931
		Total corporate bonds: non-investment grade (cost $109,379)	$	113,421
MUNICIPAL BONDS — 1.0%
		General Obligations — 0.3%
		Chicago Metropolitan Water Reclamation Dist
$	3,485	5.72%, 12/01/2038	$	3,670
		Oregon School Boards Association, Taxable Pension
	1,250	4.76%, 06/30/2028		1,099
				4,769
		Higher Education (Univ., Dorms, etc.) — 0.2%
		University of California
	4,300	5.77%, 05/15/2043		4,493
		Transportation — 0.5%
		Bay Area Toll Auth
	5,280	6.26%, 04/01/2049 ☼		5,331
		North Texas Tollway Auth Rev
	4,281	6.72%, 01/01/2049		4,664
				9,995
		Total municipal bonds (cost $18,805)	$	19,257
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT GRADE♦ — 2.9%
		Administrative Waste Management and Remediation — 0.1%
		Affinion Group, Inc.
$	1,658	2.74%, 10/17/2012 ±	$	1,585
		Brickman Group Holdings, Inc.
	1,167	2.28%, 01/23/2014 ±		1,095
				2,680

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT
GRADE♦ — 2.9% — (continued)
		Arts, Entertainment and Recreation — 0.3%
		Cedar Fair L.P.
$	259	2.24%, 08/30/2012 ±	$	248
	940	4.24%, 12/31/2014 ±		909
		Cengage
	627	2.75%, 07/05/2014 ±		542
		Cenveo, Inc., Delayed Draw Term Loan
	27	4.79%, 06/21/2013 ±		26
		Cenveo, Inc., Term Loan C
	1,305	4.79%, 06/21/2013 ±		1,265
		R.H. Donnelley, Inc.
	1,165	6.75%, 10/24/2014 ±Ψ		1,009
		Regal Cinemas, Inc.
	1,480	4.03%, 10/27/2013 ±		1,462
				5,461
		Chemical Manufacturing — 0.3%
		Ashland, Inc.
	1,298	6.65%, 05/13/2014 ±		1,320
		Hexion Specialty Chemicals
	1,237	2.75%, 05/05/2013 ±		962
		Huntsman International LLC
	1,342	1.99%, 04/19/2014 ±		1,217
	500	2.49%, 06/30/2016 ±		453
		Lyondell Chemical Co.
	660	5.80%, 02/03/2010 ±Ψ		622
	375	9.17%, 02/03/2010 ±☼Ψ		386
		Lyondell Chemical Co., Dutch RC
	17	3.74%, 12/20/2013 ±Ψ		10
		Lyondell Chemical Co., Dutch Tranche A
	39	3.74%, 12/20/2013 ±Ψ		22
		Lyondell Chemical Co., German B-1
	48	3.99%, 12/20/2014 ±Ψ		27
		Lyondell Chemical Co., German B-2
	48	3.99%, 12/20/2014 ±Ψ		28
		Lyondell Chemical Co., German B-3
	48	3.99%, 12/20/2014 ±Ψ		27
		Lyondell Chemical Co., Primary RC
	63	3.74%, 12/20/2013 ±Ψ		36
		Lyondell Chemical Co., Term Loan A
	121	3.74%, 12/20/2013 ±Ψ		68
		Lyondell Chemical Co., U.S. B-1
	210	7.00%, 12/20/2014 ±Ψ		119
		Lyondell Chemical Co., U.S. B-2
	210	7.00%, 12/20/2014 ±Ψ		119
		Lyondell Chemical Co., U.S. B-3
	210	7.00%, 12/20/2014 ±Ψ		119
				5,535
		Finance and Insurance — 0.0%
		Nuveen Investments, Inc.
	865	3.28%, 11/13/2014 ±☼		745
		Food Manufacturing — 0.2%
		Dole Food Co., Inc.
	52	0.28%, 04/12/2013 ±		52
		Dole Food Co., Inc. Tranche B Term Loan
	90	7.97%, 04/12/2013 ±		91
		Dole Food Co., Inc. Tranche C Term Loan
	324	8.00%, 04/12/2013 ±		327
		Roundy’s Supermarkets, Inc.
	934	3.02%, 11/03/2011 ±		920
		WM Wrigley Jr. Co.
	2,649	6.50%, 10/06/2014 ±		2,679
				4,069
		Food Services — 0.0%
		Aramark Corp.
	64	2.14%, 01/26/2014 ±		58
	991	2.16%, 01/26/2014 ±		908
				966
		Health Care and Social Assistance — 0.4%
		Community Health Systems, Inc.
	118	2.49%, 07/25/2014 ±		110
	2,320	2.61%, 07/25/2014 ±		2,151
		Golden Gate National
	398	2.99%, 03/14/2011 ±		384
		HCA, Inc.
	807	2.53%, 11/17/2013 ±		751
		IASIS Healthcare Capital Corp.
	66	0.14%, 03/17/2014 ±		62
		IASIS Healthcare Capital Corp., Delayed
		Draw Term Loan
	246	2.25%, 03/17/2014 ±		230
		IASIS Healthcare Capital Corp., Term Loan B
	710	2.24%, 03/17/2014 ±		665
		Life Technologies Corp.
	1,302	5.25%, 11/23/2015 ±		1,307
		Skilled Healthcare Group, Inc.
	1,678	2.28%, 06/15/2012 ±		1,575
				7,235
		Information — 0.7%
		Charter Communications Operating LLC
		Incremental Term Loan
	860	9.25%, 03/06/2014 ±☼Ψ		867
		Charter Communications Operating LLC
		Term Loan
	796	6.25%, 03/06/2014 ±Ψ		724
		Fidelity National Information Services, Inc.
	171	4.47%, 01/18/2012 ±		171
		First Data Corp.
	1,935	3.00%, 09/24/2014 ±		1,663
		Intelsat Bermuda Ltd., Term Loan B 2A
	925	2.75%, 01/03/2014 ±		871
		Intelsat Bermuda Ltd., Term Loan B 2B
	925	2.75%, 01/03/2014 ±		870
		Intelsat Bermuda Ltd., Term Loan B 2C
	925	2.75%, 01/03/2014 ±		870
		Mediacom Broadband LLC, Term Loan D1
	1,515	1.98%, 01/31/2015 ±		1,380
		Metavante Corp.
	417	3.73%, 11/01/2014 ±		416
		MetroPCS Wireless, Inc.
	1,322	2.66%, 11/04/2013 ±		1,236
		Time Warner Telecom Holdings, Inc.
	1,303	2.01%, 01/07/2013 ±		1,243
		UPC Financing Partnership
	517	2.00%, 12/31/2014 ±		483
	439	3.75%, 12/31/2016 ±		420

The accompanying notes are an integral part of these financial statements.

11

The Hartford Total Return Bond Fund

Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS: NON-INVESTMENT
GRADE♦ — 2.9% — (continued)
		Information — 0.7% — (continued)
		West Corp.
$	379	2.62%, 10/24/2013 ±	$	345
	550	4.12%, 07/15/2016 ±		514
		WideOpenWest Finance LLC
	2,951	7.30%, 06/29/2015 ±		2,257
				14,330
		Miscellaneous Manufacturing — 0.1%
		Graham Packaging Co., Inc.
	1,531	6.75%, 04/15/2014 ±		1,529
		Motor Vehicle & Parts Manufacturing — 0.1%
		AM General LLC
	794	3.27%, 09/30/2013 ±		729
		American General Finance Corp.
	37	0.24%, 09/30/2012 ±		33
		Lear Corp.
	61	5.50%, 10/21/2014 ◊☼Ψ		61
	625	5.501%, 04/25/2012◊Ω		601
	126	12.25%, 08/10/2010 ±Ω		126
		TRW Automotive, Inc.
	1,000	6.25%, 02/09/2014 ±☼		997
				2,547
		Paper Manufacturing — 0.2%
		Georgia-Pacific Corp.
	2,259	2.32%, 12/20/2012 ±		2,170
		Georgia-Pacific LLC
	1,244	3.59%, 12/20/2014 ±		1,232
				3,402
		Plastics and Rubber Products Manufacturing — 0.0%
		Graham Packaging Co., Inc.
	153	2.55%, 12/31/2011 ±		149
		Retail Trade — 0.1%
		Michaels Stores, Inc.
	1,320	2.52%, 10/31/2013 ±☼		1,178
		Soap, Cleaning Compound and Toilet Manufacturing — 0.1%
		Jarden Corp.
	1,150	3.53%, 01/24/2015 ±		1,141
		Utilities — 0.3%
		Calpine Corp.
	2,554	3.17%, 03/29/2014 ±		2,346
		NRG Energy, Inc.
	623	0.18%, 02/01/2013 ±		584
	1,159	2.02%, 02/01/2013 ±		1,086
		Texas Competitive Electric Holdings Co. LLC Term Loan B2
	1,799	3.74%, 10/10/2014 ±		1,390
		Texas Competitive Electric Holdings Co. LLC Term Loan B3
	784	3.74%, 10/12/2014 ±		601
				6,007
		Total senior floating rate interests: non-investment grade (cost $58,207)	$	56,974
U.S. GOVERNMENT AGENCIES — 27.1%
		Federal Home Loan Mortgage Corporation — 8.3%
	19,590	4.50%, 11/15/2039 ☼		19,798
	13,265	5.00%, 06/01/2038		13,768
	1,702	5.04%, 06/01/2035Δ		1,781
	5,830	5.37%, 08/01/2037Δ		6,127
	6,448	5.45%, 01/01/2037Δ		6,778
	1,739	5.46%, 07/01/2036Δ		1,830
	514	5.48%, 05/01/2036Δ		541
	45,091	5.50%, 02/01/2037 — 11/15/2038 ☼		47,483
	54,278	6.00%, 01/01/2023 — 06/01/2038		57,868
	4,454	6.50%, 10/01/2037□		4,781
				160,755
		Federal National Mortgage Association — 13.4%
	17,820	4.50%, 08/01/2024		18,541
	2,168	4.67%, 06/01/2034 — 09/01/2035Δ		2,262
	926	4.74%, 04/01/2035Δ		966
	317	4.82%, 05/01/2035Δ		330
	398	4.84%, 07/01/2035Δ		416
	633	4.86%, 04/01/2035Δ		663
	1,152	4.98%, 07/01/2035Δ		1,208
	86,766	5.00%, 04/01/2018 — 11/15/2038 ☼		90,474
	1,013	5.08%, 11/01/2035Δ		1,058
	3,955	5.24%, 02/01/2038Δ		4,163
	21,899	5.26%, 01/01/2038 — 04/01/2038Δ		23,043
	49,690	5.50%, 01/01/2017 — 11/15/2038 ☼		52,556
	28,836	6.00%, 03/01/2013 — 11/01/2038 ☼		30,681
	38,875	6.50%, 11/01/2037 — 05/01/2038		41,790
	1,543	7.00%, 10/01/2037		1,686
	199	7.50%, 12/01/2029 — 09/01/2031		226
				270,063
		Government National Mortgage Association — 5.4%
	58,146	4.50%, 08/20/2039		58,935
	34,521	5.00%, 06/15/2039 — 11/15/2039 ☼		35,923
	8,356	5.50%, 05/15/2033 — 04/15/2038		8,851
	2,065	6.50%, 09/15/2028 — 07/15/2032		2,228
				105,937
		Total U.S. government agencies (cost $520,899)	$	536,755
U.S. GOVERNMENT SECURITIES — 19.6%
		U.S. Treasury Securities — 19.6%
		U.S. Treasury Notes — 19.6%
$	174,564	1.00%, 09/30/2011	$	175,055
	120,130	1.50%, 10/31/2010		121,425
	66,475	2.25%, 05/31/2014		66,761
	9,072	2.38%, 09/30/2014		9,108
	8,496	3.63%, 08/15/2019		8,659
	5,957	4.50%, 08/15/2039		6,223
				387,231
		Total U.S. government securities (cost $386,650)	$	387,231

The accompanying notes are an integral part of these financial statements.

12

Contracts					Market Value ╪
CALL OPTIONS PURCHASED — 0.1%
		Long Call Future Option Contract — 0.1%
		U.S. 10 Year Note Option
	2	Expiration: February, 2010, Exercise Price: $118.00			$	2,558
		Total call options purchased (cost $2,420)			$	2,558
PUT OPTIONS PURCHASED — 0.0%
		Long Put Future Option Contract — 0.0%
		U.S. 10 Year Note Option
	1	Expiration: February, 2010, Exercise Price: $110.00			$	267
		Total put options purchased (cost $321)			$	267
Shares or Principal Amount					Market Value ╪
PREFERRED STOCKS — 0.0%
		Banks — 0.0%
	85	Federal Home Loan Mortgage Corp.,
		8.38%			$	94
		Total preferred stocks (cost $2,139)			$	94
		Total long-term investments (cost $1,871,272)			$	1,932,042
SHORT-TERM INVESTMENTS — 7.7%
		Investment Pools and Funds — 6.8%
$	91,818	JP Morgan U.S. Government Money Market Fund			$	91,818
	—	State Street Bank U.S. Government Money Market Fund				—
	42,536	Wells Fargo Advantage Government Money Market Fund				42,536
						134,354
		Repurchase Agreements — 0.9%
		BNP Paribas Securities Corp. Repurchase Agreement (maturing on 11/02/2009 in the amount of $9,739, collateralized by U.S. Treasury Bond 5.25% — 7.88%, 2021 — 2029, value of $10,086)
$	9,738	0.06%, 10/30/2009				9,738
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $4,899, collateralized by U.S. Treasury Bond 5.00%, 2037, U.S. Treasury Note 3.13% — 4.63%, 2013 — 2017, value of $4,997)
	4,899	0.06%, 10/30/2009				4,899
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/02/2009 in the amount of $4,487, collateralized by U.S. Treasury Note 1.50%, 2010, value of $4,548)
	4,487	0.04%, 10/30/2009				4,487
						19,124
		Total short-term investments (cost $153,478)			$	153,478
		Total investments (cost $2,024,750)▲	105.3	%	$	2,085,520
		Other assets and liabilities	(5.3	)%		(104,364	)
		Total net assets	100.0	%	$	1,981,156

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 12.8% of total net assets at October 31, 2009.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $2,026,685 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	83,966
Unrealized Depreciation		(25,131	)
Net Unrealized Appreciation	$	58,835

†	The aggregate value of securities valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Fund’s Board of Directors at October 31, 2009, was $1,727, which represents 0.09% of total net assets.
•	Currently non-income producing. For long-term debt securities, items identified are in default as to payment of interest and/or principal.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
D	Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2009.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2009, was $212,933, which represents 10.75% of total net assets.
§	Securities contain some restrictions as to public resale. These securities comply with Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933, and determined to be liquid. At October 31, 2009, the market value of these securities amounted to $14,469 or 0.73% of total net assets.
ª	Perpetual maturity security. Maturity date shown is the first call date.
►	The interest rates disclosed for interest only strips represent effective yields based upon estimated future cash flows at October 31, 2009.
☼	The cost of securities purchased on a when-issued or delayed delivery basis at October 31, 2009 was $126,578.

The accompanying notes are an integral part of these financial statements.

13

The Hartford Total Return Bond Fund

Schedule of Investments — (continued)
October 31, 2009
(000’s Omitted)

±	The interest rate disclosed for these securities represents the average coupon as of October 31, 2009.
◊	The interest rate disclosed for these securities represents an estimated average coupon as of October 31, 2009.
Ω	Debt security in default due to bankruptcy.
Ψ	The company is in bankruptcy. The investment held by the fund is current with respect to interest payments.
╬	All principal amounts are in U.S. dollars unless otherwise indicated. EUR — EURO JPY — Japanese Yen
♦	Senior loans in which the Fund invests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank’s certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.
□	Security pledged as initial margin deposit for open futures contracts at October 31, 2009.
	Futures Contracts Outstanding at October 31, 2009

					Unrealized
	Number of			Expiration	Appreciation/
Description	Contracts*		Position	Month	(Depreciation)
10 Year U.S. Treasury Note		161	Short	Dec 2009	$	(130	)
U.S. 2 Year Note		54	Short	Dec 2009	$	(46	)
U.S. 5 Year Note		529	Short	Dec 2009	$	(409	)
U.S. Long Bond		342	Long	Dec 2009	$	328
					$	(257	)

*	The number of contracts does not omit 000’s.
⌂	The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period		Shares/
Acquired		Par		Security	Cost Basis
	03/2005	$	13,599	Banc of America Commercial Mortgage, Inc., 4.52%, 09/11/2036 - 144A	$	59
	08/2007	$	18,571	Bayview Commercial Asset Trust, 7.50%, 09/25/2037 — 144A		2,519
	10/2004	$	9,017	Bear Stearns Commercial Mortgage Securities, Inc., 4.07%, 07/11/2042		155
	12/2004	$	8,397	Bear Stearns Commercial Mortgage Securities, Inc., 4.12%, 11/11/2041		121
	04/2006	$	23,571	CBA Commercial Small Balance Commercial Mortgage, 7.00%, 07/25/2035 — 06/25/2038 — 144A		112
	02/2007	$	—	Citigroup Mortgage Loan Trust, Inc., 0.00%, 01/25/2037 — 144A		—
	02/2007 – 10/2009	$	318	Citigroup Mortgage Loan Trust, Inc., 12.00%, 01/25/2037 — 144A		551
	08/2007	$	8,507	Countrywide Home Loans, Inc., 6.00%, 10/25/2037		8,353
	06/2006	$	26,865	GE Business Loan Trust, 6.14%, 05/15/2034 — 144A		48
	07/2004	$	19,922	Goldman Sachs Mortgage Securities Corp. II, 4.38%, 08/10/2038 — 144A		89
	06/2006 – 06/2007	$	3,500	Intelsat Bermuda Ltd., 9.25%, 06/15/2016		3,640
	03/2007	$	385	JP Morgan Automotive Receivable Trust, 12.85%, 03/15/2012		385
	09/2006	$	19,742	LB-UBS Commercial Mortgage Trust, 5.26%, 09/15/2039		454
	09/2006	$	19,750	Merrill Lynch/Countrywide Commercial Mortgage Trust, 5.27%, 07/12/2046		480
	04/2005 – 08/2006	$	2,756	Morgan Stanley Dean Witter Capital I, 0.00%, 08/25/2032 — Reg D		84
	04/2007	$	48	Nationstar Home Equity Loan Trust, 9.97%, 03/25/2037 — 144A		48
	11/2006	$	850	North Street Referenced Linked Notes, 1.33%, 04/28/2011 — 144A		822
	03/2005	$	437	Popular ABS Mortgage Pass-Through Trust, 5.42%, 04/25/2035		437
	10/2001 – 11/2001	$	1,900	Potlatch Corp., 12.50%, 12/01/2009		1,902
	03/2008	$	3,529	Wells Fargo Alternative Loan Trust, 6.25%, 11/25/2037		2,851

The aggregate value of these securities at October 31, 2009 was $19,780 which represents 1.00% of total net assets.

Forward Foreign Currency Contracts Outstanding at October 31, 2009

							Unrealized
	Market		Contract		Delivery		Appreciation/
Description	Value ╪		Amount		Date		(Depreciation)
Australian Dollar (Buy)	$	9,736	$	9,800		11/03/09	$	(64	)
Euro (Buy)		57,773		58,386		11/13/09		(613	)
Euro (Sell)		71,840		71,781		11/13/09		(59	)
Euro (Sell)		19,270		19,345		11/13/09		75
Japanese Yen (Buy)		18,872		18,940		11/09/09		(68	)
Japanese Yen (Sell)		34,630		34,316		11/09/09		(314	)
Japanese Yen (Buy)		16,684		16,365		11/09/09		319
Japanese Yen (Sell)		18,519		18,580		11/09/09		61
							$	(663	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

14

The Hartford Total Return Bond Fund

Investment Valuation Hierarchy Level Summary
October 31, 2009
(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Affiliated Investment Companies	$	23,428	$	23,428	$	—	$	—
Asset & Commercial Mortgage Backed Securities		155,925		—		145,970		9,955
Call Options Purchased		2,558		2,558		—		—
Corporate Bonds: Investment Grade		636,132		—		628,370		7,762
Corporate Bonds: Non-Investment Grade		113,421		—		113,421		—
Municipal Bonds		19,257		—		19,257		—
Preferred Stocks ‡		94		94		—		—
Put Options Purchased		267		267		—		—
Senior Floating Rate Interests: Non-Investment Grade		56,974		—		56,974		—
U.S. Government Agencies		536,755		—		536,755		—
U.S. Government Securities		387,231		199,045		188,186		—
Short-Term Investments		153,478		134,354		19,124		—
Total	$	2,085,520	$	359,746	$	1,708,057	$	17,717
Other Financial Instruments *	$	783	$	328	$	455	$	—
Liabilities:
Other Financial Instruments *	$	1,703	$	585	$	1,118	$	—

‡	The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.
*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

	Balance as of					Change in					Transfers In			Balance as of
	October 31,		Realized Gain			Unrealized					and/or Out of			October 31,
	2008		(Loss)			Appreciation			Net Purchases		Level 3			2009
Assets:
Asset & Commercial Mortgage Backed Securities		14,452		(6,177	)		2,213	*		36		(569	)		9,955
Corporate Bonds		3,929		(1,788	)		1,415	†		5,263		(1,057	)		7,762
Total	$	18,381	$	(7,965	)	$	3,628		$	5,299	$	(1,626	)	$	17,717
Other Financial Instruments ‡	$	—	$	—	§	$	—		$	—	$	—		$	—
Liabilities:
Other Financial Instruments ‡	$	—	$	—	§	$	—		$	—	$	—		$	—

*	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $(2,037).
†	Change in unrealized gains or losses in the current period relating to assets still held at October 31, 2009 was $(8).
‡	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards, and swap contracts, which are valued at the unrealized appreciation/ depreciation on the investment.
§	The realized gain (loss) earned for other financial instruments during the period ended October 31, 2009 was $351.

The accompanying notes are an integral part of these financial statements.

15

The Hartford Total Return Bond Fund

Statement of Assets and Liabilities
October 31, 2009
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $2,002,889)	$	2,062,092
Investments in underlying affiliated funds, at market value (cost $21,861)		23,428
Cash		908
Foreign currency on deposit with custodian (cost $1,710)		1,755
Unrealized appreciation on forward foreign currency contracts		455
Receivables:
Investment securities sold		13,434
Fund shares sold		2,851
Dividends and interest		16,740
Variation margin		507
Other assets		347
Total assets		2,122,517
Liabilities:
Unrealized depreciation on forward foreign currency contracts		1,118
Payables:
Investment securities purchased		136,205
Fund shares redeemed		2,464
Investment management fees		168
Dividends		143
Distribution fees		68
Variation margin		611
Accrued expenses		298
Other liabilities		286
Total liabilities		141,361
Net assets	$	1,981,156
Summary of Net Assets:
Capital stock and paid-in-capital		2,022,757
Accumulated undistributed net investment income		2,819
Accumulated net realized loss on investments and foreign currency transactions		(104,299	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		59,879
Net assets	$	1,981,156
Shares authorized		850,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	10.21/$10.69
Shares outstanding		79,921
Net assets	$	816,191
Class B: Net asset value per share	$	10.15
Shares outstanding		8,252
Net assets	$	83,760
Class C: Net asset value per share	$	10.23
Shares outstanding		11,691
Net assets	$	119,568
Class I: Net asset value per share	$	10.22
Shares outstanding		1,045
Net assets	$	10,680
Class R3: Net asset value per share	$	10.36
Shares outstanding		177
Net assets	$	1,836
Class R4: Net asset value per share	$	10.35
Shares outstanding		2,118
Net assets	$	21,920
Class R5: Net asset value per share	$	10.35
Shares outstanding		39
Net assets	$	408
Class Y: Net asset value per share	$	10.34
Shares outstanding		89,614
Net assets	$	926,793

The accompanying notes are an integral part of these financial statements.

16

The Hartford Total Return Bond Fund

Statement of Operations
For the Year Ended October 31, 2009
(000’s Omitted)

Investment Income:
Dividends from underlying affiliated funds	$	184
Interest		83,523
Securities lending		172
Total investment income		83,879
Expenses:
Investment management fees		8,491
Administrative services fees		27
Transfer agent fees		1,866
Distribution fees
Class A		1,780
Class B		760
Class C		960
Class R3		3
Class R4		42
Custodian fees		28
Accounting services fees		292
Registration and filing fees		155
Board of Directors’ fees		43
Audit fees		60
Other expenses		377
Total expenses (before waivers and fees paid indirectly)		14,884
Expense waivers		(355	)
Transfer agent fee waivers		(56	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(411	)
Total expenses, net		14,473
Net Investment Income		69,406
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized loss on investments in securities		(54,735	)
Net realized gain on futures		1,399
Net realized gain on written options		56
Net realized loss on swap contracts		(3,729	)
Net realized gain on forward foreign currency contracts		1,968
Net realized gain on other foreign currency transactions		216
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(54,825	)
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		237,166
Net unrealized depreciation of futures		(1,769	)
Net unrealized depreciation of forward foreign currency contracts		(7,049	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		9,056
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		237,404
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		182,579
Net Increase in Net Assets Resulting from Operations	$	251,985

The accompanying notes are an integral part of these financial statements.

17

The Hartford Total Return Bond Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	69,406		$	67,225
Net realized loss on investments, other financial instruments and foreign currency transactions		(54,825	)		(26,681	)
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		237,404			(172,204	)
Net Increase (Decrease) In Net Assets Resulting From Operations		251,985			(131,660	)
Distributions to Shareholders:
From net investment income
Class A		(33,511	)		(33,441	)
Class B		(3,137	)		(3,587	)
Class C		(3,782	)		(4,187	)
Class I		(362	)		(288	)
Class R3		(18	)		(3	)
Class R4		(755	)		(445	)
Class R5		(14	)		(13	)
Class Y		(35,288	)		(28,086	)
Total distributions		(76,867	)		(70,050	)
Capital Share Transactions:
Class A		90,469	*		140,751
Class B		2,261	†		1,928
Class C		22,158	‡		15,602
Class I		3,740	§		3,949
Class R3		1,647	**		133
Class R4		7,377	††		11,396
Class R5		113	‡‡		169
Class Y		288,508			283,425
Net increase from capital share transactions		416,273			457,353
Net Increase In Net Assets		591,391			255,643
Net Assets:
Beginning of period		1,389,765			1,134,122
End of period	$	1,981,156		$	1,389,765
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	2,819		$	7,508

*	Includes merger activity in the amount of $39,780.
†	Includes merger activity in the amount of $7,055.
‡	Includes merger activity in the amount of $16,957.
§	Includes merger activity in the amount of $703.
**	Includes merger activity in the amount of $166.
††	Includes merger activity in the amount of $422.
‡‡	Includes merger activity in the amount of $226.

The accompanying notes are an integral part of these financial statements.

18

The Hartford Total Return Bond Fund

Notes to Financial Statements
October 31, 2009
(000’s Omitted)

1.	Organization:
	The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Total Return Bond Fund (the “Fund”), a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.
	Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income – Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Trade date for senior floating rate interests purchased in the primary market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary market is the date on which the transaction is entered into.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation – The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices

19

The Hartford Total Return Bond Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market closings. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the Valuation Time. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Debt securities (other than short-term obligations and senior floating rate interests) held by the Fund are valued using bid prices or using valuations based on a matrix system (which considers factors such as security prices, yield, maturity and ratings) as provided by independent pricing services. Senior floating rate interests generally trade in over-the-counter markets and are priced through an independent pricing service utilizing market quotations from loan dealers or financial institutions. Securities for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by the Fund’s Board of Directors. Generally, the Fund may use fair valuation in regard to debt securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments that mature in 60 days or less are generally valued at amortized cost, which approximates market value.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Options contracts on securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at their last reported sale price at the Valuation Time on the Primary Market on which the instrument is primarily traded. If the instrument did not trade on the Primary Market, it may be valued at the most recent sale price at the Valuation Time on another exchange or market where it did trade. If it is not possible to determine the last reported sale price on the Primary Market or another exchange or market at the Valuation Time, the value of the security shall be taken to be the most recent mean between bid and asked prices on such exchange or market at the Valuation Time. Absent both bid and asked prices on such exchange, the bid price may be used.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Futures contracts are valued at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively. If a settlement price is not available, futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the mean of the closing bid and asked prices as of the Valuation Time.

Forward foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Forward foreign currency contracts are valued using foreign currency exchange rates and forward rates on the Valuation Date from an independent pricing service.

20

Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Fund’s Board of Directors.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the valuation date.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 – Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	For purposes of the roll forward reconciliation for all Level 3 securities from the beginning of the reporting period to the end of the reporting period, transfers in and transfers out are shown at the beginning of the period fair value.
	Refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll forward reconciliation found following the Schedule of Investments.
c)	Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

21

The Hartford Total Return Bond Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
d)	Joint Trading Account – Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Hartford Investment Management Company (“Hartford Investment Management”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
e)	Repurchase Agreements – A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
f)	Securities Lending – The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
g)	Forward Foreign Currency Contracts – The Fund may enter into forward foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Forward foreign currency contracts may be used to hedge against adverse fluctuations in exchange rates between currencies.
	Forward foreign currency contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding forward foreign currency contracts as shown on the Schedule of Investments as of October 31, 2009.
h)	Indexed Securities – The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had no investments in indexed securities as of October 31, 2009.

22

i)	Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared daily and paid monthly. Dividends are paid on shares beginning on the business day after the day when the funds used to purchase the shares are collected by the transfer agent for the Fund. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
j)	Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. “Illiquid Securities” are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value, due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities, commonly known as Rule 144A securities, that can be resold to institutions and which may be determined to be liquid pursuant to policies and guidelines established by the Fund’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of October 31, 2009.
k)	Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery securities as of October 31, 2009.
l)	Credit Risk – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a Fund which holds securities with higher credit risk may fluctuate more than with less aggressive bond funds.
m)	Senior Floating Rate Interests – The Fund, as shown in the Schedule of Investments, may invest in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. Senior floating rate interests are typically rated below-investment-grade, which suggests they

23

The Hartford Total Return Bond Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income which would result in a reduction of income to the Fund and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.
n)	Prepayment Risks – Most senior floating rate interests and certain debt securities allow for prepayment of principal without penalty. Senior floating rate interests and securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. In addition, with respect to securities, rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment risk is a major risk of mortgage-backed securities and certain asset-backed securities. Accordingly, the potential for the value of a senior floating rate interest or debt security to increase in response to interest rate declines is limited. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.
	Senior floating rate interests or debt securities purchased to replace a prepaid loan or a debt security may have lower yields than the yield on the prepaid loan or debt security. Senior floating rate interests generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for the Borrower to repay, prepayments of senior floating rate interests may occur. As a result, the actual remaining maturity of senior floating rate interests held may be substantially less than the stated maturities shown in the Schedule of Investments.
o)	Credit Default Swaps – The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into event linked swaps, including credit default swap contracts. The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a credit event, such as payment default or bankruptcy.
	Under a credit default swap, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities) or by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. The Fund will generally not buy protection on issuers that are not currently held by the Fund. The Fund had no outstanding credit default swaps as of October 31, 2009.
p)	Interest Rate Swaps – The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap contracts. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate benchmark (i.e. LIBOR, etc.), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When the interest rate swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

24

	If an interest rate swap agreement provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayment rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that amount is positive. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty or by posting collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. As of October 31, 2009, the Fund had no outstanding interest rate swaps.
q)	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
r)	Additional Derivative Instrument(s) Information
	Derivative Instrument(s) as of October 31, 2009.

	Asset Derivatives			Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location			Statement of Assets and Liabilities Location
Interest rate contracts	Summary of Net Assets — Unrealized appreciation	$	328	Summary of Net Assets — Unrealized depreciation	$	585
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		455	Unrealized depreciation on forward foreign currency contracts		1,118

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2009.

Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation) on Derivative Instruments for the year ended October 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
							Forward
			Purchased				Currency
Risk Exposure Category	Written Options		Options		Futures		Contracts		Swaps			Total
Interest rate contracts	$	56	$	146	$	1,399	$	—	$	—		$	1,601
Foreign exchange contracts		—		—		—		1,968		—			1,968
Credit contracts		—		—		—		—		(3,729	)		(3,729	)
Total	$	56	$	146	$	1,399	$	1,968	$	(3,729	)	$	(160	)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
								Forward
			Purchased					Currency
Risk Exposure Category	Written Options		Options		Futures			Contracts			Swaps		Total
Interest rate contracts		—		84		(1,769	)		—			—	$	(1,684	)
Foreign exchange contracts		—		—		—			(7,049	)		—		(7,049	)
Total	$	—	$	84	$	(1,769	)	$	(7,049	)	$	—	$	(8,733	)

s) Indemnifications – Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

25

The Hartford Total Return Bond Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

3.	Futures and Options:
	Futures and Options Transactions – The Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may invest in futures and options contracts in order to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date. When the Fund enters into such futures contracts, it is required to deposit with a futures commission merchant an amount of “initial margin” of cash, commercial paper or U.S. Treasury Bills. Subsequent payments, called variation margin, to and from the broker, are made on a daily basis as the price of the underlying asset fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Fund.
	At any time prior to the expiration of the futures contract, the Fund may close the position by taking an opposite position, which would effectively terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund and the Fund realizes a gain or loss.
	The use of futures contracts involves elements of market risk, which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of the futures contracts may decrease the effectiveness of the Fund’s strategy and potentially result in loss. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded through a clearing house. The clearing house requires sufficient collateral to cover margins. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of October 31, 2009.
	An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The premium paid by the Fund for the purchase of a call or put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options to reflect the current market value of the option as of the end of the reporting period.
	The Fund may write (sell) covered options. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option securities or currencies. The Fund receives a premium for writing a call or put option, which is recorded on the Fund’s Statement of Assets and Liabilities and subsequently “marked-to-market” through net unrealized appreciation (depreciation) of options. There is a risk of loss from a change in the value of such options, which may exceed the related premiums received. The maximum amount of loss with respect to the Fund’s written put option is the cost of buying the underlying security or currency from the counterparty. The maximum loss may be offset by proceeds received from selling the underlying securities. The Fund, as shown on the Schedule of Investments, had outstanding purchased option contracts as of October 31, 2009. Transactions involving written option contracts during the year ended October 31, 2009, are summarized below:

Options Contract Activity During the Year Ended October 31, 2009
Call Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		—		$	—
Written		1,870			1,046
Expired		—			—
Closed		(1,870	)		(1,046	)
Exercised		—			—
End of Period		—		$	—

26

4. Federal Income Taxes:

a)	Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	76,879	$	70,069

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	2,301
Accumulated Capital Losses *		(102,620	)
Unrealized Appreciation †		58,863
Total Accumulated Deficit	$	(41,456	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts — The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase accumulated undistributed net investment income by $2,772 and decrease accumulated net realized loss on investments by $2,772.

27

The Hartford Total Return Bond Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

e) Capital Loss Carryforward – At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2013	$	38
2014		8,604
2015		637
2016		34,382
2017		58,959
Total	$	102,620

	Based on certain provisions in the Internal Revenue Code, various limitations regarding the future utilization of capital losses may apply.
f)	Accounting for Uncertainty in Income Taxes – Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

5. Expenses:

a)

Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.550	%
On next $500 million		0.525	%
On next $4 billion		0.500	%
On next $5 billion		0.480	%
Over $10 billion		0.470	%

	Effective October 2, 2009 and expiring on October 2, 2010, HIFSCO voluntarily agreed to waive management fees equal to the expenses related to the affiliated investment companies the Fund acquired.
b)	Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of

28

certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has permanently limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A	Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
1.00%		1.75	%		1.75	%		0.75	%		1.25	%		1.00	%		0.85	%		0.75	%

d)	Fees Paid Indirectly – The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended October 31, 2009, this amount is included in the Statement of Operations.
	The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.00	%		1.00	%		1.00	%		1.19	%		1.20	%
Class B Shares		1.68			1.70			1.75			1.95			1.95
Class C Shares		1.75			1.74			1.75			1.86			1.87
Class I Shares		0.75			0.68			0.72			0.91	*
Class R3 Shares		1.25			1.25			1.25	†
Class R4 Shares		0.98			0.99			1.00	†
Class R5 Shares		0.69			0.69			0.79	†
Class Y Shares		0.58			0.59			0.61			0.70			0.73

*	From August 31, 2006 (commencement of operations), through October 31, 2006.
†	From December 22, 2006 (commencement of operations), through October 31, 2007.

e)

Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $4,386 and contingent deferred sales charges of $198 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

29

The Hartford Total Return Bond Fund

Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $63. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $4. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $1,779 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6.	Affiliate Holdings:
	As of October 31, 2009, The Hartford Checks and Balances Fund, an affiliated fund, had ownership of 50,639 Class Y shares of the Fund.
7.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	2,251,527
Sales Proceeds Excluding U.S. Government Obligations		2,017,757
Cost of Purchases for U.S. Government Obligations		1,819,656
Sales Proceeds for U.S. Government Obligations		1,614,357

30

8.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009											For the Year Ended October 31, 2008
			Shares					Shares						Shares					Shares
			Issued for					Issued		Net Increase				Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of		Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares		Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		24,389		3,356		(22,376	)		3,907		9,276		28,339		3,168		(18,011	)		—		13,496
Amount	$	233,619	$	32,100	$	(215,030	)	$	39,780	$	90,469	$	291,445	$	32,295	$	(182,989	)	$	—	$	140,751
Class B
Shares		2,003		307		(2,793	)		697		214		2,186		328		(2,347	)		—		167
Amount	$	18,949	$	2,910	$	(26,653	)	$	7,055	$	2,261	$	22,334	$	3,336	$	(23,742	)	$	—	$	1,928
Class C
Shares		3,670		326		(3,439	)		1,665		2,222		4,963		333		(3,873	)		—		1,423
Amount	$	35,129	$	3,117	$	(33,045	)	$	16,957	$	22,158	$	51,652	$	3,403	$	(39,453	)	$	—	$	15,602
Class I
Shares		783		29		(502	)		69		379		955		23		(602	)		—		376
Amount	$	7,571	$	277	$	(4,811	)	$	703	$	3,740	$	9,815	$	232	$	(6,098	)	$	—	$	3,949
Class R3
Shares		170		2		(25	)		16		163		14		—		(1	)		—		13
Amount	$	1,708	$	18	$	(245	)	$	166	$	1,647	$	144	$	2	$	(13	)	$	—	$	133
Class R4
Shares		993		77		(355	)		41		756		1,141		44		(98	)		—		1,087
Amount	$	9,676	$	749	$	(3,470	)	$	422	$	7,377	$	11,951	$	450	$	(1,005	)	$	—	$	11,396
Class R5
Shares		13		1		(26	)		22		10		25		1		(10	)		—		16
Amount	$	128	$	14	$	(255	)	$	226	$	113	$	261	$	13	$	(105	)	$	—	$	169
Class Y
Shares		34,546		3,608		(8,621	)		—		29,533		36,445		2,763		(12,911	)		—		26,297
Amount	$	336,617	$	35,074	$	(83,183	)	$	—	$	288,508	$	380,100	$	28,346	$	(125,021	)	$	—	$	283,425

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		537	$	5,200
For the Year Ended October 31, 2008		283	$	2,922

9.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
10.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

31

The Hartford Total Return Bond Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

11.	Fund Merger:
	Reorganization of The Hartford Income Allocation Fund into the Fund: At a Special Meeting of Shareholders held on September 9, 2009, the shareholders of The Hartford Income Allocation Fund approved a proposed Plan of Reorganization providing for the acquisition of all the assets and liabilities of The Hartford Income Allocation Fund (“Target Fund”) by the Fund (“Acquiring Fund”).
	Under the terms of the Plan of Reorganization, and pursuant to the approval by shareholders of The Hartford Income Allocation Fund, the assets were acquired by the Fund on October 2, 2009. The Fund acquired the assets of The Hartford Income Allocation Fund in exchange for shares in the Fund, which were distributed pro rata by The Hartford Income Allocation Fund to shareholders on October 2, 2009 (“Merger Date”), in complete liquidation of The Hartford Income Allocation Fund.
	This merger was accomplished by a tax free exchange as detailed below:

									Net assets of
					Acquiring Fund		Net assets of		Acquiring
	Net assets of Target				shares issued to the		Acquiring Fund		Fund
	Fund on Merger		Target Fund shares		Target Fund’s		immediately before		immediately
	Date		exchanged		shareholders		merger		after merger
Class A	$	39,780		4,213		3,907	$	771,880	$	811,660
Class B		7,055		747		697		77,956		85,011
Class C		16,957		1,797		1,665		102,528		119,485
Class I		703		74		69		9,987		10,690
Class R3		166		18		16		1,664		1,830
Class R4		422		45		41		20,453		20,875
Class R5		226		24		22		153		379
Class Y		N/A		N/A		N/A		899,016		899,016
Total	$	65,309		6,918		6,417	$	1,883,637	$	1,948,946

The Hartford Income Allocation Fund had the following unrealized appreciation, accumulated net realized losses and capital stock as of October 2, 2009.

	Unrealized Appreciation		Accumulated Net
Fund	(Depreciation)		Realized Gains (Losses)			Capital Stock
Target Fund	$	1,204	$	(3,940	)	$	68,045

12.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

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33

The Hartford Total Return Bond Fund
Financial Highlights

- Selected Per-Share Data (a) -

	Net Asset						Net Realized																	Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009
A	$	9.20	$	0.40	$	—	$	1.07		$	1.47		$	(0.46	)	$	—		$	—	$	(0.46	)	$	1.01		$	10.21
B		9.15		0.33		—		1.06			1.39			(0.39	)		—			—		(0.39	)		1.00			10.15
C		9.22		0.33		—		1.06			1.39			(0.38	)		—			—		(0.38	)		1.01			10.23
I		9.21		0.43		—		1.06			1.49			(0.48	)		—			—		(0.48	)		1.01			10.22
R3		9.32		0.42		—		1.05			1.47			(0.43	)		—			—		(0.43	)		1.04			10.36
R4		9.32		0.42		—		1.07			1.49			(0.46	)		—			—		(0.46	)		1.03			10.35
R5		9.32		0.42		—		1.09			1.51			(0.48	)		—			—		(0.48	)		1.03			10.35
Y		9.31		0.45		—		1.07			1.52			(0.49	)		—			—		(0.49	)		1.03			10.34
For the Year Ended October 31, 2008
A		10.52		0.49		—		(1.29	)		(0.80	)		(0.52	)		—			—		(0.52	)		(1.32	)		9.20
B		10.47		0.42		—		(1.29	)		(0.87	)		(0.45	)		—			—		(0.45	)		(1.32	)		9.15
C		10.54		0.42		—		(1.30	)		(0.88	)		(0.44	)		—			—		(0.44	)		(1.32	)		9.22
I		10.52		0.52		—		(1.28	)		(0.76	)		(0.55	)		—			—		(0.55	)		(1.31	)		9.21
R3		10.64		0.47		—		(1.30	)		(0.83	)		(0.49	)		—			—		(0.49	)		(1.32	)		9.32
R4		10.65		0.51		—		(1.32	)		(0.81	)		(0.52	)		—			—		(0.52	)		(1.33	)		9.32
R5		10.64		0.54		—		(1.31	)		(0.77	)		(0.55	)		—			—		(0.55	)		(1.32	)		9.32
Y		10.64		0.54		—		(1.31	)		(0.77	)		(0.56	)		—			—		(0.56	)		(1.33	)		9.31
For the Year Ended October 31, 2007
A		10.59		0.49		—		(0.06	)		0.43			(0.50	)		—			—		(0.50	)		(0.07	)		10.52
B		10.54		0.41		—		(0.06	)		0.35			(0.42	)		—			—		(0.42	)		(0.07	)		10.47
C		10.61		0.42		—		(0.07	)		0.35			(0.42	)		—			—		(0.42	)		(0.07	)		10.54
I		10.60		0.53		—		(0.07	)		0.46			(0.54	)		—			—		(0.54	)		(0.08	)		10.52
R3(f)		10.76		0.41		—		(0.14	)		0.27			(0.39	)		—			—		(0.39	)		(0.12	)		10.64
R4(f)		10.76		0.42		—		(0.12	)		0.30			(0.41	)		—			—		(0.41	)		(0.11	)		10.65
R5(f)		10.76		0.43		—		(0.12	)		0.31			(0.43	)		—			—		(0.43	)		(0.12	)		10.64
Y		10.71		0.54		—		(0.07	)		0.47			(0.54	)		—			—		(0.54	)		(0.07	)		10.64
For the Year Ended October 31, 2006
A		10.62		0.41		—		0.04			0.45			(0.42	)		(0.06	)		—		(0.48	)		(0.03	)		10.59
B		10.57		0.33		—		0.04			0.37			(0.34	)		(0.06	)		—		(0.40	)		(0.03	)		10.54
C		10.64		0.34		—		0.03			0.37			(0.34	)		(0.06	)		—		(0.40	)		(0.03	)		10.61
I(i)		10.51		0.08		—		0.09			0.17			(0.08	)		—			—		(0.08	)		0.09			10.60
Y		10.73		0.47		—		0.04			0.51			(0.47	)		(0.06	)		—		(0.53	)		(0.02	)		10.71
For the Year Ended October 31, 2005
A		10.95		0.35		—		(0.24	)		0.11			(0.40	)		(0.04	)		—		(0.44	)		(0.33	)		10.62
B		10.90		0.27		—		(0.24	)		0.03			(0.32	)		(0.04	)		—		(0.36	)		(0.33	)		10.57
C		10.97		0.29		—		(0.25	)		0.04			(0.33	)		(0.04	)		—		(0.37	)		(0.33	)		10.64
Y		11.06		0.40		—		(0.24	)		0.16			(0.45	)		(0.04	)		—		(0.49	)		(0.33	)		10.73

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Expense ratios do not include expenses of the Underlying Funds.
(f)	Commenced operations on December 22, 2006.
(g)	Not annualized.
(h)	Annualized.
(i)	Commenced operations on August 31, 2006.

34

- Ratios and Supplemental Data -

			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
			Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment
	Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Portfolio Turnover
Total Return(b)	Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Assets			Rate(d)
16.38%	$	816,191		1.03	% (e)		1.00	% (e)		1.00	% (e)		4.18	%		215	%
15.60		83,760		1.95	(e)		1.68	(e)		1.68	(e)		3.51			—
15.48		119,568		1.76	(e)		1.75	(e)		1.75	(e)		3.42			—
16.65		10,680		0.77	(e)		0.75	(e)		0.75	(e)		4.36			—
16.19		1,836		1.42	(e)		1.25	(e)		1.25	(e)		3.65			—
16.39		21,920		0.98	(e)		0.98	(e)		0.98	(e)		4.17			—
16.73		408		0.69	(e)		0.69	(e)		0.69	(e)		4.35			—
16.87		926,793		0.58	(e)		0.58	(e)		0.58	(e)		4.57			—
(7.99)		650,149		1.02			1.00			1.00			4.76			184
(8.68)		73,557		1.93			1.71			1.71			4.05			—
(8.66)		87,277		1.74			1.74			1.74			4.01			—
(7.62)		6,128		0.68			0.68			0.68			5.10			—
(8.15)		130		1.44			1.25			1.25			4.62			—
(7.98)		12,698		0.99			0.99			0.99			4.81			—
(7.62)		271		0.70			0.70			0.70			5.08			—
(7.62)		559,555		0.59			0.59			0.59			5.19			—
4.11		601,301		1.07			1.00			1.00			4.71			268
3.36		82,376		1.96			1.75			1.75			3.95			—
3.33		84,793		1.78			1.75			1.75			3.95			—
4.42		3,050		0.72			0.72			0.72			5.04			—
2.59 (g)		10		1.38	(h)		1.25	(h)		1.25	(h)		4.47	(h)		—
2.90 (g)		2,928		1.09	(h)		1.00	(h)		1.00	(h)		4.95	(h)		—
2.97 (g)		141		0.79	(h)		0.79	(h)		0.79	(h)		5.09	(h)		—
4.46		359,523		0.61			0.61			0.61			5.09			—
4.35		432,703		1.20			1.20			1.20			3.98			456
3.56		79,506		2.02			1.95			1.95			3.20			—
3.63		75,194		1.87			1.87			1.87			3.29			—
1.58 (g)		38		1.01	(h)		0.91	(h)		0.91	(h)		4.78	(h)		—
4.89		285,255		0.70			0.70			0.70			4.48			—
1.00		311,557		1.24			1.20			1.20			3.24			195
0.25		81,028		2.00			1.95			1.95			2.49			—
0.34		74,039		1.87			1.87			1.87			2.56			—
1.45		188,156		0.73			0.73			0.73			3.73			—

35

Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Total Return Bond Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Total Return Bond Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

36

The Hartford Total Return Bond Fund
Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

37

The Hartford Total Return Bond Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 – 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009 (served as Vice President of the Fund (2006 – 2009))

Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

38

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 – 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

39

The Hartford Total Return Bond Fund
Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is as follows:

U.S. Treasury*	5.00	%
Other Direct Federal Obligations*	2.00	%
Other Securities	93.00	%
Total	100.00	%
QII†	90.00	%

*	The income received from federal obligations.
†	Applicable for non-resident foreign shareholders only. This is the percentage of ordinary income distribution that is designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.455		N/A		N/A		0.455
Class B		0.392		N/A		N/A		0.392
Class C		0.383		N/A		N/A		0.383
Class I		0.479		N/A		N/A		0.479
Class R3		0.430		N/A		N/A		0.430
Class R4		0.456		N/A		N/A		0.456
Class R5		0.484		N/A		N/A		0.484
Class Y		0.494		N/A		N/A		0.494

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

40

The Hartford Total Return Bond Fund
Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,094.60	$	5.28	$	1,000.00	$	1,020.16	$	5.09		1.00	%		184		365
Class B	$	1,000.00	$	1,090.40	$	8.90	$	1,000.00	$	1,016.69	$	8.59		1.69			184		365
Class C	$	1,000.00	$	1,090.30	$	9.22	$	1,000.00	$	1,016.38	$	8.89		1.75			184		365
Class I	$	1,000.00	$	1,095.50	$	4.01	$	1,000.00	$	1,021.37	$	3.87		0.76			184		365
Class R3	$	1,000.00	$	1,092.80	$	6.59	$	1,000.00	$	1,018.90	$	6.36		1.25			184		365
Class R4	$	1,000.00	$	1,094.40	$	5.17	$	1,000.00	$	1,020.27	$	4.99		0.98			184		365
Class R5	$	1,000.00	$	1,096.00	$	3.70	$	1,000.00	$	1,021.68	$	3.57		0.70			184		365
Class Y	$	1,000.00	$	1,096.60	$	3.07	$	1,000.00	$	1,022.28	$	2.96		0.58			184		365

41

The Hartford Total Return Bond Fund
Shareholder Meeting Results (Unaudited)

The following proposal was addressed and approved during the period at a special meeting of shareholders of The Hartford Income Allocation Fund held on September 9, 2009.

Proposal to approve a Plan of Reorganization providing for the acquisition of all of the assets and liabilities of The Hartford Income Allocation Fund (the “Acquired Fund”) by the Fund (the “Acquiring Fund”) solely in exchange for shares of the Acquiring Fund, followed by the complete liquidation of the Acquired Fund.

Fund Name	For		Against		Abstain		Uninstructed
The Hartford Income Allocation Fund		3,477,331.92		76,987.15		237,874.41		361,190.00

42

The Hartford Total Return Bond Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Total Return Bond Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Hartford Investment Management Company (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

43

The Hartford Total Return Bond Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the

44

Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

45

The Hartford Total Return Bond Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered any benefits to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

46

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-48 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

47

The Hartford Value Fund

Table of Contents

Manager Discussions (Unaudited)	2
Financial Statements
Schedule of Investments at October 31, 2009	4
Investment Valuation Hierarchy Level Summary at October 31, 2009	6
Statement of Assets and Liabilities at October 31, 2009	7
Statement of Operations for the Year Ended October 31, 2009	8
Statement of Changes in Net Assets for the Years Ended October 31, 2009 and October 31, 2008	9
Notes to Financial Statements	10
Financial Highlights	20
Report of Independent Registered Public Accounting Firm	22
Directors and Officers (Unaudited)	23
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Proxy Voting Records (Unaudited)	25
Quarterly Portfolio Holdings Information (Unaudited)	25
Federal Tax Information Notice (Unaudited)	26
Expense Example (Unaudited)	27
Approval of Investment Management and Investment Sub-Advisory Agreement (Unaudited)	28

The Hartford Value Fund inception 04/30/2001

(subadvised by Wellington Management Company, LLP) Investment objective — Seeks long-term total return.

Performance Overview(1) 4/30/01 — 10/31/09
Growth of a $10,000 investment in Class A which includes Sales Charge

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.

You cannot invest directly in an index.

The value of shares will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. The chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Average Annual Total Returns(2,3,4,5) (as of 10/31/09)

	1			5			Since
	Year			Year			Inception
Value A#		10.29	%		2.98	%		1.63	%
Value A##		4.23	%		1.82	%		0.96	%
Value B#		9.61	%		2.24	%		NA	*
Value B##		4.61	%		1.87	%		NA	*
Value C#		9.47	%		2.19	%		0.88	%
Value C##		8.47	%		2.19	%		0.88	%
Value I#		10.60	%		3.16	%		1.74	%
Value R3#		9.92	%		3.01	%		1.76	%
Value R4#		10.26	%		3.18	%		1.86	%
Value R5#		10.65	%		3.38	%		1.97	%
Value Y#		10.74	%		3.44	%		2.01	%
Russell 1000 Value Index		4.78	%		-0.05	%		1.38	%

#	Without sales charge
##	With sales charge
NA	Not Applicable
*	Inception returns are not applicable for Class B because after 8 years Class B converts to Class A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

(1)	Growth of a $10,000 investment in Classes B, C, I, R3, R4, R5 and Y shares will vary from results seen above due to differences in the expenses charged to these share classes.
(2)	The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect CDSC.
(3)	Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on 10/31/09, which excludes investment transactions as of this date.
(4)	Effective 9/30/09, Class B shares of The Hartford Mutual Funds are closed to new investments.
(5)	Class I shares commenced operations on 5/31/07. Performance prior to 5/31/07 reflects Class A performance. Classes R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to 12/22/06 reflects Class Y performance.

Portfolio Managers
Karen H. Grimes, CFA	Ian R. Link, CFA	W. Michael Reckmeyer, III, CFA
Senior Vice President	Vice President	Senior Vice President

How did the Fund perform?

The Class A shares of The Hartford Value Fund returned 10.29%, before sales charge, for the twelve-month period ended October 31, 2009, outperforming its benchmark, the Russell 1000 Value Index, which returned 4.78% for the same period. The Fund also outperformed the 8.93% return of the average fund in the Lipper Large-Cap Value Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Broad U.S. equity markets rose during the period, but this overall increase masks two significantly different market environments. From November through early March stocks fell sharply, reflecting deepening economic worries and concerns over the U.S. government’s increasing involvement in the economy. Beginning in early March stocks rallied through October as investors came to believe that a Depression-like scenario was less likely. Sector returns within the Russell 1000 Value Index diverged widely in this environment, with strength in the Information Technology (+33%), Consumer Discretionary (+23%), and Materials (+18%) sectors overshadowing weakness in Financials (-8%) and Industrials (-5%).

2

The primary driver of the Fund’s outperformance relative (i.e. performance of the Fund as measured against the benchmark) to the benchmark was stock selection, particularly within the Industrials, Energy, and Health Care sectors. In addition, the Fund’s bottom-up (i.e. stock by stock fundamental research) stock-by-stock decision making process often results in sector weights that vary from those of the benchmark. During the period these residual sector weights were additive to results due to overweight (i.e. the Fund’s sector position was greater than the benchmark position) positions in Information Technology and Consumer Staples and an underweight (i.e. the Fund’s sector position was less than the benchmark position) position in Financials.

Among the top contributors to benchmark-relative returns were Citigroup (Financials), Schering-Plough (Health Care), and Goldman Sachs (Financials). We purchased Citigroup early in the period and eliminated it after determining the fundamentals were continuing to deteriorate. Since Citigroup was a large benchmark holding, our lack of exposure through most of the period benefited our relative results. Shares of pharmaceutical company Schering-Plough jumped after the company announced a definitive merger agreement with Merck. Shares of U.S. bank holding company and investment bank Goldman Sachs Group benefited from the firm’s relative strength versus peers, its ability to pay back government loans, and earnings lift from its underwriting business in the wake of higher levels of new stock offerings. Top absolute (i.e. total return) contributors for the period also included Capital Goods company Cummins (Industrials).

International Paper (Materials), Host Hotels & Resorts (Financials), and ACE (Financials) detracted most from benchmark-relative returns. Not owning International Paper as the stock rallied from March through October hurt relative results. Host Hotels & Resorts, a lodging firm operating luxury and upscale premium brand hotel properties, also detracted from performance as we did not own the shares when the market began to discount significant earnings recovery into the share price. Worldwide property/casualty insurance and reinsurance provider ACE underperformed over the course of the year on concerns over their reserve levels. Stocks that detracted most from absolute returns included banking firms Bank of America (Financials) and U.S. Bancorp (Financials) and industrial and financial conglomerate General Electric (Industrials).

What is the outlook?

As the deterioration in macroeconomic data began to moderate during the first half of the year, investors removed the worst-case depression scenario from their outlook, propelling stocks higher. Government intervention helped to stabilize the financial sector, resulting in tightening credit spreads (i.e. short and long term interest rates moving closer together) and greater flexibility for companies to raise both debt and equity financing. While recent economic releases point to an improvement from the dire outlook of early 2009, the U.S. economy is by no means out of the woods. Consumer and corporate debt levels remain high, unemployment now exceeds 10%, and the government’s unprecedented monetary and fiscal stimulus has raised the specter of inflation down the road.

The market’s sharp rally off its March lows narrowed or eliminated many previously-attractive disparities between market price and our assessment of fair value. The strength of the rally suggests that investors are pricing in not just the removal of the worst-case scenario, but a robust economic recovery. In this environment we continue to apply our time-tested philosophy focused on building a portfolio in which expected growth and the dividend yield are better than the market and valuations are lower than the market. Based on bottom-up stock decisions, we ended the period most overweight the Information Technology, Health Care, and Consumer Staples sectors; our largest underweights were in Utilities, Financials, and Telecommunications Services.

Diversification by Industry
as of October 31, 2009

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		0.6	%
Banks (Financials)		5.2
Capital Goods (Industrials)		10.1
Commercial & Professional Services (Industrials)		1.0
Consumer Durables & Apparel (Consumer Discretionary)		1.7
Diversified Financials (Financials)		10.6
Energy (Energy)		18.9
Food & Staples Retailing (Consumer Staples)		2.5
Food, Beverage & Tobacco (Consumer Staples)		4.3
Health Care Equipment & Services (Health Care)		4.6
Household & Personal Products (Consumer Staples)		0.8
Insurance (Financials)		6.1
Materials (Materials)		5.0
Media (Consumer Discretionary)		1.4
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		6.3
Retailing (Consumer Discretionary)		4.3
Semiconductors & Semiconductor Equipment (Information Technology)		2.7
Software & Services (Information Technology)		1.7
Technology Hardware & Equipment (Information Technology)		3.9
Telecommunication Services (Services)		3.2
Transportation (Industrials)		0.7
Utilities (Utilities)		3.7
Short-Term Investments		0.7
Other Assets and Liabilities		—
Total		100.0	%

3

The Hartford Value Fund

Schedule of Investments

October 31, 2009

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS — 99.3%
		Automobiles & Components — 0.6%
	336	Ford Motor Co.•	$	2,349
		Banks — 5.2%
	139	PNC Financial Services Group, Inc.		6,783
	467	Wells Fargo & Co.		12,860
				19,643
		Capital Goods — 10.1%
	40	Boeing Co.		1,912
	98	Cummins, Inc.		4,207
	439	General Electric Co.		6,262
	73	Illinois Tool Works, Inc.		3,334
	209	Ingersoll-Rand plc		6,608
	82	PACCAR, Inc.		3,064
	30	Precision Castparts Corp.		2,904
	131	Stanley Works		5,930
	206	Textron, Inc.		3,666
				37,887
		Commercial & Professional Services — 1.0%
	124	Waste Management, Inc.		3,702
		Consumer Durables & Apparel — 1.7%
	81	Coach, Inc.		2,664
	207	Mattel, Inc.		3,926
				6,590
		Diversified Financials — 10.6%
	65	Ameriprise Financial, Inc.		2,257
	433	Bank of America Corp.		6,318
	141	Bank of New York Mellon Corp.		3,758
	65	Goldman Sachs Group, Inc.		11,078
	343	JP Morgan Chase & Co.		14,340
	122	UBS AG ADR		2,024
				39,775
		Energy — 18.9%
	55	Apache Corp.		5,186
	161	Baker Hughes, Inc.		6,765
	69	BP plc ADR		3,929
	142	Chevron Corp.		10,830
	77	ConocoPhillips Holding Co.		3,839
	23	EOG Resources, Inc.		1,854
	220	Exxon Mobil Corp.		15,789
	56	Hess Corp.		3,066
	133	Marathon Oil Corp.		4,265
	58	Newfield Exploration Co.•		2,383
	119	Occidental Petroleum Corp.		9,007
	95	XTO Energy, Inc.		3,953
				70,866
		Food & Staples Retailing — 2.5%
	106	CVS/Caremark Corp.		3,724
	119	Kroger Co.		2,750
	107	Sysco Corp.		2,841
				9,315
		Food, Beverage & Tobacco — 4.3%
	31	General Mills, Inc.		2,057
	107	Nestle S.A. ADR		4,975
	79	PepsiCo, Inc.		4,777
	87	Philip Morris International, Inc.		4,130
				15,939
		Health Care Equipment & Services — 4.6%
	85	Baxter International, Inc.		4,584
	110	Cardinal Health, Inc.		3,109
	93	Covidien plc		3,934
	114	UnitedHealth Group, Inc.		2,953
	51	Zimmer Holdings, Inc.•		2,702
				17,282
		Household & Personal Products — 0.8%
	52	Kimberly-Clark Corp.		3,186
		Insurance — 6.1%
	172	ACE Ltd.		8,849
	93	AON Corp.		3,578
	105	Chubb Corp.		5,109
	66	Principal Financial Group, Inc.		1,648
	193	Unum Group		3,840
				23,024
		Materials — 5.0%
	68	Agrium U.S., Inc.		3,192
	154	Cliff’s Natural Resources, Inc.		5,471
	55	Dow Chemical Co.		1,294
	113	E.I. DuPont de Nemours & Co.		3,602
	69	Mosaic Co.		3,243
	89	Rexam plc ADR		2,023
				18,825
		Media — 1.4%
	355	Comcast Corp. Class A		5,142
		Pharmaceuticals, Biotechnology & Life Sciences — 6.3%
	80	Abbott Laboratories		4,056
	58	Johnson & Johnson		3,401
	150	Merck & Co., Inc.		4,649
	474	Pfizer, Inc.		8,067
	70	Teva Pharmaceutical Industries Ltd. ADR		3,508
				23,681
		Retailing — 4.3%
	84	Gap, Inc.		1,795
	101	Home Depot, Inc.		2,532
	72	Kohl’s Corp.•		4,109
	168	Staples, Inc.		3,641
	83	Target Corp.		4,005
				16,082
		Semiconductors & Semiconductor Equipment — 2.7%
	316	Intel Corp.		6,037
	172	Texas Instruments, Inc.		4,029
				10,066
		Software & Services — 1.7%
	229	Microsoft Corp.		6,339
		Technology Hardware & Equipment — 3.9%
	266	Cisco Systems, Inc.•		6,087
	113	Hewlett-Packard Co.		5,372
	197	Ingram Micro, Inc.•		3,479
				14,938
		Telecommunication Services — 3.2%
	334	AT&T, Inc.		8,583
	112	Verizon Communications, Inc.		3,308
				11,891
		Transportation — 0.7%
	50	United Parcel Service, Inc. Class B		2,695

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount					Market Value ╪
COMMON STOCKS — 99.3% — (continued)
		Utilities — 3.7%
	106	Edison International			$	3,363
	53	Entergy Corp.				4,089
	57	Exelon Corp.				2,686
	73	FPL Group, Inc.				3,560
						13,698
		Total common stocks (cost $359,402)			$	372,915
		Total long-term investments (cost $359,402)			$	372,915
SHORT-TERM INVESTMENTS — 0.7%
		Repurchase Agreements — 0.7%
		Banc of America Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $100, collateralized by GNMA 5.00%, 2039, value of $103)
$	100	0.08%, 10/30/2009			$	100
		BNP Paribas Securities Corp. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $590, collateralized by FHLMC 4.00% - 7.00%, 2011 - 2039, FNMA 4.00% - 7.00%, 2017 - 2047, value of $601)
	590	0.08%, 10/30/2009				590
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $657, collateralized by FHLMC 6.00%, 2036, FNMA 7.00%, 2038, value of $670)
	657	0.08%, 10/30/2009				657
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $7, collateralized by U.S. Treasury Note 2.75%, 2013, value of $7)
	7	0.05%, 10/30/2009				7
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 11/02/2009 in the amount of $1,138, collateralized by FNMA 4.00% - 7.50%, 2016 - 2048, value of $1,161)
	1,138	0.07%, 10/30/2009				1,138
						2,492
		Total short-term investments (cost $2,492)			$	2,492
		Total investments (cost $361,894)▲	100.0	%	$	375,407
		Other assets and liabilities	—	%		(91	)
		Total net assets	100.0	%	$	375,316

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of investments in foreign securities represents 4.6% of total net assets at October 31, 2009.
	Foreign securities that are principally traded on certain foreign markets are adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of the foreign market but before the close of the New York Stock Exchange.
▲	At October 31, 2009, the cost of securities for federal income tax purposes was $365,045 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	36,116
Unrealized Depreciation		(25,754	)
Net Unrealized Appreciation	$	10,362

•	Currently non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Value Fund

Investment Valuation Hierarchy Level Summary

October 31, 2009

(000’s Omitted)

	Total		Level 1		Level 2		Level 3
Assets:
Common Stocks ‡	$	372,915	$	372,915	$	—	$	—
Short-Term Investments		2,492		—		2,492		—
Total	$	375,407	$	372,915	$	2,492	$	—

‡ The Fund has all or primarily all of these equity securities categorized in a single level. Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Value Fund

Statement of Assets and Liabilities

October 31, 2009

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $361,894)	$	375,407
Cash		50
Receivables:
Investment securities sold		1,711
Fund shares sold		150
Dividends and interest		439
Other assets		42
Total assets		377,799
Liabilities:
Payables:
Investment securities purchased		1,924
Fund shares redeemed		460
Investment management fees		51
Distribution fees		5
Accrued expenses		43
Total liabilities		2,483
Net assets	$	375,316
Summary of Net Assets:
Capital stock and paid-in-capital		428,700
Accumulated undistributed net investment income		156
Accumulated net realized loss on investments		(67,053	)
Unrealized appreciation of investments		13,513
Net assets	$	375,316
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	9.63/$10.19
Shares outstanding		5,993
Net assets	$	57,687
Class B: Net asset value per share	$	9.47
Shares outstanding		769
Net assets	$	7,286
Class C: Net asset value per share	$	9.45
Shares outstanding		1,121
Net assets	$	10,591
Class I: Net asset value per share	$	9.59
Shares outstanding		264
Net assets	$	2,534
Class R3: Net asset value per share	$	9.47
Shares outstanding		26
Net assets	$	248
Class R4: Net asset value per share	$	9.52
Shares outstanding		17
Net assets	$	163
Class R5: Net asset value per share	$	9.55
Shares outstanding	��	1
Net assets	$	8
Class Y: Net asset value per share	$	9.55
Shares outstanding		31,065
Net assets	$	296,799

The accompanying notes are an integral part of these financial statements.

7

The Hartford Value Fund

Statement of Operations

For the Year Ended October 31, 2009

(000’s Omitted)

Investment Income:
Dividends	$	8,508
Interest		12
Securities lending		—
Less: Foreign tax withheld		(63	)
Total investment income		8,457
Expenses:
Investment management fees		2,587
Administrative services fees		—
Transfer agent fees		227
Distribution fees
Class A		131
Class B		69
Class C		89
Class R3		1
Class R4		—
Custodian fees		7
Accounting services fees		45
Registration and filing fees		87
Board of Directors’ fees		10
Audit fees		15
Other expenses		72
Total expenses (before waivers and fees paid indirectly)		3,340
Expense waivers		(29	)
Transfer agent fee waivers		(18	)
Commission recapture		(17	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(64	)
Total expenses, net		3,276
Net Investment Income		5,181
Net Realized Loss on Investments:
Net realized loss on investments in securities		(45,951	)
Net Realized Loss on Investments		(45,951	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		84,505
Net Changes in Unrealized Appreciation of Investments		84,505
Net Gain on Investments		38,554
Net Increase in Net Assets Resulting from Operations	$	43,735

The accompanying notes are an integral part of these financial statements.

8

The Hartford Value Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	5,181		$	6,268
Net realized loss on investments		(45,951	)		(21,083	)
Net unrealized appreciation (depreciation) of investments		84,505			(132,595	)
Net Increase (Decrease) In Net Assets Resulting From Operations		43,735			(147,410	)
Distributions to Shareholders:
From net investment income
Class A		(1,350	)		(680	)
Class B		(71	)		—
Class C		(90	)		(2	)
Class I		(39	)		(1	)
Class R3		(4	)		—
Class R4		(5	)		—
Class R5		—			—
Class Y		(8,841	)		(3,717	)
From net realized gain on investments
Class A		—			(4,006	)
Class B		—			(600	)
Class C		—			(630	)
Class I		—			(2	)
Class R3		—			—
Class R4		—			—
Class R5		—			(1	)
Class Y		—			(13,683	)
Total distributions		(10,400	)		(23,322	)
Capital Share Transactions:
Class A		(2,129	)		1,477
Class B		(520	)		(1,181	)
Class C		690			728
Class I		1,692			678
Class R3		106			123
Class R4		(14	)		205
Class R5		—			1
Class Y		56,661			36,595
Net increase from capital share transactions		56,486			38,626
Net Increase (Decrease) In Net Assets		89,821			(132,106	)
Net Assets:
Beginning of period		285,495			417,601
End of period	$	375,316		$	285,495
Accumulated undistributed (distribution in excess of) net investment income (loss)	$	156		$	5,420

The accompanying notes are an integral part of these financial statements.

9

The Hartford Value Fund

Notes to Financial Statements

October 31, 2009

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-six portfolios. Financial statements for The Hartford Value Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50% Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors through advisory fee-based wrap programs. Classes R3, R4, R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

Effective September 30, 2009, no new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). After September 30, 2009, existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. For Class B shares outstanding as of September 30, 2009, all Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund, which are in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

a)	Security Transactions and Investment Income – Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except that certain dividends for foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend in the exercise of reasonable diligence. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
b)	Security Valuation – The Fund generally uses market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary market, but before the close of the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) that is expected to affect the value of the portfolio security. The circumstances in which the Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or governmental actions; (iii) trading restrictions on securities; (iv) thinly traded securities and (v) market events such as trading halts and early market

10

closings. In addition, with respect to the valuation of stocks primarily traded on foreign markets, the Fund uses a fair value pricing service approved by the Fund’s Board of Directors, which employs quantitative models that evaluate changes in the value of foreign market proxies (e.g., futures contracts, American Depositary Receipts, exchange traded funds (“ETF’s”)) after the close of the foreign markets but before the Valuation Time. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that the Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange-traded equity securities are valued at the last reported sale price on the exchange or market on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. (“Nasdaq”) or another over-the-counter market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time.

Foreign-denominated assets, including investment securities, and liabilities are translated from the local currency into U.S. dollars using exchange rates obtained from an independent third party as of the Fund’s Valuation Time.

Financial instruments for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.

Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.

Various inputs are used in determining the value of the Fund’s investment. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange-traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, ETF’s, and rights and warrants.

• Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the security. Level 2 may include debt securities that are traded less frequently than exchange-traded instruments and that are valued using third party pricing services, foreign equities, whose value is determined using a multi-factor regression model with inputs that are observable in the market; and money market instruments, which are carried at amortized cost.

• Level 3 – Significant unobservable inputs that are supported by little or no market activity. Level 3 includes financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. This category may include broker quoted securities and securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

11

The Hartford Value Fund

Notes to Financial Statements — (continued)

October 31, 2009

(000’s Omitted)

	Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended October 31, 2009, the Fund held no Level 3 securities, therefore no reconciliation of Level 3 securities is presented.
	Refer to the Investment Valuation Hierarchy Level Summary found following the Schedule of Investments.
c)	Joint Trading Account – Pursuant to an exemptive order issued by the SEC, the Fund may transfer uninvested cash balances into a joint trading account managed by Wellington Management Company, LLP (“Wellington”). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments.
d)	Repurchase Agreements – A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2009.
e)	Securities Lending – The Fund may lend its securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are fully collateralized at all times with cash and/or U.S. Government Securities and/or repurchase agreements. The cash collateral is then invested in short-term money market instruments. The repurchase agreements are fully collateralized by U.S. Government Securities. The adequacy of the collateral for securities on loan is monitored on a daily basis. For instances where the market value of collateral falls below the market value of the securities out on loan, such collateral is supplemented on the following business day.
	While securities are on loan, the Fund is subject to the following risks: 1) that the borrower may default on the loan and that the collateral could be inadequate in the event the borrower defaults, 2) that the earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan, 3) that the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of the collateral posted, 4) that the borrower may use the loaned securities to cover a short sale which may place downward pressure on the market prices of the loaned securities, 5) that return of loaned securities could be delayed and could interfere with portfolio management decisions and 6) that any efforts to recall the securities for purposes of voting a proxy may not be effective. The Fund had no securities out on loan as of October 31, 2009.
f)	Indexed Securities – The Fund may invest in indexed securities whose values are linked to changes in interest rates, indices, or other underlying instruments. The Fund may use these securities to increase or decrease its exposure to different underlying instruments and to gain exposure to markets that might be difficult to invest in using conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment and there may be a limit to the potential appreciation of the investment. The Fund had no investments in indexed securities as of October 31, 2009.
g)	Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined separately for each class of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Orders for the purchase of the Fund’s shares prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

12

	The Fund intends to distribute substantially all of its net investment income and net realized capital gains to shareholders no less frequently than once a year. Normally, dividends from net investment income of the Fund are declared and paid annually. Unless shareholders specify otherwise, all dividends will be automatically reinvested in additional full or fractional shares of the Fund.
	Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts footnote).
h)	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Operating results in the future could vary from the amounts derived from management’s estimates.
i)	Indemnifications – Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities law. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Federal Income Taxes:

a)	Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of regulated investment companies. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2009. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.
b)	Net Investment Income (Loss), Realized Gains and (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.
c)	Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2009		October 31, 2008
Ordinary Income	$	10,400	$	13,907
Long-Term Capital Gains *		—		9,415

* The Fund designates these distributions as long-term capital gain dividends pursuant to IRC code Sec. 852(b)(3)(C).

13

The Hartford Value Fund

Notes to Financial Statements — (continued)

October 31, 2009

(000’s Omitted)

As of October 31, 2009, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	156
Accumulated Capital Losses *		(63,902	)
Unrealized Appreciation †		10,362
Total Accumulated Deficit	$	(53,384	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to decrease accumulated undistributed net investment income by $45 and increase accumulated net realized gain on investments by $45.

e)

Capital Loss Carryforward – At October 31, 2009 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	17,720
2017		46,182
Total	$	63,902

f) Accounting for Uncertainty in Income Taxes – Management has evaluated all open tax years and has determined there is no impact to the Fund’s financial statements related to uncertain tax positions. Generally, tax authorities can examine all tax returns filed for the last three years.

4. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”) serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington.

14

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2009; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8000	%
On next $500 million		0.7000	%
On next $4 billion		0.6500	%
On next $5 billion		0.6475	%
Over $10 billion		0.6450	%

b) Accounting Services Agreement — Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Fund, HLIC provides accounting services to the Fund and receives monthly compensation on the Fund’s average net assets. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

c) Operating Expenses — Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. During the year ended October 31, 2009, HIFSCO has contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, certain distribution expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.40	%		2.15	%		2.15	%		1.15	%		1.65	%		1.35	%		1.05	%		1.00	%

d) Fees Paid Indirectly — The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2009, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2009			2008			2007			2006			2005
Class A Shares		1.39	%		1.32	%		1.32	%		1.37	%		1.39	%
Class B Shares		1.88			2.06			2.15			2.12			2.14
Class C Shares		2.14			2.09			2.09			2.14			2.14
Class I Shares		0.99			0.95			1.00	*
Class R3 Shares		1.62			1.65			1.65	†
Class R4 Shares		1.29			1.30			1.35	†
Class R5 Shares		0.97			0.98			1.05	†
Class Y Shares		0.87			0.87			0.88			0.91			0.92

*	From May 31, 2007 (commencement of operations), through October 31, 2007.
†	From December 22, 2006 (commencement of operations), through October 31, 2007.

15

The Hartford Value Fund
Notes to Financial Statements — (continued)
October 31, 2009
(000’s Omitted)

e)	Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2009, HIFSCO received front-end load sales charges of $170 and contingent deferred sales charges of $20 from the Fund.
	The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% and Class R4 shares have a distribution fee of 0.25%. For Classes R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.
	For the year ended October 31, 2009, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares were $6. These commissions are in turn paid to sales representatives of the broker/dealers.
f)	Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2009, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for all classes. HASCO was compensated $204 for providing such services. These fees are accrued daily and paid monthly.
	Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.
g)	Payments from Affiliate – The total return in the accompanying financial highlights includes payment from affiliates. Had the payment from affiliates been excluded, the total return for the periods listed below would have been as follows:

	Impact from		Total Return
	Payment from		Excluding
	Affiliate for SEC		Payment from
	Settlement for the		Affiliate for the
	Year ended		Year Ended
	October 31, 2007		October 31, 2007
Class A		—		16.60	%
Class B		—		15.62
Class C		—		15.62
Class Y		—		17.06

16

5.	Affiliate Holdings:
	As of October 31, 2009, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class R5		1

6.	Investment Transactions:
	For the year ended October 31, 2009, the Fund’s aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	217,901
Sales Proceeds Excluding U.S. Government Obligations		158,132

7.	Capital Share Transactions:
	The following information is for the year ended October 31, 2009 and the year ended October 31, 2008:

	For the Year Ended October 31, 2009												For the Year Ended October 31, 2008
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		2,423		150		(2,931	)		—		(358	)		1,461		353		(1,764	)		—		50
Amount	$	20,763	$	1,265	$	(24,157	)	$	—	$	(2,129	)	$	16,895	$	4,549	$	(19,967	)	$	—	$	1,477
Class B
Shares		229		8		(294	)		—		(57	)		161		45		(322	)		—		(116	)
Amount	$	1,838	$	66	$	(2,424	)	$	—	$	(520	)	$	1,825	$	568	$	(3,574	)	$	—	$	(1,181	)
Class C
Shares		407		10		(346	)		—		71			243		46		(234	)		—		55
Amount	$	3,421	$	82	$	(2,813	)	$	—	$	690		$	2,762	$	586	$	(2,620	)	$	—	$	728
Class I
Shares		273		3		(79	)		—		197			74		—		(11	)		—		63
Amount	$	2,348	$	31	$	(687	)	$	—	$	1,692		$	805	$	3	$	(130	)	$	—	$	678
Class R3
Shares		13		—		(1	)		—		12			13		1		—			—		14
Amount	$	109	$	4	$	(7	)	$	—	$	106		$	122	$	1	$	—		$	—	$	123
Class R4
Shares		5		1		(8	)		—		(2	)		20		—		(2	)		—		18
Amount	$	45	$	5	$	(64	)	$	—	$	(14	)	$	222	$	—	$	(17	)	$	—	$	205
Class R5
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	—	$	—	$	—		$	—	$	—		$	—	$	1	$	—		$	—	$	1
Class Y
Shares		8,417		1,042		(2,063	)		—		7,396			4,179		1,356		(3,282	)		—		2,253
Amount	$	66,473	$	8,841	$	(18,653	)	$	—	$	56,661		$	48,573	$	17,400	$	(29,378	)	$	—	$	36,595

The following reflects the conversion of Class B Shares into Class A Shares (reflected as Class A Shares issued) for the year ended October 31, 2009 and the year ended October 31, 2008:

	Shares		Dollars
For the Year Ended October 31, 2009		51	$	478
For the Year Ended October 31, 2008		31	$	366

17

The Hartford Value Fund
Notes to Financial Statements – (continued) 
October 31, 2009
(000’s Omitted)

8.	Line of Credit:
	The Fund is one of several Hartford Funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the Fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This fee is allocated to all the Funds participating in the line of credit based on the average net assets of the Funds. During the year ended October 31, 2009, the Fund did not have any borrowings under this facility.
9.	Industry Classifications:
	Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds”, equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.
10.	Subsequent Events:
	Management has evaluated subsequent events through December 15, 2009, the date of issuance of the Fund’s financial statements, and has determined that no additional items require disclosure.

18

The Hartford Value Fund
Notes to Financial Statements
October 31, 2009
(000’s Omitted)

[This page intentionally left plank.]

19

The Hartford Value Fund

Financial Highlights

- Selected Per-Share Data (a) -

																							��
	Net Asset						Net Realized																	Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Year Ended October 31, 2009 (e)
A	$	8.95	$	0.11	$	—	$	0.78		$	0.89		$	(0.21	)	$	—		$	—	$	(0.21	)	$	0.68		$	9.63
B		8.73		0.06		—		0.77			0.83			(0.09	)		—			—		(0.09	)		0.74			9.47
C		8.72		0.04		—		0.77			0.81			(0.08	)		—			—		(0.08	)		0.73			9.45
I		8.97		0.10		—		0.81			0.91			(0.29	)		—			—		(0.29	)		0.62			9.59
R3		8.87		0.07		—		0.77			0.84			(0.24	)		—			—		(0.24	)		0.60			9.47
R4		8.89		0.11		—		0.77			0.88			(0.25	)		—			—		(0.25	)		0.63			9.52
R5		8.92		0.14		—		0.77			0.91			(0.28	)		—			—		(0.28	)		0.63			9.55
Y		8.93		0.15		—		0.77			0.92			(0.30	)		—			—		(0.30	)		0.62			9.55
For the Year Ended October 31, 2008
A		14.13		0.16		—		(4.60	)		(4.44	)		(0.10	)		(0.64	)		—		(0.74	)		(5.18	)		8.95
B		13.78		0.08		—		(4.49	)		(4.41	)		—			(0.64	)		—		(0.64	)		(5.05	)		8.73
C		13.78		0.06		—		(4.48	)		(4.42	)		—			(0.64	)		—		(0.64	)		(5.06	)		8.72
I		14.15		0.17		—		(4.56	)		(4.39	)		(0.15	)		(0.64	)		—		(0.79	)		(5.18	)		8.97
R3		14.00		0.03		—		(4.46	)		(4.43	)		(0.06	)		(0.64	)		—		(0.70	)		(5.13	)		8.87
R4		14.03		0.08		—		(4.48	)		(4.40	)		(0.10	)		(0.64	)		—		(0.74	)		(5.14	)		8.89
R5		14.07		0.19		—		(4.56	)		(4.37	)		(0.14	)		(0.64	)		—		(0.78	)		(5.15	)		8.92
Y		14.09		0.21		—		(4.57	)		(4.36	)		(0.16	)		(0.64	)		—		(0.80	)		(5.16	)		8.93
For the Year Ended October 31, 2007
A		12.91		0.12		—		1.89			2.01			—			(0.79	)		—		(0.79	)		1.22			14.13
B		12.71		0.01		—		1.85			1.86			—			(0.79	)		—		(0.79	)		1.07			13.78
C		12.71		0.02		—		1.84			1.86			—			(0.79	)		—		(0.79	)		1.07			13.78
I(g)		13.85		0.03		—		0.27			0.30			—			—			—		—			0.30			14.15
R3(j)		12.51		0.05		—		1.44			1.49			—			—			—		—			1.49			14.00
R4(j)		12.51		0.09		—		1.43			1.52			—			—			—		—			1.52			14.03
R5(j)		12.51		0.12		—		1.44			1.56			—			—			—		—			1.56			14.07
Y		12.91		0.09		—		1.97			2.06			(0.09	)		(0.79	)		—		(0.88	)		1.18			14.09
For the Year Ended October 31, 2006
A		10.79		0.09		—		2.11			2.20			(0.08	)		—			—		(0.08	)		2.12			12.91
B		10.62		0.01		—		2.08			2.09			—			—			—		—			2.09			12.71
C		10.62		0.01		—		2.08			2.09			—			—			—		—			2.09			12.71
Y		10.79		0.15		—		2.10			2.25			(0.13	)		—			—		(0.13	)		2.12			12.91
For the Year Ended October 31, 2005
A		9.71		0.08		—		1.04			1.12			(0.04	)		—			—		(0.04	)		1.08			10.79
B		9.60		—		—		1.02			1.02			—			—			—		—			1.02			10.62
C		9.60		—		—		1.02			1.02			—			—			—		—			1.02			10.62
Y		9.71		0.12		—		1.05			1.17			(0.09	)		—			—		(0.09	)		1.08			10.79

(a)	Information presented relates to a share outstanding throughout the indicated period.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(c)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(d)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(e)	Per share amounts have been calculated using average shares outstanding method.
(f)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(g)	Commenced operations on May 31, 2007.
(h)	Not annualized.
(i)	Annualized.
(j)	Commenced operations on December 22, 2006.

20

- Ratios and Supplemental Data -

					Ratio of Expenses to Average			Ratio of Expenses to Average			Ratio of Expenses to Average
					Net Assets Before Waivers and			Net Assets After Waivers and			Net Assets After Waivers and			Ratio of Net
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Investment Income to			Portfolio
Total Return(b)			Period (000’s)		Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Expenses not Subject to Cap(c)			Average Net Assets			Turnover Rate(d)
	10.29	%	$	57,687		1.41	%		1.40	%		1.40	%		1.27	%		50	%
	9.61			7,286		2.43			1.89			1.89			0.77			—
	9.47			10,591		2.18			2.14			2.14			0.49			—
	10.60			2,534		1.00			1.00			1.00			1.24			—
	9.92			248		1.63			1.63			1.63			0.86			—
	10.26			163		1.29			1.29			1.29			1.36			—
	10.65			8		0.97			0.97			0.97			1.67			—
	10.74			296,799		0.88			0.88			0.88			1.73			—
	(33.00	)		56,864		1.32			1.32			1.32			1.32			57
	(33.43	)		7,211		2.27			2.06			2.06			0.57			—
	(33.50	)		9,160		2.10			2.10			2.10			0.54			—
	(32.67	)		598		0.96			0.96			0.96			1.66			—
	(33.14	)		122		1.73			1.65			1.65			0.87			—
	(32.93	)		166		1.31			1.31			1.31			1.29			—
	(32.71	)		8		0.98			0.98			0.98			1.65			—
	(32.65	)		211,366		0.88			0.88			0.88			1.76			—
	16.61	(f)		89,023		1.32			1.32			1.32			0.89			32
	15.63	(f)		12,976		2.23			2.15			2.15			0.07			—
	15.63	(f)		13,710		2.09			2.09			2.09			0.13			—
	2.17	(h)		46		1.00	(i)		1.00	(i)		1.00	(i)		1.00	(i)		—
	11.91	(h)		11		1.65	(i)		1.65	(i)		1.65	(i)		0.47	(i)		—
	12.15	(h)		11		1.35	(i)		1.35	(i)		1.35	(i)		0.78	(i)		—
	12.47	(h)		11		1.05	(i)		1.05	(i)		1.05	(i)		1.07	(i)		—
	17.07	(f)		301,813		0.89			0.89			0.89			1.30			—
	20.52			79,476		1.38			1.38			1.38			0.89			50
	19.68			11,957		2.29			2.13			2.13			0.15			—
	19.68			12,943		2.15			2.15			2.15			0.12			—
	21.07			72,054		0.92			0.92			0.92			1.36			—
	11.50			63,417		1.41			1.40			1.40			0.76			29
	10.62			10,091		2.34			2.15			2.15			0.01			—
	10.62			10,238		2.19			2.15			2.15			0.02			—
	12.06			60,218		0.93			0.93			0.93			1.19			—

21

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Value Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Value Fund of The Hartford Mutual Funds, Inc. at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 15, 2009

22

The Hartford Value Fund

Directors and Officers (Unaudited)

The Board of Directors appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the Investment Company Act of 1940, as amended. Each officer and two of the Funds’ directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., which, as of October 31, 2009, collectively consist of 93 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Fund and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Fund can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm. Since 2003, Mr. Birdsong has been an independent director of The Japan Fund. From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an interested director of The Japan Fund.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. He has served for over thirty years as a financial services executive in banking, venture capital and private equity.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008-2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995-2003).

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In July, 2006, Mr. Johnston was elected to the Board of Directors of MultiPlan, Inc. In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

23

The Hartford Value Fund
Directors and Officers (Unaudited) — (continued)

Phillip O. Peterson (1944) Director since 2002 (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department during 1998-2006. Previously he was an endowed professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000-July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

Lowndes A. Smith (1939) Director since 1996 (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of Hartford Life, Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance, Symetra Financial and as a Managing Director of Whittington Gray Associates.

John C. Walters* (1962) Director since 2008

Mr. Walters currently serves as President, Chief Executive Officer and Director for Hartford Life, Inc. (“HL, Inc.”). Mr. Walters also serves as President, Chairman of the Board, Chief Executive Officer and Director for Hartford Life Insurance Company (“Hartford Life”), and as Executive Vice President of The Hartford Financial Services Group, Inc. (“The Hartford”). In addition, Mr. Walters is Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Walters previously served as Co-Chief Operating Officer of Hartford Life (2007-2008), and as President of the U.S. Wealth Management Division of HL, Inc. (2006-2007). Mr. Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.

* Mr. Walters previously served as President and Chief Executive Officer of the Fund (2007 - 2009).

Other Officers

Robert M. Arena, Jr. (1968) President and Chief Executive Officer since 2009

(served as Vice President of the Fund (2006 — 2009)) Mr. Arena serves as Executive Vice President of Hartford Life. Additionally, Mr. Arena is Senior Vice President and Director of Hartford Administrative Services Company, (“HASCO”), President, Chief Executive Officer and Manager of Hartford Investment Financial Services, LLC (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Prior to joining The Hartford in 2004, he was Senior Vice President in charge of Product Management for American Skandia/Prudential in the individual annuities division.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (MF) 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of Hartford Life. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO. She served as Assistant Vice President of Hartford Life from December 2001 through March 2005.

Brian Ferrell (1962) AML Compliance Officer since 2008

Mr. Ferrell has served as Assistant Vice President and AML Compliance Officer for The Hartford since 2006, and as AML Compliance Officer for HASCO and Hartford Investor Services Company, LLC (“HISC”) since 2008. Prior to joining The Hartford in 2006, Mr. Ferrell held various positions at the U.S. Department of the Treasury (the “Treasury”) from 2001 to 2006, where he served as Chief Counsel for the Treasury’s Financial Crimes Enforcement Network from 2005 – 2006.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997 – 2009.

24

Thomas D. Jones, III (1965) Vice President and Chief Compliance Officer since 2006

Mr. Jones serves as Chief Compliance Officer for the Hartford Mutual Funds and Vice President and Director of Securities Compliance for The Hartford. He is also Vice President of HIFSCO, HL Advisors, and Hartford Life. Mr. Jones joined The Hartford in 2006 from SEI Investments, where he served as Chief Compliance Officer for its mutual funds and investment advisers. Prior to joining SEI, Mr. Jones was First Vice President and Compliance Director for Merrill Lynch Investment Managers (Americas) (“MLIM”), where he worked from 1992-2004. At MLIM, Mr. Jones was responsible for the compliance oversight of various investment products, including mutual funds, wrap accounts, institutional accounts and alternative investments.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Assistant Vice President of Hartford Life and Chief Legal Officer, Secretary and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Prior to joining The Hartford in 2005, Mr. Macdonald was Chief Counsel, Investment Management for Prudential Financial (formerly American Skandia Investment Services, Inc.). He joined Prudential in April 1999.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of Hartford Life. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004 from MassMutual which he joined in 1987.

D. Keith Sloane (1960) Vice President since 2009

Mr. Sloane is a Senior Vice President of Hartford Life. Additionally, Mr. Sloane currently serves as Senior Vice President of HIFSCO, HL Advisors, and HASCO. Prior to joining The Hartford in 2007, Mr. Sloane was Director of product marketing and led the mutual fund business for Wachovia Securities (“Wachovia”) in their investment products group. Mr. Sloane joined Wachovia in 1995.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Vice President of Hartford Life. Ms. Wolak joined Hartford Life as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001 - 2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2009 is available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files a complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

25

The Hartford Value Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2010. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

DRD*	100.00	%
QDI†	100.00	%

*	Income distributions, taxable as dividend income which qualify for deduction by corporations.
†	For the fiscal year ended October 31, 2009, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate ordinary distributions declared as taxed at a maximum rate of 15%.

Detailed below are the per share distributions made for the fiscal year ended October 31, 2009.

			Short-Term		Long-Term
	Income		Capital Gain		Capital Gain		Total
Class A		0.211		N/A		N/A		0.211
Class B		0.088		N/A		N/A		0.088
Class C		0.084		N/A		N/A		0.084
Class I		0.291		N/A		N/A		0.291
Class R3		0.244		N/A		N/A		0.244
Class R4		0.247		N/A		N/A		0.247
Class R5		0.282		N/A		N/A		0.282
Class Y		0.298		N/A		N/A		0.298

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

26

The Hartford Value Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) (2) ongoing costs including management fees; distribution fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 period of April 30, 2009 through October 31, 2009.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 the 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 the 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 are equal to the Fund’s annualized expense ratios 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)
					Expenses paid						Expenses paid					Days in
					during the period						during the period					the		Days
	Beginning		Ending Account		April 30, 2009		Beginning		Ending Account		April 30,		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		2009 through		expense			1/2		full
	April 30, 2009		October 31, 2009		October 31, 2009		April 30, 2009		October 31, 2009		October 31, 2009		ratio			year		year
Class A	$	1,000.00	$	1,196.00	$	7.75	$	1,000.00	$	1,018.15	$	7.12		1.40	%		184		365
Class B	$	1,000.00	$	1,190.70	$	10.77	$	1,000.00	$	1,015.38	$	9.91		1.95			184		365
Class C	$	1,000.00	$	1,190.30	$	11.98	$	1,000.00	$	1,014.27	$	11.02		2.17			184		365
Class I	$	1,000.00	$	1,196.60	$	5.54	$	1,000.00	$	1,020.16	$	5.09		1.00			184		365
Class R3	$	1,000.00	$	1,194.10	$	8.96	$	1,000.00	$	1,017.04	$	8.24		1.62			184		365
Class R4	$	1,000.00	$	1,195.10	$	7.08	$	1,000.00	$	1,018.75	$	6.51		1.28			184		365
Class R5	$	1,000.00	$	1,197.50	$	5.15	$	1,000.00	$	1,020.52	$	4.74		0.93			184		365
Class Y	$	1,000.00	$	1,198.10	$	4.71	$	1,000.00	$	1,020.92	$	4.33		0.85			184		365

27

The Hartford Value Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 4-5, 2009, the Board of Directors (the “Board”) of The Hartford Value Fund (the “Fund”), including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Fund with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser Wellington Management Company, LLP (“Sub-adviser,” and together with HIFSCO, “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 4-5, 2009 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 23-24, 2009 and August 4-5, 2009. Information provided to the Board at its meetings throughout the year, included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers, and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 23-24, 2009 and August 4-5, 2009 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate and through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. In this regard, the Board considered information provided to it by HIFSCO concerning the Agreements, which were amended and restated to more completely reflect the services provided to the Fund, but did not result in a material amendment to the Fund’s prior contractual arrangement. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act. With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers and provides administration services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s constant monitoring of people, process and performance, including its ongoing commitment to review and rationalize The Hartford Fund Family’s product line-up. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers and paying their salaries and expenses.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

28

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate universe of peer funds.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the investment management fees to be paid by the Fund to HIFSCO, the investment sub-advisory fees to be paid by HIFSCO to the Sub-adviser, and the total expense ratios of the Fund. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios, relative to a group of funds selected by Lipper, in consultation with the Consultant (“Expense Group”), and a broader universe of funds selected by Lipper (“Expense Universe”). The Board considered that as of November 1, 2009, transfer agency fees in excess of the transfer agency expense limitation amount (currently 0.30%) will be reimbursed by Hartford Administrative Services Company (“HASCO”) prior to the application of the Fund’s expense limitation by HIFSCO.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund, and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HIFSCO, the Board considered representations from HIFSCO that it is difficult to anticipate whether and the extent to which economies may be realized by HIFSCO as assets grow over time. The Board reviewed the breakpoints in the advisory fee schedule for the Fund, which reduces fees as Fund assets grow over

29

The Hartford Value Fund
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited – (continued)

time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale, because additional assets are charged the lowest breakpoint fee, resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders, and that a schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints, or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders, based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life, Inc. (“Hartford Life”) an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to Hartford Life or its affiliates for such services. The Board also considered that HASCO, the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board noted that HASCO is a recognized leader in providing high quality services to Fund shareholders and has received six consecutive mutual fund Dalbar service awards. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

30

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.

The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.

“The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.

Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity.

MFAR-50 12/09 MUT 8759 Printed in U.S.A. © 2009 The Hartford, Hartford, CT 06117

Item 2. Code of Ethics.

     Registrant has adopted a code of ethics that applies to Registrant’s principal executive officer, principal financial officer, and controller, which is attached as an exhibit.

Item 3. Audit Committee Financial Expert.

     The Board of Directors has designated Phillip O. Peterson as an Audit Committee Financial Expert. Mr. Peterson is considered by the Board to be an independent director.

Item 4. Principal Accountant Fees and Services.

Mutual Funds Item 4 — October 31, 2009

	Mutual Funds
	2008			2009
a Audit Fees	$	944,600	$	997,500
b Audit related fees	$	25,375	$	41,339
	Audit-related services principally in connection with SEC Rule 17Ad-13 report.
c Tax Fees	$	224,569	$	242,821
d All other fees	$	—	$	—
e (1)	A copy of the Audit Committee’s pre-approval policies and procedures is attached as an exhibit.
e (2) subject to pre approvel	One Hundred percent of the services described in items 4(b)through 4(d) were approved in accordance with the Audit Committee’s Pre-Approval Policy. As a result, none of such services was approved pursuant to paragraph (c) (7) (i) (c) of Rule 2-01 of Regulation S-X
f hours	None of the hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the year ended October 31, 2007, were attributed to work performed by persons other than the principal accountant’s full-time employees.
g Non audit fees	$	1,240,963	$	1,246,609
h	The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Robert M. Gavin
Sandra S. Jaffee
William P. Johnston
Phillip O. Peterson

Item 6. Schedule of Investments

     The Schedule of Investments is included as part of the annual report filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

     Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

     Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

     Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since registrant last provided disclosure in response to this requirement.

Item 11. Controls and Procedures.

(a)

Based on an evaluation of the Registrant’s Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report, the Disclosure Controls and Procedures are effectively designed to ensure that information required to be disclosed by the Registrant is recorded, processed, summarized and reported by the date of this report, including ensuring that information required to be disclosed in the report is accumulated and communicated to the Registrant’s management, including the Registrant’s officers, as appropriate, to allow timely decisions regarding required disclosure.

(b)

There was no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

11(a)(2)	Section 302 certifications of the principal executive officer and principal financial officer of Registrant.
(b)	Section 906 certification.
12(a)(1)	Code of Ethics
12(a)(2)	Audit Committee Pre-Approval Policies and Procedures

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	THE HARTFORD MUTUAL FUNDS, INC.
Date: December 14, 2009	By:	/s/ Robert M. Arena
		Robert M. Arena
		Its: President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: December 14, 2009	By:	/s/ Robert M. Arena
		Robert M. Arena
		Its: President
Date: December 14, 2009	By:	/s/ Tamara L. Fagely
		Tamara L. Fagely
		Its: Vice President, Controller and Treasurer

EXHIBIT LIST

99.CERT	11(a	)(2)	Certifications
			(i) Section 302 certification of principal executive officer
			(ii) Section 302 certification of principal financial officer
99.906CERT	11(b	)	Section 906 certification of principal executive officer and principal financial officer
	12(a	)(1)	Code of Ethics
	12(a	)(2)	Audit Committee Pre-Approval Policies and Procedures